Clearbanc, a company that provides non-dilutive funding to startups as an alternative to VC funding, has closed $1 billion in capital (including the $120 million it disclosed last year). The bottom line:"Today, 40% of VC dollars in companies are spent on Google and Facebook ads," Michele Romanow, co-founder of Clearbanc and an investor, tells Axios. "Founders are using the most expensive capital for this."