Client Success Story: Simr
The Simr platform allows engineers to securely design and test product concepts using existing workflows and tools, providing complete control over their simulation workflows and data.
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Series A Raise Stalled
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Like all venture-backed startups, fundraising never stops. Simr was no different. The quest for a Series A lead investor stalled after over a year of effort. Simr engaged Rolando Locci Consultants to jump-start the fundraise and bring stronger financial discipline to the company. The fundraising path was not straight; and took longer than expected, but when the round closed, it seemed inevitable instead of out-of-reach, as it did in the beginning.
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Cash Flow Break-Even
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Simr’s CEO, Burak Yenier, concluded the company wasn’t evolved enough to attract investors; so, he, along with Rolando Locci Consultants, took control of the company’s financial destiny. A clear long-term spending and revenue plan was established and methodically achieved. After several years of consistent diligence, the company achieved cash-flow break even. This did two things. One, it bought Simr time. Second, it sent the message to investors that Simr had strong operational controls. This was critical as it took a year to persuade the lead investor to make the first investment then another year after that for the investor to lead the Series A round.
Work Smarter, Not Harder
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A valuable lesson was learned after years of failed attempts to attract investors. The key was to build relationships with people not investment firms. The team became smarter about whom to contact and why. The pitch was relentlessly refined; and each time there wasn’t a crisp answer for investors, the team went back to drawing board and secured the right answer and the supporting data. Today, there is no question that cannot be answered.
Persistence Pays Off
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Once the lead investor was secured, they made introductions to their network. It was through these introductions the team was able to pull together a strong group of investors with enough interest and capital to close the round. In the end, Simr closed $20M in Series A funding led by Uncorrelated Ventures, with investments from BMW i Ventures and Earlybird Venture Capital.
“Rolando never gave up on our Series A raise. He continually refined our search criteria and messaging to investors. He gave us clear line-of-sight to our financials to achieve cash-flow break-even. He worked with me on our pitch and developed unassailable financials that were critical to securing investor trust. In fact, it was our financial diligence that first attracted our lead investor. We would have never achieved this critical milestone without Rolando's help.”
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- Burak Yenier, CEO & Co-Founder, Simr