“Capital strategy is a journey. Funding transactions are simply milestones along the way.”
Anthony King
A Different Approach
The challenge isn’t simply raising capital—it’s successfully progressing through the entire growth journey.
Research tracking venture-backed businesses shows that nearly 67% never successfully progress through the venture funding lifecycle, with fewer than half securing a first follow-on funding round and only around 15% reaching a fourth funding round.
The Growth Cycle was developed to address that challenge. Rather than planning for a single funding transaction, we help businesses build a long-term capital strategy that aligns funding, governance and business readiness with each stage of growth.
By planning beyond the next investment round, businesses are better prepared for future milestones, reducing unnecessary rework, strengthening investor confidence and creating a more structured path to sustainable growth.
The Growth Cycle is the framework we use to turn that strategy into a structured, repeatable process.
The Growth Cycle
No two businesses follow exactly the same path, but sustainable growth follows a consistent pattern. Each milestone creates new opportunities, new challenges and, often, new capital requirements.
The Growth Cycle provides a flexible framework that can be revisited throughout the life of a business, helping management teams prepare for each stage of growth while maintaining focus on long-term objectives rather than individual transactions.
Typical Workstreams
| Define | Every engagement begins by understanding the business as it exists today and the direction it wants to take. Together, we establish the next meaningful milestone, whether that is commercial, operational or funding related, and define the objectives that will shape the work ahead. This creates a shared understanding of success before detailed planning begins. |
| Foundation | Sustainable growth depends on strong operational foundations. We establish the governance, reporting, meeting cadence, data room and ways of working needed to manage the engagement effectively. These foundations provide the structure that supports decision-making, accountability and long-term execution. |
| Plan | With the foundations in place, we develop a practical roadmap that brings together priorities, workstreams, milestones and capital strategy. The plan becomes the reference point for delivery, ensuring everyone understands what needs to be achieved, when it needs to happen and how progress will be measured. |
| Bridge | Bridge is where preparation turns into capability. We identify the gap between the business’s current position and the requirements of its next milestone, then work alongside the management team to close those gaps. Depending on the engagement, this may include governance, financial modelling, valuation, legal structure, investor readiness or other strategic workstreams. |
| Commit | Once the business is ready, we support the commitment to the next phase of growth. This may involve investment, lending, retained profits or another source of capital, together with the commercial agreements, governance, reporting and performance commitments needed to support successful delivery. |
| Build | With the next stage underway, the focus moves to execution. We continue supporting the business as it delivers its strategy, monitors performance, reports against agreed objectives and prepares for the next milestone. As the business evolves, the Growth Cycle begins again, providing a consistent framework for sustainable long-term growth. |
The Growth Cycle is supported by specialist work-streams that are applied where they add the greatest value, including strategy, financial modelling, valuation, capital strategy, governance, legal structure, data rooms, investor readiness, transaction support and ongoing board advisory.
Growth Is a Journey, Not a Transaction
Successful businesses rarely achieve their ambitions through a single funding event. They grow by reaching one milestone after another, adapting as markets, opportunities and priorities evolve.
The Growth Cycle provides a structured framework for navigating that journey, helping businesses make better decisions, deploy capital more effectively and build the foundations for sustained growth over time.