“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.

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 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 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.