From bootstrapped to Gilion

Gilion operates under bank secrecy, all of our clients identity and financial details are strictly protected. This case details the deal of a bootstrapped B2B Edtech SaaS raising capital for a Nordic expansion.

Ticket Size

€ 1,000,000

Business model

B2B Edtech SaaS




Equity + Gilion Loan

Active markets





2 weeks

“It’s not uncommon that the VC-route is inherently off strategy for a historically bootstrapped company.”

– Lydia Larsson, Investment Manager Gilion

Growth strengths

This is a small B2B SaaS business, which has amassed a stable customer base of 300 clients. They have a strong customer portfolio, with low customer concentration, which they manage to retain at a stable 110%+ net revenue retention. They focus on an underserved SMB segment, where they've successfully showcased their ability to monetise and upsell. Their sales cycles are relatively short and are highly effective in their acquisition.

Fundraising history

This company was founded in 2015 and have been bootstrapped ever since. The VC route has always been available, but off-strategy. The founders have a very healthy risk appetite and want to grow their business in a controlled way on a fairly local scale.

Capital use case

In 2023 this business had outgrown the Finnish market and wanted to expand into the remaining Nordic markets. To enable this expansion they needed external capital to expand the sales team. Since the expansion plans were still relatively controlled and local, the VC route was off the table.

Why Gilion

They were not in need of a massive capital injection, and a loan from Gilion was by far the most capital efficient option due to the non-dilutive component. They were too small for venture debt and not aggressive enough for equity funding.