Raising debt in-between rounds

Gilion operates under bank secrecy, all of our clients identity and financial details are strictly protected. This case details the deal of a B2B SAAS, a capital injection enabling a strategy shift in the lead-up to a new equity round.

Ticket Size

€ 3,000,000

Business model

B2B Cyber Security SAAS




Equity funding, Gilion Loan

Active markets





6 weeks

“The size, maturity and timing was perfect for this company. They we’re in a high growth phase, 12 months away for a new equity raise, in the midst of a strategy shift and in need of capital to execute.”

– Oskar Lagerkvist, Investment Director

Growth strengths

This business had spent many years aggressively growing their subscription base and iterating on product-market fit, and had amassed 150 clients. Their platform had reached high-levels of automation, allowing for them to onboard clients quickly and achieve short sale cycles. Acquisition was mainly reliant on sales and less so on marketing.

Fundraising history

Over the span of 5 years this company had raised €15m in equity over four different rounds and a €6m convertible loan from their shareholders. The business was expected to turn profitable in 14 months.

Capital use case

After years of focusing on customer acquisition across all segments, this business was in the midst of a strategy shift of narrowing in on their ICP. They had already started moving away from lower paying subscribers towards category incumbents with longer contracts to increase longterm retention. Secondly they wanted to invest in R&D and enhance their scalability and value proposition through AI. The money would hence be dedicated towards growing their sales and tech team.

Why Gilion

In 12 months time this business would opt for a new equity injection, and wanted to make sure they hit their valuation targets in the months leading up. They were looking for non-dilutive capital and in this case we could identify the new retention trends in AIM, an early indicator of their new strategy working.