Late-Stage VC with Founder Protection & Hybrid Structuring

A Swiss-based B2B technology scale-up preparing a Series D round needed capital to accelerate international expansion and product deployment.
Although revenue was growing strongly, the company faced:

• increasing capital intensity
• pressure from investors to accept aggressive governance terms
• dilution risk for founders and early shareholders
• uncertainty around future M&A and pre-IPO flexibility

Pure equity at the proposed terms would have solved short-term funding but restricted long-term optionality.

PrestaFlex Approach

PrestaFlex was mandated to act as an independent venture capital advisor.

We:

• stress-tested KPIs and financial projections from a late-stage VC perspective
• restructured the equity story to reflect scalability and capital efficiency
• prepared an investor-grade data room and diligence narrative
• designed a hybrid structure combining late-stage VC with venture debt
• led negotiations on governance, liquidation preferences, and consent rights

Outcome

• CHF 22 million raised through a hybrid VC structure
• Founder control and board balance preserved
• Dilution significantly reduced versus a pure equity round
• Runway extended without restricting future financing or M&A options
• Company positioned for a potential pre-IPO or strategic exit

Key Takeaway

At late venture stages, capital alone is not the objective.
The right structure preserves control, flexibility, and long-term value.