Case Study
A High-Tech Recapitalization for a High-Growth Venture
Capture hired Venture First to lead an $8M recapitalization of the company, adding fresh growth capital to Capture’s balance sheet and buying out misaligned investors, who received 7x to 10x on their investment. As a result, Capture was able to reinvest, hire a key industry CRO and jumpstart its sales growth.
The Need
Capture had experienced several years of double-digit growth, but by 2018 it had a problem. Many of its legacy investors were risk-averse and nearing the end of their preferred investment horizon. As a result, they were opposed to raising additional growth capital at a time when it desperately needed the fuel for sales and marketing. Despite its exceptional products, the company slowed its growth to drive cash flows for a conservative investor base.
The Story
- Steve had led Capture from $1M in revenue to $10M when growth began to slow to focus more on profitability than top-line growth.
- Their ML & AI enabled software services were providing nearly 100 colleges and universities with recruitment, financial aid and alumni giving services.
- New market adjacencies were quickly seeking Capture’s products, but Capture was unable to market these successful stories due to their lack of sales and marketing investments.
- By hiring Venture First to structure a deal and lead the investment with a Special Purpose Vehicle (SPV), Steve was able to focus on the internal processes needed to deliver on their growth targets to quickly reach $15M and beyond.
Services Utilized
Board & Shareholder Materials & Communication
Corporate Planning Valuations
Financial Reporting Valuations

The investment team at Venture First is among the most experienced in our region. They were able to structure a deal that made sense for new investors, delivered a great return for early investors, and provided our company with the capital it needed to maintain its growth.
—Steve Huey, CEO
