MORRISVILLE – A startup that has built a software-as-a-service [SaaS] platform that enables venture capital funds to manage and forecast their portfolios has launched in Morrisville, backed with $1.5 million in seed funding.
The startup, Tactyc, was founded in 2019 by Anubhav Srivastava and the company’s platform can simplify the portfolio construction process for venture capital firms, the company says.
“We’ve seen that data-driven workflows are a leading indicator of actual fund performance,” said Srivastava in the statement. “However, these analyses today still require complicated spreadsheets that are difficult to build and maintain.”
Tactyc image (via ASTRSK PR)
That’s a problem, Srivastava noted, because spreadsheets aren’t flexible and don’t allow firms to conduct scenario planning in real time.
“Tactyc solves this with a seamless solution that combines sophisticated portfolio construction and management,” said Srivastava. “VC’s now have real-time insights on actual and projected performance combined with answers to commonly asked questions around reserves and exit scenarios.”
The company is now backed by two venture capital funds, MaC Venture Capital and 4DX Ventures, who participated in the company’s $1.5 million seed fundraising round.
They’re just two of the 160 firms using the platform, according to the company.
In a statement, Mike Palank, a general partner at MaC Venture Capital, called the company’s platform “a total game-changer” adding that the platform provides tools to construct and manage portfolios and offers insights that can boost returns.
“In our product evaluation as a client, we were impressed with the sophistication of Tactyc’s data model, which enables the modeling of advanced concepts like capital recycling, future deployment scenarios, and granular company outcomes,” said Raaid Ahmad, a managing partner at 4DX Ventures in a statement.
Venture Capital deals slowing but it’s not time to ‘wring our hands,’ VCs say
VC deals have slowed, but investors aren’t concerned
The company closed its fundraising round at a time when, nationwide, venture capital deal flow has slowed. But that’s not because there’s a ‘dot com’ style crash expected due to current macroeconomic conditions, multiple Triangle-area venture capitalists told WRAL TechWire.
“For 2023, there’s still a huge capital overhang,” said Justin Wright-Eakes, managing partner at Oval Park Capital. “Investment appetite will remain strong. The focus has shifted more towards companies displaying capital-efficient growth rather than companies maximizing growth without regard for profitability and cash burn.”
And Jason Caplain, general partner at Bull City Venture Partners, told WRAL TechWire that the firm is approaching the fourth quarter of 2022 and all of 2023 “business as usual.”
“The good news is that there is still a lot of capital on the sidelines, so raising capital is still very much on the table,” said Caplain. “We think talent will be easier to attract and retain, with less competition.”
