MORRISVILLE – A startup that built a software-as-a-service [SaaS] platform that allows venture capital funds to manage and forecast their portfolios was launched in Morrisville, backed by $1.5 million in seed funding.
The startup, Tactyc, was founded in 2019 by Anubhav Srivastava, and the company’s platform can streamline the portfolio-building process for venture capital firms, the company says.
“We have seen that data-driven workflows are an important indicator of actual fund performance,” Srivastava said in the statement. “However, these analyzes today still require complicated spreadsheets that are difficult to create and maintain.”
This is a problem, Srivastava noted, because spreadsheets are inflexible and don’t allow companies to conduct scenario planning in real time.
“Tactyc solves this problem with a seamless solution that combines sophisticated portfolio construction and management,” said Srivastava. “VCs now have real-time insights into actual and projected performance combined with answers to frequently asked questions about 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 initial fundraising round.
They are just two of 160 companies using the platform, according to the company.
In a statement, Mike Palank, general partner at MaC Venture Capital, called the firm’s platform “a total game changer,” adding that the platform provides tools to build and manage portfolios and offers insights that can boost returns.
“In our evaluation of the product as a customer, we were impressed by the sophistication of Tactyc’s data model, which enables modeling of advanced concepts such as capital recycling, future deployment scenarios and granular business outcomes,” said Raaid Ahmad, managing partner of 4DX Adventure in a statement.
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The company closed its fundraising round at a time when the flow of venture capital deals nationwide has slowed. But that’s not because there’s a dot-com-style slump expected due to current macroeconomic conditions, several venture capitalists from the triangle area told WRAL TechWire.
“For 2023, there is still a huge glut of capital,” said Justin Wright-Eakes, managing partner at Oval Park Capital. “Investment appetite will remain strong. The focus has shifted more to companies that exhibit capital efficient growth rather than companies that maximize growth without regard to profitability and cash burn.”
And Jason Caplain, general partner at Bull City Venture Partners, told WRAL TechWire that the firm is approaching Q4 2022 and all of 2023 “business as usual.”
“The good news is that there’s still a lot of capital on the sidelines, so capital raising is still a lot on the table,” Caplain said. “We think talent will be easier to attract and retain, with less competition.”