Evolve receives an investment from Sierra Ventures

Stratagem secures $10M in quick financing, saving the company and leading to an IPO

After several years of development and substantial money invested, Evolve was finally ready to ship the first version of its revolutionary professional services automation software. The first pilot customers were in place and initial feedback was favorable, but at the 11th hour, unexpected roadblocks scuttled a desperately needed funding round. The company was in a cash crisis, just weeks away from laying off most of its staff and possible bankruptcy.

We entered and immediately tapped a group of investment and bridge loan sources that were most likely to move quickly. Parties in both camps stepped forward, but Sierra Ventures was willing to provide both types of funds. It took less than three months from initial contact to close a $10M equity investment, with Sierra bridging the company until then. Evolve used the capital to successfully launch its new product and to reach the IPO market only about 18 months later.

"In a critical situation, Stratagem provided Evolve with immediate financial alternatives that resulted in a swift investment from a top venture capital firm - despite very difficult market conditions and time constraints."

— Jonathan Hare, Founder, Evolve