MBM targets companies that have raised their Series A, are pre-Series B, and are growing 10% to 15% a year. The strategy mirrors the work of middle-market distressed debt investors and includes many of the same processes like helping companies trim headcount, lower overhead costs and tightening a company’s focus just on a smaller scale.Stage Fund
“I don’t want to finance these companies for the next five to 10 years,” Giessing says. “I hope there is a path to profitability within 18 months. Then companies can start focusing on growth and using cash that is generated rather than just covering up losses all the time.” “Our business model was working, we were going to be profitable,” Tervo says. “We were just looking for some way to keep the company going.” Stage Fund took a majority stake in the company in November 2020 and got to work. The fund took over ThirdChannel’s HR and finance practices, laid off management and staff, and returned the business’s focus back to its core product offering. Within a quarter, they were back on track and have since started turning a profit.
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