TELECOMS
Openet
Capital strategy and positioning across successive stages of growth in telecoms software.
The context
Openet was building a mission-critical software platform for global telecom operators, a market where credibility is earned slowly and capital decisions have long-term consequences. As the company scaled, its requirements evolved: early conviction to establish trust, growth capital to support international expansion, and later, capital efficiency without compromising ownership or strategic control. The challenge was not access to capital alone, but ensuring the business was positioned appropriately at each stage, so the right partners leaned in at precisely the right moment.
The contribution
We worked closely with Openet across its growth journey, evolving how the business was positioned as it matured and aligning capital strategy to each phase of scale.
In the early stages, the focus was on category relevance and long-term platform potential, securing institutional early-stage backing in a credibility-driven market. As the company grew, the narrative shifted toward global traction, execution, and strategic importance to tier-one operators, supporting multiple growth equity raises.
Later, as revenues became more predictable, the business was repositioned for institutional lenders, enabling the introduction of structured debt to support continued growth while preserving equity and strategic optionality.
Across each phase, access was shaped around aligned investors and lenders, ensuring every capital decision strengthened the company's position rather than limiting future outcomes.
The outcome
Through a staged, positioning-led capital approach, Openet progressed through multiple phases of growth with a capital structure aligned to its maturity at each point.
This resulted in the successful raising of:
• $3m in early-stage capital from Cross Atlantic Technology Fund
• $37m in growth equity from investors including Cross Atlantic Capital, Balderton Capital, and Cipio Partners
• $20m in structured debt from Silicon Valley Bank and Kreos Capital
Each phase of capital was treated as a strategic inflection point, strengthening the company's market position, preserving optionality, and compounding long-term enterprise value. This disciplined approach ultimately supported a $155m exit, delivering a strong outcome for founders and investors.