Independent corporate finance advisory, Acuity Advisors, secure £2 million venture capital investment for innovative product search company, PrismaStar
Acuity Advisors, the independent corporate advisory have successfully concluded a venture capital investment on behalf of PrismaStar Inc. Selected as exclusive advisor, Acuity Advisors has drawn on its unique technology sector expertise to complete the £2 million investment with venture capital specialists Octopus Ventures Limited.
Founded in 2005, PrismaStar is a software as a service (SaaS) business that uses patented consumer guidance technology to help consumers find the very best products and services, personalised to their own individual needs. The company also provides analytics and market research data to retailers and product manufacturers.
“PrismaStar have some very effective technology for product search and the challenge I set for Acuity was to raise venture capital investment for our commercialisation as quickly as possible,” commented PrismaStar’s CEO, Joshua Tabin. “Acuity exceeded my expectation and despite difficult economic conditions they secured numerous competitive term sheets within just eleven weeks. Acuity went on to expertly manage the due diligence process with pace, care and professionalism. Raising venture capital is demanding, but, Acuity made the process as pain free as possible and their contribution will have a major impact on the success of our start-up.”
Alan Wallace, of Octopus Ventures Limited commented, “We are very pleased to have completed this investment in PrismaStar. As the investor, it was encouraging to know that PrismaStar was being advised and supported by Acuity Advisors. Acuity provided comprehensive investment documentation and their hands-on approach prepared the company exceptionally well for our investment.”
Taylor Wessing LLP acted as legal advisers to PrismaStar. “Acuity introduced me to PrismaStar and Taylor Wessing represented them throughout their sale process,” commented Simon Walker, Partner at Taylor Wessing. “This was a complex cross-border VCT investment with advisors representing PrismaStar and Octopus Ventures both in the UK and US. Acuity’s team played an invaluable role during both the due diligence and contract negotiations to ensure the investment completed efficiently and smoothly. Their determination to secure funding for PrismaStar demonstrates a results-driven approach to corporate advisory and I have no hesitation in recommending their work.”
“PrismaStar is a fantastic company who have come up with a novel solution to solve a genuine problem for both consumers and retailers. They will benefit enormously from Octopus’ investment and this will help them to commercialise their software and fulfil their potential,” said Acuity’s partner, Matthew Byatt. “The funding offers we received for the business demonstrate the underlying potential of the technology and the capability of the management team. We are thrilled for PrismaStar, Joshua and Octopus.”
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