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Capital Position Today
$8.2M
Cash on hand
At current burn of $1.4M/month: 5.9 months runway
Decision window: 60 days

What Has Changed Since Series A

Aug 2023 Series A Close $12M Feb 2024 ARR Milestone Hit $6M Sep 2024 ClearGrid Pilot Signed Mar 2025 ARR Today $14.8M

Investor Landscape

Soft-circle process: Five investors approached
Firm Name Check Size Role Post-Money Status
Greenwood Climate Ventures $10M Lead $105M LOI Submitted
Bridgeline Growth $8M Co-lead $110M In Diligence
Cascade Infrastructure $5M Follow — Interested
Montrose Capital $4M Follow $100M Passed
TerraFund $3M Follow — Warm

Option A: Series B Now

Terms

Raise: $22M
Post-money: $110M
Dilution: 20%
Runway: 18 months
Through Q4 2026

What It Buys

• 12 enterprise sales hires
• Carbon-credit module GA in Q3
• Regulatory approval filing H2 2025
• Full strategic optionality preserved

Option B: Convertible Bridge

Terms

Raise: $5M
Discount: 20%
Valuation cap: $95M
Close: 30 days
From existing Series A investors

What It Buys

• Runway to Q3 2025 milestones
• $18M ARR target achievable
• ClearGrid full deployment complete
• Series B from position of strength
Dilution deferred but likely worse

Option C: Strategic Process

Strategic Buyer Universe

• Schneider Electric
• Siemens Energy
• EDF Renewables

Timeline

Initial outreach: 4-6 weeks
Diligence: 2-3 months
Negotiation: 1-2 months
6-9 months to close

Price Expectation

Range: $130-160M
Based on comparable transactions
SolarBridge acquired at 11x ARR (Jan 2025)

Burn Bridge: Cash Runway Scenarios

$30M $20M $10M $0 -$10M $8.2M Current $0 Sep 2025 $12.4M Option B: Mar 2026 $29.4M Option A: Q4 2026 Starting Position No Raise $5M Bridge $22M Series B

Risk Matrix

Speed to Close → ← Dilution A Series B B Bridge C Strategic
⚠ Critical Risk
Bridge with no Series B plan = forced sale at distressed valuation
Option A: Medium dilution, fast close, full runway
Option B: Higher eventual dilution, fastest close, partial runway
Option C: Lowest dilution, slow close, requires bridge capital

Series B Diligence Checklist

ARR at close $16M+
Net Revenue Retention Target 108%
ClearGrid case study published Q2 2025
SOC 2 Type II complete Complete

Gap Analysis

ARR Gap: $1.2M
Owner: Sofia Nkemdirim (CEO)
Due: May 31, 2025
NRR Gap: 2 percentage points
Owner: Derek Tran (CFO)
Due: April 30, 2025
Case Study: In Progress
Owner: Marketing (Jenna Park)
Due: June 15, 2025

Board Recommendation Framework

Option Dilution Time to Close Runway Strategic Optionality Mgmt Bandwidth Recommendation
A: Series B 20% 60-90 days 18 mo Full Medium Preferred
B: Bridge ~25%* 30 days 9 mo Deferred Low Conditional
C: Strategic 0% 6-9 mo Needs bridge Exit Very High Alternative
* Estimated total dilution including bridge conversion and eventual Series B
Next Step

Board Vote on Financing Path

Option A
Proceed with Series B
Option B
Accept bridge, target Q3
Option C
Initiate strategic process
Decision Deadline
April 15, 2025
60 days to September runway cliff
Contact: Derek Tran, CFO | derek@aprontech.com