CASE STUDY
Customer
Industry: Cybersecurity
Project: Preparation for investor outreach, including financial planning, company valuation, and negotiation support through to deal closing.
Company: whalebone.io, Czech Republic / Austria
Contact person: Richard Malovic, CEO
Challenges
After successfully scaling internationally and building a global customer base, the startup had reached a new growth milestone. Having grown for years without external funding, the company planned to accelerate its global expansion and strategic goals through a €13 million Series B round.
Solution
- Support in preparing investor materials
- Complete overhaul and optimisation of the financial plan and KPI structure
- Company valuation
- Investor profiling and prioritisation
- Structuring the entire fundraising process
- Project management support, including briefing and debriefing for investor negotiations
Results
- Successful closing of the €13.35 million Series B round in February 2025
- Lead investor: Unbound (London-based VC), joined by the majority of existing investors
Whalebone in the Media:
About the collaboration
Richard Malovic on our collaboration:
Working with Konsultori and Petra Wolkenstein throughout Series A and B financing rounds has been instrumental to our success. Their expertise was especially evident in the oversubscribed Series B, which attracted strong international investor interest. The team completely revamped our financial plan and pitch deck, integrating all products, business models, and historical and forward-looking planning. Their reality check on KPIs and overall company development was outstanding, and their detailed valuation analysis—including international benchmarking and robust argumentation—gave us a clear edge in negotiations. I especially appreciate Petra’s bird’s-eye view on our financial plan and business model. She has streamlined our model and sharpened our focus on the most important KPIs. She has structured our funding process and guided it well when we implemented it.
Petra’s extensive experience in negotiation tactics and driving complex M&A processes proved invaluable, ensuring that every step of our investor journey was well-prepared and professionally managed. It’s been extremely easy and highly professional to collaborate with Konsultori, and their support has paid off from day one, securing our next steps toward global expansion. We couldn’t recommend them more highly!
Petra Wolkenstein on working with Whalebone:
With an impressive track record, Whalebone has proven itself to be a highly attractive partner for VCs in the cybersecurity space. I’m excited to see Unbound come on board – not just for the funding, but for the strategic value they bring to Whalebone’s future. The leadership team handled the entire process with great professionalism and left a strong impression in investor meetings. With a vision to protect one billion users from cyberattacks, this team is well on its way to achieving it.