Rightangled have returned to CC to raise a bridge round ahead of a series A. The raise is just c5m after the last CC with the raise aimed to give the group enough working capital to build inventory and bid on corporate COVID19 testing contracts.
The raise is in private now but has, in 24hrs, got to 500% funded.
I really like the business. It’s achieved a lot so far. The pivot to COVID19 was v commercial. The only thing I struggle with is that despite bidding on contracts for “hundreds of thousands” of corporate tests and “massive” C2C demand, they only expect c£350k revs till the end of the year, meaning around 2k tests sold. That’s feels quite low.
My gut feeling is that we were spoilt on previous rounds with valuations that were too low but I can’t help but feel that they could be doing more in the current situation.
interested in others views.