Folloze, Inc. is a multinational, venture-backed start-up headquartered in the Bay Area. Quickly becoming a leader in the B2B marketing SaaS space, Folloze faced a myriad of challenges brought on by rapid transatlantic expansion.
In a situation familiar to many other start-ups, Folloze faced the difficult task of capitalizing on growth opportunities, while struggling to manage cash flow and bring in the necessary funding dollars. However, these problems were compounded as the company found itself having to manage corrupted accounting records, in addition to falling behind on tax and audit compliance – further distracting them from focusing on their business goals.
GCG joined the Folloze team in 2019 replacing their prior outsourced accounting service and quickly got to work correcting the accounting records and bringing the company up to date on its audit and tax compliance. Simultaneously, the GCG team successfully led and closed $2m in venture debt, helping the company bridge the gap before their next round of funding.
Then, in March of 2020, the global economy collapsed under mandatory shelter-in-place as Covid-19 raged on. During this dark time when many businesses faced the possibility that they might not be around tomorrow, GCG supported Folloze through the crisis. First, by securing $410,000 in PPP forgiven debt, and secondly through strategic guidance, aiding the company in meeting budgetary goals despite going through the worst of the pandemic.
GCG continues to provide accounting, cash management, and strategic consulting advice to the executive management and board. Though most importantly, as the hallmark of any successful engagement, GCG took over the heavy finance lifting while the Folloze team got their weekends back.