Some companies wait until an impending transaction, or until they reach a certain size, to get their financial house in order. Not Oceanshore Ventures. The partners in this early-stage fund recognized that sound financial practices needed to start at the outset. Early on, they brought Greenough Consulting Group on board for its specialized expertise in venture funding.
At that time, Oceanshore had closed its first fund and was in the process of making its first two investments. Although most of Oceanshore’s portfolio companies are in the U.S., many of the limited partners in the fund are from Europe, adding complexity to the reporting requirements. GCG determined that the venture firm had very sound financial and accounting practices but could use help in its back office, and in supporting the more complex needs as the number of investments grew.
“We knew our fund needed really good financial services support but we didn’t know exactly what we were looking for. When we met GCG, we knew we met the right match,” said Eva Solheim, a Managing Director of Oceanshore Ventures.
Over time, GCG was able to help Oceanshore significantly reduce its audit expenses by identifying a smaller regional firm that was equal in quality to the large national firm they had been working with. GCG has also been helpful in advising portfolio companies on their financial models as they prepare to raise follow-on rounds of funding.
“GCG understands and meets all of our requirements, and perhaps most important of all, our trust in the firm is unquestionable,” said Solheim.