Founded in Amsterdam in 2022, SOUS is a SaaS-based marketplace for the Food & Beverage industry. It supports restaurants, online chefs, caterers, and specialty F&B brands. With the sector facing increasing challenges, SOUS offers a fresh approach: helping F&B businesses monetize their online communities through an AI-driven tool to boost sales for different products and services, such as meal kits, olive oils, and catering services. Vendors can sell directly on the marketplace or through their websites, using SOUS’ infrastructure.
Runway extension to secure a stronger VC round
The final quarter of the year is make-or-break time for e-commerce. The same holds for food and beverage companies, including chefs, restaurants, and caterers. Q4 is peak season, driving unprecedented demand.
SOUS already experienced that in Q4 2022 and 2023. As they geared up for this year’s end-of-year rally, they knew revenues would soar again. To make the most of their peak seasonality, they also recognized a need for fresh capital. Venture capital, at first, seemed like the obvious answer, but the timing didn’t add up for SOUS. It would likely mean giving up equity at a pre-peak valuation.
Taking a strong quarter and avoiding dilution
"In Q4, our platform will see its strongest demand, generating around 40% of our annual revenue," Devon Scoulelis, CEO and Co-Founder explains. For the Dutch-based startup, going strong into this fourth quarter is essential. It means a higher valuation with better access to future capital sources.
The initial goal was clear: get bridge funding until the first quarter in 2025 without diluting shares or accepting a valuation that does not capture the full impact of the upcoming growth.
"Raising capital too soon would have meant sacrificing equity unnecessarily. Instead, we sought a bridge that kept control in our hands and costs low," says Devon.
Non-dilutive funding to bridge Q4 and grow into profitability in the long run
That’s when re:cap came into play. re:cap’s hands-on approach to funding made a noticeable difference for SOUS. The re:cap team didn't simply review financials, they dove deep into the business model.
"The re:cap team really took the time to understand what we do, down to the last detail," Devon says.
Funding process: blending personal experience with automation and tech
This wasn’t the usual impersonal funding experience, where other providers rely heavily on automated assessments and junior reps. "With others, you put in your numbers, get an automatic response, and meet a junior associate once. That doesn’t feel appropriate for something as crucial as funding," Devon points out.
In contrast, re:cap’s personalized approach was refreshing – blending personal interaction with technology, data, and automation in risk analysis.
Evolving from bridge funding to path to profitability?
SOUS secured €340,000 in funding from re:cap, which they will put to work by expanding their team and launching targeted marketing campaigns. Two new hires joined the company, and a marketing push is underway to fuel growth.
Looking ahead, Devon sees a lasting partnership with re:cap, one that supports SOUS beyond a single debt funding. "We are considering a longer-term approach. With re:cap, we are in the position of not just extending our runway – we might explore a path to profitability without relying on big rounds of venture capital," Devon explains. This opens the door to sustainable growth without dilution.
re:cap offers not only funding – but liquidity insights
But the value of re:cap goes beyond the funding itself. Devon is finding re:cap Insights to be a powerful tool. "It’s about simple but powerful visibility – tracking our fees, payouts, and cash flow in one place. The cash flow forecasting is especially helpful as a CEO," he explains. With automation pulling data directly from key platforms, Devon can access an efficient, centralized view of SOUS’ financials.
For Devon, rethinking funding has been essential. "Venture capital isn’t always the holy grail; it doesn’t solve all your problems. Sometimes, debt funding can be the smarter move at the right time." As SOUS moves through Q4, their goal is to accelerate growth while preserving equity, all with re:cap as a supportive partner.
