Enterprise SaaS Test Automation Startup Raises $10M in Oversubscribed Round

Although Opkey has developed a product that its core market needs, the company failed to convey that same value to potential investors. 

While having some success raising funds through conferences, Pankaj knew his unstructured approach simply would not sustain their upcoming round, noting, “We didn’t just want green money, we wanted smart money.” 

While containing the proper financial and technical data, its investor pitch deck and data room did not resonate with investors. 

The Company was beyond the appetite of Pre-Seed investors, yet unprepared for the growth investors who demanded at least $5M-6M in revenue for any sort of initial consideration.

If Opkey was serious about capturing a major portion of its fast-growing market opportunity-expected to reach $60B by 2025—it needed a partner that could help restructure its fundraising strategy, introduce it to curated early-stage B2B Saas investors, and also provide candid feedback on how to craft a riveting story and targeted pitch.

While an experienced founder with a successful exit, Pankaj had limited experience with investors, especially how they thought and measured a prospective company. 

Through Newchip’s dedicated Investor Relations team and weekly office hours, Opkey was introduced to over 52 carefully selected investors in just six months. 

Pankaj worked closely with Newchip’s Venture Fellow team to refine its pitch and fundraising strategy. Under guidance from its mentor, Opkey created three uniquely tailored pitches for technical investors, financial investors, and product-focused investors that emphasized its underlying value proposition. 

The company also scaled down its original $15M investment target to one in the $5M-8M range, a decision that matched the true needs of the business, his expected timeline, and prevented unnecessary dilution. 

However, investor interest was so strong and swift that it made sense for Opkey to allow the round to be oversubscribed to $10M. 

About OpKey

Opkey is a Bay Area-based test automation SaaS platform that enables non-technical consumers to get their technology to work for them. 

Founder and CEO Pankaj Goel created a predictive intelligence toolkit that continuously tests and optimizes software platforms, without requiring a single line of code. Opkey is eliminating a major industry bottleneck companies face in switching from on-premises solutions to a no-code cloud platform. 

The platform currently integrates with over 14 ERP platforms, including Salesforce, SAP, and Oracle to drive value and reduce IT costs for Fortune 100 companies and startups alike. By automating a highly complex and tedious process, Opkey is speeding up digital transformation across industries by saving them 40-50% in lead time.

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Armando Vera Carvajal

Armando Vera Carvajal

Armando Vera Carvajal is a Vice President at Newchip, the largest global online accelerator focused on helping startups raise capital from professional investors. As one of the original product founders and pioneers, Armando is passionate about building new products with high potential for global reach and impact. Prior to Newchip, he was as a Research Manager at the Gerson Lehrman Group where he covered hedge fund clients in New York City involved in long/short, distressed credit, special situations, activist, and global macro investment strategies. Armando studied international relations and corporate communications at the University of Texas at Austin, along with global exchanges at the Nanyang Technological University in Singapore and at l’Institut d'études politiques de Paris (Sciences Po). Born in Mexico City, Armando immigrated to the United States of America when he was four years old and grew up in McAllen, Texas. His interests include painting, mountaineering, writing, film, world travel, kayaking, photography, reading, black coffee, running, and inspiring people to become agents of positive global change.

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