When this Australia based B2B hardware technology manufacturing company first partnered with Pershing Ventures in early 2024, it was sitting on a problem most founders would envy: more demand than it could fulfill.
The complex, resource-intensive, multi-month hardware manufacturing processes it managed, combined with multi-period accounts receivable during the life of the contract, created cash flow timing mismatches that limited how quickly the company could turn signed orders into finished, installed projects. The company did not have a demand problem. It had a funding problem: it could not manufacture fast enough to convert its backlog of Purchase Orders into installed invoiced projects.
That is where Pershing Ventures came in.
Over approximately three years, an initial transaction grew into a broader financing partnership, with US$2.1 million provided across four financing transactions.
The first two transactions supported inventory, purchase order backlog and channel and business development. But success brought a new kind of opportunity. The company began landing large orders in the United States, orders that would require not just manufacturing but ongoing service once each installation was complete.
This was more than a one-time win. It was a foothold in a market the company wanted to build for the long term. So the company came back to Pershing Ventures, not just to fund the orders already on the table, but to fund its entry into the United States altogether.
Pershing Ventures backed both moves at once: continued support for the home market, and new capital for the United States expansion. Transactions three and four went beyond inventory and purchase orders to fund what entering the United States required: sales and marketing hires, key business development events, and customer acquisition.
The Results
Since the partnership began, the company has materially expanded its contracted business. Total Contract Value increased from US$6 million in 2024 to US$24 million in 2025, and to above US$35 million in 2026. In addition, customer contracts for its flagship hardware installations expanded from 6 in 2024 to over 42 in 2026.
Revenue has scaled alongside contracted business. Annual revenue approached US$1.9 million in 2024, with 2026 figures at approximately US$7.8 million and 2027 expected to exceed US$10 million.
Transaction size grew alongside the relationship: US$250,000 on the first deal, and as the company required, scaling up to a fourth transaction of US$750,000. The first transaction funded inventory and order backlog; the most recent transactions of US$650,000 and US$750,000, funded the company's entry into the United States and the necessary inventory, sales and marketing staff, and all the associated business development costs associated with new market entry.
The Outcome
Knowing that financing would be there when the business needed it gave management the confidence to deliver on backlog, aggressively expand new sales and enter a new market without waiting to secure capital first.
Rather than slowing down to raise funds or giving up ownership to get them, the company kept its focus on execution. Since that growth came without raising equity, the resulting increase in value stays fully with the founders and existing shareholders.
A Financing Partnership That Scaled With The Business
Three years after the initial transaction, the company has increased its Total Contract Value and revenue considerably, serves a more geographically diverse customer base, and is closer to profitability.
Throughout that journey, it pursued two distinct growth objectives, clearing backlog without slowing new sales and entering a new market without raising diluting shareholders or sacrificing control of the business through an equity raise.
There is a common assumption that ambitious growth requires one large capital raise. This company's experience suggests otherwise. What matter was having the right amount of capital available at the right moment, for whichever problem the business needed to solve next.
Could Your Business Be Next?
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