Equity Why SecurityPal is choosing 'nuanced capital' over more VC rounds
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Aug 20, 2025 Pukar Hamal, Founder and CEO of SecurityPal, advocates for a fresh funding strategy called 'nuanced capital,' prioritizing sustainability over perpetual VC rounds. He shares his bold shift from seeking capital during the 2022 downturn to focusing on cash flow positivity, proving startups can thrive without incessant funding. Hamal dreams of creating a vibrant startup ecosystem in Kathmandu and emphasizes the importance of building strong investor relationships for durable business growth. His insights challenge conventional wisdom in the AI startup landscape.
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Delayed Funding Until Product-Market Fit
- Pukar founded SecurityPal in March 2020 and delayed outside funding until reaching product-market fit.
- He raised a $21M Series A in late summer 2021 after reaching ~$1M ARR and then stopped fundraising.
Near Runway Crisis Led To Restructure
- In 2022 SecurityPal was about 14 months from running out of cash during the SaaS downturn.
- They restructured, made cuts, extended runway, and reached cash-flow positivity by the end of the year.
Choose Restructuring Over Immediate Fundraising
- Avoid reflexively raising more VC if it increases pressure and loss of control.
- Cut costs, drop unused tools, and part ways thoughtfully to extend runway and preserve future jobs.