How RAC's Non-Dilutive Financing Supported airfocus's Journey to Acquisition

Based in Hamburg, Germany, airfocus offers a modular product management platform that adapts to individual product workflows, from roadmapping to stakeholder feedback. In a landscape where product teams typically cobble together countless spreadsheets and disconnected tools, airfocus seeks to provide a single source of product truth.

Their platform includes customizable building blocks and data visualizations spanning all aspects of product management. This includes objectives and key results (“OKRs”), strategic roadmaps, prioritization frameworks, and customer insights, all unified under a platform that scales with growing organizations.

Here's how RAC's non-dilutive financing and hands-on support helped airfocus bridge to their next equity round and ultimately to a successful acquisition.

Building Momentum with the Right Capital Structure

When RAC first met the airfocus team in 2022, they had already built impressive traction with a growing customer base that included enterprise clients like Orange and The Washington Post. Their platform helped to address a fundamental problem in the software ecosystem: while sales teams had customer relationship management software (“CRMs”), product management was still relying on disconnected spreadsheets and makeshift solutions.

The company was gaining momentum with a differentiated product in an expanding market but wasn’t yet ready for their next significant equity round. They were looking for the right type of capital to extend their runway, optimize their go-to-market strategy, and strengthen their position for future fundraising.

RAC provided non-dilutive Growth Lending that gave the airfocus team the flexibility they needed at this crucial juncture. Unlike an equity investment that would have required setting a valuation at this interim stage, our growth loan allowed them to access the resources they needed while preserving optionality for their next steps.

Hands-On Support Beyond Capital

Beyond providing capital, we worked closely with the airfocus team through our Acceleration Program. RAC Operating Partner Jonathan Temple collaborated with airfocus’ leadership on several critical go-to-market initiatives, including advising on their Ideal Customer Profile strategy, Sales Organizational Design and Sales Development Representative strategies, and Compensation Philosophy.

We also provided feedback on their investment pitch and storytelling approach as they prepared for their next equity round. This hands-on advisory support helped the team refine their narrative and highlight the compelling value proposition that we believe makes airfocus a great choice for product management.

A New Chapter

A year after our initial investment, the company successfully secured a larger equity round from multiple investors. This validation of their business model and growth trajectory gave them the resources to help accelerate product development and expand their market presence.

The company's growth journey reached a new milestone in April 2025 with their acquisition by Lucid Software, a key player in visual collaboration software. Through this acquisition, Lucid strengthened its support for product teams, allowing companies to better organize their product work, improve collaboration, and provide leaders with clearer insights into important product initiatives.

For RAC, this outcome highlighted the value of providing the right type of capital at the right time. Our non-dilutive financing helped airfocus bridge to their next phase, while our hands-on support helped them navigate the challenges of scaling a software business in a competitive market.

Case study should not be relied upon for investment decision making and should not be considered an offer or solicitation of securities or investment services. For informational purposes only and intended for General Partners or Management teams considering partnering with The Riverside Company. Portfolio company selected based on non-performance criteria.