Case | HBS Case Collection | November 2002 (Revised October 2003)

Circles: Series D Financing

by Paul W. Marshall and Kristin Lieb


Circles, a corporate concierge company on the verge of profitability, must make a decision whether to take a D-round venture capital despite ever-changing and ever-worsening terms. A four-year-old company with several major clients, it has met its business plan projections and finds itself only a month or two away from profitability. Co-founder Janet Kraus works with her board and management team to consider alternatives to taking venture capital money. Together, they weigh the pros and cons of different types of funding and growth strategies and, ultimately, they must decide which path to pursue.

Keywords: Cost vs Benefits; Financing and Loans; Management Teams; Growth and Development Strategy; Negotiation Process; Venture Capital; Governing and Advisory Boards; Entrepreneurship; Service Industry; Consulting Industry; Massachusetts;


Marshall, Paul W., and Kristin Lieb. "Circles: Series D Financing." Harvard Business School Case 803-062, November 2002. (Revised October 2003.)