Why SecurityPal is choosing 'nuanced capital' over more VC rounds

Equity

TechCrunch

Founders, Silicon Valley, Finance, Ipo, Vc, Technology, Business News, Startups, Business, Venture Capital, News, Stock Market, Entrepreneurship, Techcrunch

4.2 • 365 Ratings

🗓️ 20 August 2025

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

During the SaaS crash of 2022, SecurityPal founder Pukar Hamal was just 14 months from running out of money. Rather than raise another round, he chose to restructure and focus on profitability — and he hasn't raised since his $21M Series A in 2021. On today's episode of Equity, Hamal chatted with Julie Bort about what he calls "nuanced capital," a strategy focused on achieving cash flow positivity and sustainable growth rather than chasing the next big round. His approach challenges the conventional wisdom that AI companies need constant capital injections to compete, proving that even in competitive markets, there's an alternative path. Listen to the full episode to hear: Why Hamal chose restructuring over raising more capital during the 2022 downturn How SecurityPal achieved cash flow positivity while competitors burned through funding The "Silicon Peaks" vision: building a startup ecosystem in Kathmandu, Nepal Whether AI founders get trapped thinking they need constant VC funding Why "nuanced capital" might be a better long-term strategy than traditional fundraising Equity will be back Friday, so don’t miss it! Equity is TechCrunch’s flagship podcast, produced by Theresa Loconsolo, and posts every Wednesday and Friday. Subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is a paid ad by Fidelity Private Shares.
0:03.2	A messy or missing cap table might not just slow you down.
0:05.8	It could cost you your next fundraising round.
0:19.9	Hello and welcome back to Equity. TechCrunch's flagship podcast about the business of startups.
0:24.4	I'm Rebecca Balan, and this is the episode where we bring on industry experts to help us explore a trend in the tech world and dive deep.
0:30.9	Big fundraisers and big valuations make for big headlines.
0:34.3	But taking VC cash isn't always the best way to grow a long-term company.
0:38.1	Today, TechCrunch Venture editor Julie Bort is talking to Pukar Hamal, the founder and CEO of
0:42.9	SecurityPel, who raised a $21 million Series A in 2021 from some big-name VCs. But he hasn't raised
0:49.4	since, and he doesn't plan to. He advocates for more startups to think about becoming profitable
0:53.8	faster and
0:54.5	engaging in slower, more stable growth to open up more capital options without investor pressure.
0:59.9	More insights come in your way. Let's take a listen.
1:05.0	Poucar, welcome to the show. I'm happy to have you here.
1:07.7	Thank you so much. Happy to be here, Julie. Well, I invited you on because you have
1:12.1	been an advocate of something a little unconventional that founders don't usually have this
1:17.1	sort of point of view, but you like to talk about something called, some people call it seeds dropping,
1:23.7	but you have called it nuanced capital. So we're going to get into that.
1:28.5	But before we get into all of those opinions,
1:30.9	can you tell me just a little bit more about your founder and fundraising journey?
1:34.8	Like when did you found Security Pal?
1:37.2	How many rounds did you raise?
	...

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