{"id":2293,"date":"2024-01-30T15:30:08","date_gmt":"2025-10-08T10:54:15","guid":{"rendered":"https:\/\/www.elixirr.com\/en-gb\/?post_type=case_study&#038;p=2293"},"modified":"2025-10-29T14:23:29","modified_gmt":"2025-10-29T14:23:29","slug":"european-venture-capital-firm-delivering-commercial-due-diligence","status":"publish","type":"case_study","link":"https:\/\/www.elixirr.com\/en-gb\/case-studies\/european-venture-capital-firm-delivering-commercial-due-diligence\/","title":{"rendered":"European venture capital firm: delivering commercial due diligence"},"content":{"rendered":"<section\n    class=\"wp-block-text-block edwp-block layout--spacing-y bg--none\"\n    >\n    <div class=\"wp-block-text-block__container container fade-in\">\n        <div class=\"wp-block-text-block__content wysiwyg\">\n            <p class=\"meta-right-overview\">Our client, a European venture capital firm, needed support conducting the required technical and commercial due diligence on a distributed ledger technology (DLT) based liquidity and central bank digital currency (CBDC) suite solution provider. Using our deep subject matter expertise surrounding DLT and digital assets, we partnered with the firm to rapidly expedite the due diligence process and inform a decision on their investment.<\/p>\n<div class=\"hero-meta\">\n<ul class=\"meta-list\">\n<li>Outcome 1: Expedited the commercial due diligence process, using our best-in-class subject matter expertise to assess target company opportunity value, at pace<\/li>\n<li>Outcome 2: Delivered commercial advice and investment recommendations that led to a &gt;$7 million Series A funding round<\/li>\n<li>Outcome 3: Provided a clearly synthesised presentation of the market landscape, competitor activity and a proposition overview, as well as assessing the commercial and technical risks and recommending mitigants to be aware of post-dea<\/li>\n<\/ul>\n<\/div>\n        <\/div>\n            <\/div>\n<\/section>\n\n\n<section\n    class=\"wp-block-banner edwp-block layout--spacing-y bg--secondary wp-block-banner--content-right\"\n    >\n    <div class=\"container wp-block-banner__container\">\n        <div class=\"edwp-component edwp-fade-in wp-block-banner__content\">\n            <h2 class=\"wp-component-heading wp-component-content__title text--h1\">\n    The challenge<\/h2>                <div class=\"wp-component-content__content wp-component-content__content--cols-1 wysiwyg\">\n                            <div class=\"wp-component-content__column\">\n                    <p><span class=\"TextRun SCXW139219479 BCX4\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW139219479 BCX4\">Across financial services, t<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">he subject of CBDC<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">\u00a0and DLT\u00a0<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">has become<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">\u00a0an area of increasing focus<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">,\u00a0<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">offering an opportunity for the birth and rapid growth of digital currencies and other DLT-based liquidity and payments management tools.\u00a0<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">Our client, a Euro<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">pean venture capital firm<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">,<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">\u00a0had\u00a0<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">observ<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">ed<\/span>\u00a0<span class=\"NormalTextRun SCXW139219479 BCX4\">these\u00a0<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">market signals and\u00a0<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">identified<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">\u00a0an opportunity\u00a0<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">to invest in a\u00a0<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">pioneering technology early-stage\u00a0<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">startup<\/span>\u00a0<span class=\"NormalTextRun SCXW139219479 BCX4\">operating<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">\u00a0in the space<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">. However,\u00a0<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">our client<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">\u00a0lacked the deep technical\u00a0<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">expertise<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">\u00a0around DLT and CBDC\u00a0<\/span><span class=\"NormalTextRun SCXW139219479 BCX4\">to confidently assess the company\u2019s long-term viability.\u00a0<\/span><\/span><span class=\"EOP SCXW139219479 BCX4\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span class=\"NormalTextRun SCXW224188853 BCX4\">Our client<\/span>\u00a0<span class=\"NormalTextRun SCXW224188853 BCX4\">needed<\/span><span class=\"NormalTextRun SCXW224188853 BCX4\">\u00a0advice from subject matter and industry experts on<\/span><span class=\"NormalTextRun SCXW224188853 BCX4\">\u00a0both<\/span><span class=\"NormalTextRun SCXW224188853 BCX4\">\u00a0the market and competitor landscape of the\u00a0<\/span><span class=\"NormalTextRun SCXW224188853 BCX4\">startup<\/span><span class=\"NormalTextRun SCXW224188853 BCX4\">\u00a0they were looking to invest in,<\/span><span class=\"NormalTextRun SCXW224188853 BCX4\">\u00a0the\u00a0<\/span><span class=\"NormalTextRun SCXW224188853 BCX4\">commercial viability of\u00a0<\/span><span class=\"NormalTextRun SCXW224188853 BCX4\">its\u00a0<\/span><span class=\"NormalTextRun SCXW224188853 BCX4\">business model, commercial differentiators, risk considerations and potential red flags.\u00a0<\/span><span class=\"NormalTextRun SCXW224188853 BCX4\">This advice would feed into the overarching deal incubation process to inform a decision on a &gt;$7 million Series A investment.<\/span><\/p>\n                <\/div>\n                    <\/div>\n                    <\/div>            <\/div>\n<\/section>\n\n\n<section\n    class=\"wp-block-banner edwp-block layout--none bg--secondary wp-block-banner--content-right\"\n    >\n    <div class=\"container wp-block-banner__container\">\n        <div class=\"edwp-component edwp-fade-in wp-block-banner__content\">\n            <h2 class=\"wp-component-heading wp-component-content__title text--h1\">\n    The approach<\/h2>                <div class=\"wp-component-content__content wp-component-content__content--cols-1 wysiwyg\">\n                            <div class=\"wp-component-content__column\">\n                    <div class=\"case-study-challenge-block\">\n<p><span class=\"TextRun SCXW195212391 BCX4\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW195212391 BCX4\">Over a two-week period,\u00a0<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">drawing on the knowledge of our<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">\u00a0global innovation network\u00a0<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">and<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">\u00a0in-house DLT and CBDC experts<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">,<\/span>\u00a0<span class=\"NormalTextRun SCXW195212391 BCX4\">we<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">\u00a0conduct<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">ed<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">\u00a0a thorough market scan<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">.\u00a0<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">Leveraging<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">\u00a0these insights<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">,\u00a0<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">we provided our<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">\u00a0client with an understanding of the market landscape and the\u00a0<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">startup\u2019s<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">\u00a0competitive position. Through a series of management interviews and content reviews, we assessed the target\u2019s value proposition and product-market\u00a0<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">fit and<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">\u00a0conducted a detailed competitor analysis across\u00a0<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">its<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">\u00a0six product lines.\u00a0<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">We\u00a0<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">identified<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">\u00a0potential commercial risks and mitigants for the deal across\u00a0<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">o<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">perations,<\/span>\u00a0<span class=\"NormalTextRun SCXW195212391 BCX4\">t<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">echnology,<\/span>\u00a0<span class=\"NormalTextRun SCXW195212391 BCX4\">i<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">ntellectual<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">\u00a0p<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">roperty (IP), commercial return, regulation and legal, and competitor activity.<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">\u00a0In addition, we\u00a0<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">ascertained<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">\u00a0the\u00a0<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">startup\u2019s<\/span>\u00a0<span class=\"NormalTextRun SCXW195212391 BCX4\">differentiators and defined\u00a0<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">the critical success factors for\u00a0<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">our client<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">\u00a0to realise value from the deal.\u00a0<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">Finally, we<\/span>\u00a0<span class=\"NormalTextRun SCXW195212391 BCX4\">consolidated<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">\u00a0a clear and digestible<\/span><span class=\"NormalTextRun SCXW195212391 BCX4\">\u00a0recommendation report for our client to enable effective decision making around the decision.\u00a0<\/span><\/span><span class=\"EOP SCXW195212391 BCX4\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<\/div>\n                <\/div>\n                    <\/div>\n                    <\/div>            <\/div>\n<\/section>\n\n\n<section\n    class=\"wp-block-banner edwp-block layout--spacing-y bg--secondary wp-block-banner--content-right\"\n    >\n    <div class=\"container wp-block-banner__container\">\n        <div class=\"edwp-component edwp-fade-in wp-block-banner__content\">\n            <h2 class=\"wp-component-heading wp-component-content__title text--h1\">\n    The value delivered<\/h2>                <div class=\"wp-component-content__content wp-component-content__content--cols-1 wysiwyg\">\n                            <div class=\"wp-component-content__column\">\n                    <p><span class=\"TextRun SCXW237973693 BCX4\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW237973693 BCX4\">Given the niche subject matter<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">\u00a0and infancy of the CBDC \/ DLT markets at the time<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">, our\u00a0<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">expert advice and ability to translate highly technical subject matter into\u00a0<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">a\u00a0<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">digestible and tangible\u00a0<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">description of the value proposition\u00a0<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">was crucial to enabling\u00a0<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">our<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">\u00a0client\u2019s\u00a0<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">decision-making process.\u00a0<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">Beyond supporting\u00a0<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">the\u00a0<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">pre-deal<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">\u00a0activities<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">, we have extended our ongoing support to both the VC firm and portfolio company in\u00a0<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">enabling\u00a0<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">their growth journey through making relevant introductions to potential buyers\u00a0<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">in our extensive wholesale banking network<\/span><span class=\"NormalTextRun SCXW237973693 BCX4\">.\u00a0<\/span><\/span><\/p>\n                <\/div>\n                    <\/div>\n                    <\/div>            <\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":55435,"template":"","related_service":[43],"related_industry":[79],"class_list":["post-2293","case_study","type-case_study","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>European venture capital firm: delivering commercial due diligence - Elixirr<\/title>\n<meta name=\"description\" content=\"A European VC firm accelerated its commercial due diligence on a DLT\/CBDC startup, securing a $7 M+ Series A investment through expert market-and-tech insight.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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srcset=\"https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2025\/10\/delivering-due-diligence.jpg 820w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2025\/10\/delivering-due-diligence-300x180.jpg 300w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2025\/10\/delivering-due-diligence-768x461.jpg 768w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2025\/10\/delivering-due-diligence-87x52.jpg 87w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2025\/10\/delivering-due-diligence-319x191.jpg 319w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2025\/10\/delivering-due-diligence-479x287.jpg 479w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2025\/10\/delivering-due-diligence-567x340.jpg 567w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2025\/10\/delivering-due-diligence-767x460.jpg 767w\" sizes=\"(max-width: 820px) 100vw, 820px\" \/>            <div class=\"wp-component-card__preview-icon\">\n                <span class='edwp-svg '><svg width=\"47\" height=\"47\" viewBox=\"0 0 47 47\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<g>\n<path d=\"M23.4141 0.539062C36.1232 0.539183 46.4258 10.8416 46.4258 23.5508C46.4257 36.2599 36.1231 46.5624 23.4141 46.5625C10.7049 46.5625 0.402465 36.2599 0.402344 23.5508C0.402344 10.8415 10.7048 0.539062 23.4141 0.539062ZM23.4141 1.68945C11.3606 1.68945 1.55273 11.4974 1.55273 23.5508C1.55286 35.6041 11.3607 45.4111 23.4141 45.4111C35.4673 45.411 45.2743 35.604 45.2744 23.5508C45.2744 11.4974 35.4674 1.68957 23.4141 1.68945Z\" fill=\"currentColor\"\/>\n<path d=\"M19.2841 33.6992C18.9579 33.6986 18.6374 33.6111 18.3543 33.4454C17.7167 33.0759 17.3203 32.3585 17.3203 31.5797V15.8189C17.3203 15.0379 17.7167 14.3227 18.3543 13.9531C18.6442 13.7827 18.9735 13.6951 19.3078 13.6994C19.6421 13.7037 19.9692 13.7998 20.2548 13.9776L33.4237 22.0406C33.6981 22.2166 33.9244 22.461 34.0812 22.751C34.238 23.0409 34.3203 23.3668 34.3203 23.6982C34.3203 24.0295 34.238 24.3555 34.0812 24.6454C33.9244 24.9353 33.6981 25.1798 33.4237 25.3558L20.2527 33.421C19.9604 33.6017 19.6256 33.6979 19.2841 33.6992Z\" fill=\"currentColor\"\/>\n<\/g>\n<\/svg>\n<\/span>            <\/div>\n                        <\/figure>\n        <div class=\"wp-component-card__content edwp-row-load\">\n                                    <p class=\"wp-component-card__eyebrow\">\n                Mergers &amp; Acquisitions            <\/p>\n                <a href='https:\/\/www.elixirr.com\/en-gb\/case-studies\/european-venture-capital-firm-delivering-commercial-due-diligence\/' class='wp-component-card__title'>\n            <h2>\n                European venture capital firm: delivering commercial due diligence\n            <\/h2>\n        <\/a>                                                            <div class=\"wp-component-card__meta\">\n                                            <p class=\"wp-component-card__date\">\n                            30 January 2024                        <\/p>\n                                                                <div class=\"wp-component-card__terms\">\n                                                                                                                                                                                                                <div class=\"wp-component-tags edwp-component\">\n                        <div class=\"wp-component-tags__tag\">\n                Private Equity            <\/div>\n                                <div class=\"wp-component-tags__tag\">\n                Mergers &amp; Acquisitions            <\/div>\n                <\/div>\n                        <\/div>\n                                    <\/div>\n                                                    <div class=\"wp-component-card__button-wrapper\">\n                    <button class=\"btn btn--link arrow wp-component-card__button\">\n                                                                            Read more                                                                            <span class='edwp-svg '><svg width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<g id=\"Lg\">\n<path id=\"Vector\" d=\"M1.12509 9.50162H15.8648L9.43259 3.06941C9.374 3.0113 9.3275 2.94216 9.29576 2.86599C9.26403 2.78981 9.24769 2.70811 9.24769 2.62559C9.24769 2.54307 9.26403 2.46137 9.29576 2.38519C9.3275 2.30902 9.374 2.23988 9.43259 2.18177C9.54971 2.06535 9.70814 2 9.87328 2C10.0384 2 10.1969 2.06535 10.314 2.18177L17.8151 9.6829C17.8737 9.74101 17.9202 9.81014 17.9519 9.88632C17.9837 9.96249 18 10.0442 18 10.1267C18 10.2092 17.9837 10.2909 17.9519 10.3671C17.9202 10.4433 17.8737 10.5124 17.8151 10.5705L10.314 18.0717C10.1975 18.1871 10.0404 18.2522 9.87641 18.2529C9.79414 18.2534 9.71259 18.2376 9.63643 18.2065C9.56027 18.1754 9.491 18.1296 9.43259 18.0717C9.374 18.0135 9.3275 17.9444 9.29576 17.8682C9.26403 17.7921 9.24769 17.7104 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