How Myagi Leveraged Debt from TIMIA Capital for a Successful Exit
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This follow-up case study revisits Myagi, a portfolio company that successfully exited by acquisition a little more than two years after securing non-dilutive debt capital from TIMIA.
Myagi, a pioneer in retail sales enablement, effectively used non-dilutive capital from TIMIA in 2021 to invest in activities that would boost revenue and market position. This strategic investment culminated in a successful exit when Myagi was acquired by Rallyware.
This article follows Myagi’s journey since our earlier feature, demonstrating how they leveraged the $2.5 million investment facility from TIMIA and what Myagi co-founder Simon Turner plans for the future.
Founder’s Vision and Background
Simon Turner, a seasoned entrepreneur from Melbourne, Australia, now residing in Tulsa, Oklahoma, co-founded Myagi after selling his first company in the retail sector in 2014.
Recognizing the inefficiencies in traditional retail field sales, Simon envisioned a digital transformation of the sales process that would connect brands, retailers, and distributors more efficiently, improving sales enablement and eliminating the costly and time-consuming in-person sales calls.
“After many years in retail, I was certain there was a more efficient way to ensure the right people had the right information at the right time. Myagi was born out of this necessity,” Simon explained.
Myagi’s Growth Journey and Successful Exit
Inspired by the famous quote from The Karate Kid, “No such thing as bad student, only bad teacher,” Myagi established its mission: to provide every frontline salesperson with the knowledge they need to be customer-ready at all times.
Initially set to pursue a significant equity round in March 2020, Myagi’s plans were sidetracked by the pandemic. However, this setback coincided with a surge in demand for digital retail solutions, presenting Myagi with an unexpected growth opportunity. The company achieved its best six months of growth to date and realized it had the potential to significantly grow its revenue and valuation and position for an exit. It just needed a cash injection.
In early 2021, Simon turned to TIMIA Capital for a strategic infusion of non-dilutive capital to fuel Myagi’s growth without diluting equity.
“Debt is a powerful tool for capital-efficient businesses when used under the right circumstances.” — Simon Turner, Co-Founder, Myagi
Impact of Non-Dilutive Financing
Myagi used TIMIA’s $2.5 million investment facility to enhance its unique referral-based sales model and improve its software capabilities. The funds also allowed the team to expand sales and marketing efforts and enhance customer success initiatives — key components of Myagi’s land-and-expand model.
As a result, Myagi’s annual recurring revenue soared from $2.4 million to $4.4 million, solidifying its market leadership and setting the stage for a successful exit by acquisition.
Successful Exit by Acquisition
In 2023, Myagi’s sustained growth and robust business model culminated in its acquisition by Rallyware — just two years after Myagi engaged TIMIA Capital.
The acquisition was not only financially rewarding but also ensured that Myagi’s innovative platform would continue to influence the retail industry. Rallyware, a performance enablement platform for large sales forces, expects the acquisition to strengthen its product offering, transforming sales rep knowledge, operations, and productivity, and delivering strong ROI to its customer base.
Lessons Learned
Simon “ran the gamut” of growth capital options, from venture capital to debt, over the course of his entrepreneurial career and has learned many lessons that he will apply to his next venture.
“If I were building a software company again, I would really weigh up the impact, time, and challenges of bringing on venture capital, as well as all the expectations that come with it.” — Simon Turner, Co-Founder, Myagi
Simon shared how venture capitalists will challenge you to grow at all costs as they want an exit on their investment within a certain period of time.
“One thing venture capital doesn’t take into account is that many businesses have a natural cadence at which they grow. For many companies, growing too fast can be detrimental to the business as founders try to force growth in a market that can’t sustain it,” said Simon.
What’s Next for Simon
Reflecting on the journey, Simon noted the effectiveness of non-dilutive financing in navigating growth without losing equity. This approach allowed Myagi to maintain control over its operations and preserve its culture — factors Simon valued highly.
Post-acquisition, Simon took a brief sabbatical to pursue personal interests, such as earning his pilot’s license. However, his passion for innovation soon drew him back into the startup ecosystem. Simon is currently involved with a private equity firm in Tulsa and advises startups in the medtech space.
Looking forward, Simon remains committed to the tech industry and intends to apply lessons learned from Myagi’s journey to future ventures.
“Building Myagi was about creating something lasting — not just products, but team culture and value — it’s heartbreaking to walk away from it. My next venture will be a lifelong commitment,” Simon stated, reflecting his enduring entrepreneurial spirit.
Conclusion
Myagi’s case study demonstrates how strategic financial planning — particularly the choice of non-dilutive capital — can significantly enhance a company’s trajectory toward successful growth and a positive exit.
This story serves as a model for other tech startups — particularly those with unique sales models or those seeking to minimize equity dilution while scaling operations and positioning for an exit.
We look forward to following Myagi’s success with Rallyware — and to seeing what Simon builds next!
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