Mad Paws

Case Study
November 9, 2023
Mad Paws

About Mad Paws

Mad Paws Holdings is an ASX-listed pet services business comprising of a pet sitting marketplace, online pet chemist, and a suite of other pet goods including food, toys, beds and more.

Since it launched in 2014 as a pet sitting marketplace, the company became a well-known story in the Aussie start-up community, growing to attract a slew of awards, partnerships with major corporations and investment from well-known funds. After listing on the ASX in 2019, Mad Paws launched and acquired a series of other brands to widen its capabilities and pet goods and services offerings for its customers, now holding an umbrella of brands like Pet Chemist Online, Waggly Club, Dinner Bowl and more.

Why did you apply for a loan with Kashcade?

As Mad Paws continued to grow, we felt it was important to shore up the balance sheet so that there would be no compromise or slow-down as future growth opportunities arose.

We’d successfully completed an equity capital raise earlier in the year, but the implications of doing so was a lot of time committed from the executive team, administrative costs and of course dilution to existing shareholders. It also meant we had a solid amount of equity capital already available, so the idea of securing further capital was more of a proactive one that gave us optionality versus something of need. With that in mind, we started looking for a provider who would understand this and be able to provide flexibility without complicating the solution. We heard Kashcade had done this for a portfolio company of one of our directors recently, so we reached out to start the conversation.

What has funding from Kashcade enabled you to achieve?

Part of the capital raising strategy was to find a solution that gave us flexibility in how much capital we could get access to without having to use all of it if we didn’t want to. Kashcade’s solution allowed us to maintain the option but not the obligation of accessing additional funds through a credit facility, which gave us exactly that.

What’s more, they took up very little of our time – it wasn’t more than some sharing of information and a couple of calls before we had an offer. Their terms were clear and simple, which meant our board was able to comprehend and agree to do the deal within just a couple of days. From when we applied to the time the agreement was in place, it was a three-day turnaround.

“Fundraising has always been a time-intensive and expensive distraction. Kashcade’s made it so easy to apply, they’ve radically simplified the experience”

Justus Hammer, Co-Founder and CEO

What problem did Kashcade solve for your business?

With Kashcade, we were able to access funds quickly and without the usual distraction that comes with a capital raise. Their solution allowed us to communicate to the market that we had access to additional funds if we needed them without the wasteful cost of having to keep lazy cash on our balance sheet unnecessarily.

Their straight-forward terms made it easy for us to consider and then approve within days instead of months, which saved us a huge amount of time and money. Now with Kashcade’s facility in place, we’re even more well-positioned to continue our growth journey with speed and efficiency.