With its sights set firmly on international expansion from day one, ADLC (A Drone Logistic Company), a start-up that aspires to be the global frontrunner in drone delivery services, specifically targeting the B2B industrial sector, needed support to find appropriate investment. Explains Rayan Quintaes, Co-founder and CEO, ADLC, “We believe the time is right for drone logistics to transform the maritime and offshore industry. Recent advancements in drone technology, combined with new regulatory frameworks, have created a favourable environment for widespread adoption of drone delivery. We see tremendous potential for ADLC to scale globally and are looking to be the global leading company in B2B drone delivery. To achieve that we need strong strategic international investors.” To help it find those investors, ADLC turned to PwC.
“We knew that it wouldn’t be possible to find the investors we were looking for within our network. Compared to smaller players, PwC has a vast international network that we could draw on,” Rayan Quintaes adds. That’s where PwC Next Level came in; to bring the right investors to the table and make sure investment would come from strategic partners who can support and advise ADLC in the future. As a result, we were able to help ADLC raise 2.08 million euros in seed funding to accelerate its growth.
Working with PwC on fundraising also meant that ADLC could focus more intensely on its business. “When you’re a small team at the beginning of your journey, there’s a lot to do. PwC handled a huge part of the work that fundraising involves. At the same time as securing funding, we were looking to deploy a commercial service in the port of Antwerp. Letting PwC handle discussions enabled us to focus on and reach our objectives, which gave investors confidence that we do what we say,” he notes.
“PwC offers a comprehensive range of services which I think could be useful in the long term, especially as we start to grow internationally.”
Rayan QuintaesCo-founder and CEO, ADLC.That didn’t mean that PwC took over in isolation. One thing ADLC very much appreciated was PwC’s approach. Rayan Quintaes says, “rather than simply asking for information about the company and then going off to approach investors and coming back with (or without) an offer in a few months, PwC was continually in touch. We really appreciated that proximity.” And ADLC very much appreciated the PwC’s team’s resilience. “When we started, economic conditions were challenging and we were concerned that PwC may not be able to continue to provide the help we needed, but the team believed in us. Now that conditions are picking up, it’ll be easier. It’s a bit like showcasing a drone’s capabilities to clients. We always do that in adverse weather conditions on the basis that if it can fly in those conditions, it can fly on sunny days too. The PwC team is equally resilient,” he adds.
And we didn’t just support ADLC with fundraising, but with other topics too. “From the beginning, PwC acted as a sparring partner, something that was quite valuable to us. We were able to use PwC’s contacts in the industry to pitch our business and get feedback before going to investors. That was important,” says Rayan Quintaes. We also supported ADLC with its financials and optimising its financial planning. This is something that Rayan Quintaes believes could be invaluable to other start-ups. “We already have strong financial skills in our team, but I think for start-ups that don’t, PwC’s support could be a real value add, because of course that’s what investors are looking for; whether your business plan makes sense or not.”
Looking to the future, Rayan Quintaes sees a continuing relationship with PwC, especially as ADLC knew from the beginning that it would opt for several rounds of funding to enable it to fulfil its ambitions. “We’re already looking to start the next round of funding and think it’s a natural choice for us to onboard PwC for that. And the more you advance as a firm, I think the more relevant an advisor like PwC becomes. As we grow, there’ll be other kinds of responsibilities that need to be covered. PwC offers a comprehensive range of services which I think could be useful in the long term, especially as we start to grow internationally,” Rayan Quintaes notes.
International Tax Partner, Platforms and Market Positioning Lead, PwC Belgium
Tel: +32 476 87 52 24