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.

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