      CASE STUDY

Merlin Ventures

How Merlin built an institutional-grade finance function to prepare for its next fundraise

THE CHALLENGE

Merlin Ventures, originally the corporate venture arm of Merlin Cyber, made the decision in 2023 to become an independent venture capital fund focused on cybersecurity innovation. The transition marked a pivotal shift from managing a single corporate LP to raising capital from a broader base of institutional investors.

To compete at that level, the team needed to elevate its investor relations infrastructure and meet the rigorous expectations of external LPs.

Merlin had a strong investment track record but required more sophisticated systems, materials, and processes to support their first independent fundraise.

"

We were very good at the ‘fun side’ of VC—finding and supporting companies—but totally immature on the back end. Strut helped us become a real fund.

Seth Spergel,
Managing Partner

How We Helped

1

Developed storytelling assets and a compelling pitch deck tailored to investors.

2

Built a comprehensive, LP-ready data room with more than 30 templated and customized materials.

3

Developed a robust due diligence questionnaire (DDQ) that positioned Merlin as a credible, market-ready fund.

4

Advised on LPA structuring, management fee modeling, and fundraising terms aligned with market expectations.

5

Reviewed and negotiated placement-agent agreements

6

Transitioned into ongoing IR support, including quarterly LP updates, AGM planning, and communication strategy.

The Outcome

IMPACT & VALUE

With Strut’s support, Merlin successfully closed its first independent and oversubscribed $75 million fund after completing a rigorous diligence process with one of the largest global banks. The fund is dedicated to backing Israeli cybersecurity startups expanding into the U.S. market, reflecting Merlin’s mission to bridge innovation between the two ecosystems.

Today, Strut continues to serve as Merlin’s strategic investor relations partner, supporting LP communications, financial reporting, and annual meeting preparation.

THE BOTTOM LINE

The engagement highlights how Strut’s IR expertise helps GPs build lasting investor confidence and scale with clarity, credibility, and precision.

CLIENT FEEDBACK

“More than one LP commented on how robust our DDQ was, how few funds of our size had something like it, and how much easier it made diligence. That feedback made it clear how much value Strut added.”

— Seth Spergel,
Managing Partner