CASE STUDYHow a growing venture firm navigated a leadership transition and built resilient finance operations
THE CHALLENGE
Underscore VC is a Boston-based venture firm founded in 2015 that invests in early-stage B2B software companies. By 2023, the firm was navigating significant change: launching Fund III, processing through an unplanned multi-generational leadership transition, managing both an audit and the upcoming tax season, and facing the sudden departure of their controller just three weeks before the audit deadline.
General Partner and CFO, James Orsillo, needed more than a temporary solution. He needed a partner who could deliver immediately and build for the long term.
Strut stepped in, filled the gap, and helped operationalize everything that had been left behind in the back office.
James Orsillo,
General Partner & CFO
How We Helped
Took ownership of the audit process with only three weeks' notice, managing all deliverables, coordinating with the auditor, and ensuring a clean close through tax season.
Rationalized the firm's valuation framework, streamlining a complex but inefficient process into a more rigorous, less volatile policy that reduced administrative burden while maintaining high standards.
Stepped into management company operations—including payroll, benefits, and HR administration—which had been managed by Underscore's comptroller.
Evaluated and implemented a PEO solution to handle HR and benefits overhead, conducting vendor interviews, presenting recommendations, and managing the full transition, which saved dozens of hours of administrative work.
Consolidated fragmented cash flow tracking tools into one integrated workbook that tied together fund and management company finances, eliminating errors and creating a single source of truth.
Supported the automation of quarterly reporting workflows by implementing Aumni, saving significant administrative time each quarter.
Overhauled back-office processes for timing fees and reserves, unblocking several million dollars in cash flows, and improving decision-making around follow-on investments.
The Outcome
IMPACT & VALUEWithin a year, Underscore transformed from reactive to proactive operational management. The firm eliminated unnecessary work, streamlined processes, and built a finance function that could scale alongside future growth.
For Orsillo and the team, the partnership freed them to focus on what drives value: sourcing investments, supporting founders, and serving LPs. With confidence that the back office was running smoothly, they could redirect energy toward the work that matters most.
The consolidated improvements unlocked several hundred thousand dollars in annual savings through reduced administrative overhead, optimized cash-flow timing, and the elimination of inefficiencies.
We've made so much progress. I'm always thinking about scale, and now I feel confident we can manage what we have and add another fund without worrying about whether our back office can keep up.
— James Orsillo,
General Partner & CFO