Feb 6, 2023 · 16m · top-founders
They raised $2m then Got Acquired, Now IPO for 3d Building Tool
gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions
Nathan Latka interviews Toggle3D founder Nima and Head of Product Dasha about their journey from raising $2 million in venture funding to being acquired by Nextech and preparing for a public spin-out IPO. They discuss democratizing web-based 3D content creation, converting heavy CAD files, and building a product-led SaaS monetization model for spatial commerce.
How this conversation actually went
Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 39% of the talking time here. How this is scored →
speaking balance: gold is Nathan, purple is the guest (3 minute bins)
Nima rejects Nathan's assertion that the startup stalled and was forced into an acquihire, countering that investors made money while explaining VC short-sightedness around 3D commerce.
Hardest push from Nathan ▶ 4:34 Probing failure to raise further capitalNathan refuses to accept that a thriving company would sell out after raising $2M, directly asking if the transaction was merely an acquihire.
Biggest teaching moment ▶ 8:26 Clarifying the mechanics of a CSE public spin-outNima explains the structural mechanics of listing a subsidiary on the Canadian Securities Exchange while Nextech retains majority equity, clarifying a concept Nathan expressed confusion over.
Nathan holds their own ▶ 6:33 Citing public share consideration disclosuresNathan demonstrates command of the deal details by citing public filings showing Nextech acquired 3D.AI for $9.5 million in share consideration after $2 million in capital was raised.
the scores for every segment, with the reasoning behind each
| Chapter | Topic | Nathan as informed peer | Guest teaching | Guest disagreement | Nathan pushing back | Why |
|---|---|---|---|---|---|---|
| FounderPath SaaS Valuation Tool and Comparables Database | 4 | 2 | 2 | 3 | The segment starts with Nathan's standard ad reads and intro monologue before transitioning into foundational background questioning. Nathan probes into the timeline and funding history of 3D.AI, prompting Nima to explain the acquisition terms and incubation setup. | |
| Overcoming VC Skepticism and the Vision for 3D Commerce | 7 | 5 | 4 | 7 | Nathan bluntly challenges whether the sale was an acquihire and cites public filings showing a $9.5 million share acquisition price. Nima pushes back against the acquihire framing by explaining early VC skepticism towards 3D commerce beyond standard AR furniture. | |
| Public Market Realities: Admin Costs vs. Liquidity | 6 | 4 | 3 | 6 | Nathan presses on the administrative burden of micro-cap public listings, arguing that compliance costs can reach hundreds of thousands of dollars for pre-scale companies. Nima defends the Canadian Securities Exchange pathway for founder liquidity, before Dasha pivots the discussion to Toggle 3D's product differentiation. | |
| Beta Adoption Metrics and the CAD Conversion Workflow | 5 | 3 | 1 | 4 | Nathan digs into beta traction, user conversion, and pricing structure, pressing for exact numbers when Dasha initially offers qualitative answers. Dasha details the conversion workflow from CAD to web-ready 3D files and the $29/seat tier. | |
| Team Scale, Corporate Spin-Out Precedents, and Nextech Parentage | 4 | 4 | 1 | 3 | Nathan asks about team headcount, equity allocations, and parent company revenue. Nima details how Nextech uses structured public spin-outs, referencing their previous ARway transaction. |