Gladia is betting big on voice as the next interface between humans and technology – and building the audio infrastructure to power it. As generative AI and voice agents go mainstream in many different industries, the demand for real-time speech-to-text solutions is ramping up – and Gladia is right at the centre of that shift.
In 2024, the company raised its Series A round that helped them build a winning team, accelerate their growth, and expand to the US market. The round combined VC investments with three SPVs – one of which was set up through Roundtable to pool individual investors, keep Gladia’s cap table clean, and simplify communication with business angels.
We spoke to Thibaut Le Boulaire, COO of Gladia, about their fundraising strategy, the lessons they learned, and why he believes founders need to carefully pick the investors they work with – and only work with those who can bring real value to the company.
Key takeaways:
- After a complex seed round with a fragmented cap table, Gladia wanted a cleaner structure for their Series A. Roundtable helped consolidate individual investors into one SPV, reducing administrative overhead, improving communication, and simplifying the entire process.
- From investor onboarding, KYC/KYB processes, and document collection to legal structuring and timeline management, Roundtable’s team helped Gladia set up an SPV that included foreign investors, and move fast and stay on track throughout the process.
- Strategic angels, with deep AI expertise and valuable networks, made a real impact in helping the company grow, build their product, and enter the US market.
Roundtable: Can you introduce Gladia and tell us what your mission is?
Thibaut Le Boulaire: Gladia is a B2B AI audio infrastructure company based in Paris and New York. The company was founded in 2022 and today, we’re a team of about 30 people.
We provide speech-to-text solutions, both for real-time and asynchronous applications – and created the company with the belief that AI would have a huge impact on any business working with audio: call centers, contact centers, communications platforms, telephony, voice agents, and so on, and that would lead to an explosion of voice-based applications.
We already started seeing momentum in 2024, but 2025 is when things have really taken off. Today, we’re already seeing audio AI being integrated into industries that were initially not very comfortable with this technology, such as call centers and business process outsourcing (BPO). Contact centers are coming to us with millions of hours of audio they want to turn into actionable data.
At the end of the day, it’s pretty straightforward: voice is how we all communicate, exactly like we’re doing right now, for this interview. But unless you’re typing everything out or transcribing it later, everything we say just disappears. Our idea is simple: if we can capture that voice data, turn it into text, and then extract insights from it, 75% of what’s being said becomes usable. That’s why we started Gladia: to build a powerful audio engine that any company creating voice-based applications can easily tap into.
Roundtable: Could you tell us about Gladia’s fundraising journey?
Thibaut Le Boulaire: We went through two rounds of fundraising:
- A seed round in 2022
- A Series A round, in the spring of 2024
At that first round we had ended up with a pretty complex cap table. We had institutional investors and a lot of individual ones, each holding a very small percentage of the company.
That’s not necessarily a bad thing, but it does make things more complicated. Every time you want to communicate something to shareholders, you need to reach out to dozens of people. And they’re not always super responsive. Understandably so, since they might only hold 0.1% or 0.5% of the company.
Roundtable: So, for the Series A, you wanted to approach things differently?
Thibaut Le Boulaire: Exactly. When we started preparing for the Series A, I knew we didn’t want to repeat that situation. But, at the same time, there were a lot of individuals who were interested in investing in Gladia.
That’s why I started looking for a solution that would allow us to group business angels together into a single vehicle. That became a rule for me – anyone who wanted to invest as an individual could do so, but only through a shared investment vehicle.
Roundtable: Is it because of this challenge that you came across Roundtable?
Thibaut Le Boulaire: Yes. I was talking to our lawyers about this challenge, and they told me: “Actually, there’s a solution: Roundtable. It’ll make your life much easier.”
Then I got introduced to Alexis from Roundtable, and he was super responsive. Fundraising can be a pretty complicated process, with a lot of legal aspects. And I’m not a lawyer, so I was learning a lot as we went along.
Alexis really took the time to explain everything clearly: how an SPV works, whether you can have foreign investors in it, what the implications are, and so on. I felt like I was in good hands from the start.
Roundtable: What did the onboarding process look like?
Thibaut Le Boulaire: The onboarding was super easy. The first step was getting investors to confirm their commitments. Then we uploaded the necessary documents, investors completed the KYC/KYB checks, and once the legal work was done, we were ready to receive the funds.
What I really appreciated was how structured and transparent the entire process was. I always knew exactly where we were at and what the next step would be.
Roundtable: And how was the platform itself?
Thibaut Le Boulaire: Honestly, it’s very easy to use. Building the deal page, sending it to investors, getting them to sign online and commit was all super straightforward.
Then I started working with Roundtable’s operations team who handled the legal side and the incorporation of the SPV really well. They sent us all the documents, managed the timelines, and were very reactive, which was super helpful because at one point we were a little bit behind schedule and needed to move faster, so they really made a difference on that front.
Plus, some of our investors were already familiar with Roundtable and had previously used the platform and had a very positive experience, which also reassured me.
Roundtable: Were there any international investors in the SPV you managed through Roundtable?
Thibaut Le Boulaire: Yes, we do have an international investor in our SPV, and I had a lot of questions and concerns about that, like: can we have foreign investors in the SPV at all? Are there any tax implications? Would there be any impact on Gladia? But we were really well supported through the process.
Roundtable also walked us through different possible structures: there were several options depending on whether we had only French or international investors. They took the time to explain each option clearly – what to consider, what choices we needed to make – and that really helped us move forward with confidence.
Roundtable: What were your main challenges – and what has been the biggest operational benefit of using Roundtable?
Thibaut Le Boulaire: One of the biggest pain points we were trying to avoid was bloating our cap table, because anytime we make a decision, we need to notify everyone, which takes time and effort.
So when more individuals wanted to join during our Series A, we knew we didn’t want to add even more names to the cap table. We needed a structure that would let us work through a single entity – and that would handle all the admin and legal work, and collect all signatures.
That’s what I really like about Roundtable: it was our intermediary, meaning that we were not in direct contact with each of the individual investors. Occasionally, the SPV lead would reach out to us for updates – but we didn’t need to manage relationships with every person separately.
From an operational standpoint, it’s been a huge win and has saved us a lot of time and money. If we had included all those investors individually, it would’ve meant more legal work, more documents, more effort, and ultimately, higher costs.
Roundtable: What did the Series A funding help you achieve?
Thibaut Le Boulaire: There were three big objectives tied to the Series A.
First: structuring the company. When we entered the round, we were very understaffed. So one of the first things we did was bring in the people we were clearly missing.
Second: launching a new product. That happened a few months after the raise, and it allowed us to significantly improve our top line. It’s also become the foundation of everything we’re building at Gladia from this point forward.
And third: US deployment. We were already doing a lot of business in the US, but from Europe. We knew we had to go there directly, and that meant allocating budget, setting up locally, and making that market a real focus.
Roundtable: Did the SPV and the business angels who were in it help with Gladia’s US expansion?
Thibaut Le Boulaire: Yes, having access to experienced people made a big difference.
The US deployment was a big move for us, and we’re approaching it with humility. None of us were in the US, so we weren't going to pretend that we already knew how to navigate that market. That would’ve been a mistake.
I spent my entire Christmas break in 2024 calling European founders who had already moved their companies to the US and achieved breakthroughs. The people I spoke to were extremely generous with their advice – they took the time to walk me through what to do and what to avoid. That kind of help is invaluable, and it wouldn’t have been possible without intros from our investors, including people involved with Gladia through the SPV.
Roundtable: What advice would you give to other founders who are about to raise funds?
Thibaut Le Boulaire: (laughs) Don’t do it… Leave the sector, do something else!
But seriously – my biggest advice would be to keep things simple. Fundraising is already very complex and always seems like it’ll be quick, but it never is. The legal side alone takes ages. And unless you’re a lawyer (and not just any lawyer, but one specialised in venture deals!) you’re going to be overwhelmed. You’ll need your own lawyers, the investors will have theirs, and they’ll negotiate every clause.
So, simplicity is key. Choose your investors carefully, know who you want to work with, and be ready to say no.
That’s something I had to learn. In France, when we raise money, we often approach it like we’re asking for a favor. In the US, the mindset is completely different. Founders don’t beg – they choose who to work with. I think French founders could benefit a lot from this.
If someone wants to invest in your company, it’s not out of generosity; it’s because they believe your company has strong potential and they want a return. It’s a deal, and it’s 100% transactional. Don’t be afraid to filter people out – don’t just take on everyone’s investment because you’re afraid you won’t raise the full amount.
You’re better off with fewer investors, but the ones you pick need to be people you can trust and who can open doors for you. Someone who can introduce you to a potential client or another founder is worth way more than 30 investors who are completely disconnected and never show up to help.
If you’re in a strong position and have good metrics and a solid story, then own it. Flip the script. Choose your investors and make them prove they can bring value.
Everyone will tell you they’ll help. “We’ll make intros.” Okay, but to whom? Do they actually know the right people in your space? Ask them for names. And that shouldn’t just be cold LinkedIn contacts; those should be real, warm intros to prospects, partners, or talent.
Push for proof. Say: “If I sign with you tomorrow, show me what you’re bringing to the table. Show me the value beyond money.”
And if they can’t? Let them feel the FOMO. Leverage that “sorry, you didn’t make the shortlist” if you’ve earned it.
Roundtable: Did you get that kind of value from the people in your SPV?
Thibaut Le Boulaire: Yes, absolutely. Our business angels were incredibly helpful in different areas.
The thing is, not every investor will be helpful all the time. But the best ones will be useful in their own ways: some for hiring, some for your go-to-market strategy, some for marketing, some because they’re a known figure in the AI world.
And that’s what we got from the SPV. A few of those investors were exactly the kind of people we wanted in our corner. Even though they’re busy, they’d respond when we’d reach out, because they have skin in the game. It’s not “I’m asking for a favour,” it’s more like: “If you want to see your investment grow, help me out.”
That’s the mindset. And it makes a huge difference.
Roundtable: Would you use Roundtable again for future rounds?
Thibaut Le Boulaire: Yes, absolutely! Especially if we have a similar structure with individual investors who want to participate.
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