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In a nutshell, - Had a funding plan - Got there quick with angels - Got too big for your britches - Discounted adviser's advice and got in bed with a big VC f
by mattlutze 12y ago
In a nutshell,
- Had a funding plan
- Got there quick with angels
- Got too big for your britches
- Discounted adviser's advice and got in bed with a big VC firm, doubling target funding
- Got bit by the big firm legal and the money got cold.
I kinda feel like this is going to happen even in the bay area if you start playing with major industrial investors or get too big for your britches.
Way cool that y'all were able to recover from the experience and are much wiser for it. But, other than the (not small, for sure) difference between US and UK laws (which your firm should have figured out), is it not so much an issue of raising funds in London as it is business practice maturity?
- humanarity 12y agoYes I think that's one lesson: the risk of pursuing additional funds was not allowed to discount the utility of the 600. Perhaps if risk (say 10% success of more involved raise) were accounted for the 600 would have been more like 60, making the smaller deal 4x better. If someone offers me 600 I'll try not to lose my shorts. At the end of the day it's not a lot of money -- esp in London!!