We have a very strong engineering team, closed many customers, product ready for launch, competitive space, and a great vision / roadmap. Despite the ex-Facebook and Stanford PhDs on the team, we are not getting love from the VCs. Name your favorite cliche and we have heard it as an execuse. We can get acquired by FB anytime if needed and seed investors will make 2x so not too bad. What would you do? Getting acquired only 16 months in is not what we want but we ran out of money already.
Obviously sell. Better 2x than nothing. I don't think you can raise money in an ICO, can you? Easy money is gone
+1
They see something you obviously do not. Pivot.
I was in startup 1 year ago. Oracle offered to buy, CEO said no. We were not able to raise more money with investors and company broke letting 150 ppl to unemployment. As previous comment says, the investors maybe didn't see a reason to invest. All the nights of work and infrastructure to the trash
What was the name of startup? Or what kind of product offering?
How big are your customers? If big enough they might be interested in investing. If they trully believe in you and your product, they're likely to.
If B2C, how about crowdfunding?
I can volunteer to work in team.. :)
Obviously your $100K/mo revenue is not enough to justify whatever valuation you are seeking. You don’t have product market fit. So pivot or sell the team. BTW 2X is a big failure to your seed investors.
Hmmm ... 2x in less than a year is pretty good son. If you can do better, sign me up
No. They payed with the risk they took with you. It is a failure for seed investment.
I’ve seeded over 10 companies and will take 2X over 0. What is the primary reason people won’t participate in the A round? Sounds like FB thinks your company has a certain valuation. If you came to me and said the valuation was 5X what FB thinks it is, I’d decline as well
Were you previously in a PM or technical role? Also if you don't mind me asking, what's your ethnic background, and how good would you say your people skills / presentation skills are?
Technical, non-white with good people skills. We closed $6M in seed and many customers without hiring formal sales people
$6M is a big seed round. You are looking at $20-30M A round with a valuation of $80-100M which is near impossible with $100K/mo revenue.
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What do you guys do?
Not make money
We do make $100k per month