Day 2 of 45: What’s our Series A valuation?

It’s 7:12pm. I have a large bottle of beer by my side. Absurdly large actually.

I check my email and I have an email response from an investor I reached out to who recently invested in a company in a similar field to the one we are in. That in itself is a positive. Responses of any kind are positive.

He’s asking do I have any more info? Do I have a deck? And whats our Series A valuation?

– 

So at this point I think it’s important to make clear that just over a year ago we did actually raise a round of investment. To be honest I felt it was a miracle when we raised that. I thought THAT was our ‘Series A’.  It turns out, that was merely an early stage investment or a ‘Series Seed round.’

When we raised that amount one of our investors said to me “We don’t care how you spend this money, or how fast. Do what you have to do to get this to the next level. Then we’ll talk about the next round of investment.” So thats been the mission I’ve been on for the last year. It’s felt like running on a treadmill that someone keeps turning the speed up on, as I’ve been getting more and more exhausted.

I tell you this (and possibly kill a degree of your empathy), because I don’t know off the top of my head what our Series A valuation is. It got to such a point last year, with pressures so high, that it was a case of just signing contracts. Of coarse not knowing exactly what I was signing. And in a desperate bid to stop the legals doing what they were doing. 

I exaggerate a bit. I have an idea of our valuation. But I’m by no means certain of it. My memory is telling me… I remember somebody… saying something to me… about it… I think…

Rookie mistakes.

Not inspiring I know.

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As for our deck, I feel like I have been doing decks for years now.

We have been working on our current deck for a couple of months. We got opinion about it from all our current investors. Everyone has a different view on it. 

 

I think it could be better. I think it could be worse. Taking others opinions on board has killed a degree of its zest. But overall I am happy with it. At a certain point you gotta say fuck it. This is it. You can change things endlessly and never get anywhere. 

Thanks for all the positive response to yesterdays post. Clearly I’m not alone in my stress and anxiety.

I’m off to find out what our Series A valuation is. And get another beer.

John Startup

 

 

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