Firstly, I never informed you what happened with that investor call on Saturday. It’s too ridiculous to believe.
It was an investor calling me for my take on another startup that we work with who he was about to invest in. And there I was all excited that this was our Golden Ticket moment.
I just learned that said startup has raised 300k in funding. It’s not the first startup that I have noticed and advised investors on. Perhaps there is a future career there.
We are definitely in the final countdown now. End of business tomorrow, I’m calling a halt to this madness. We have a few meetings today and tomorrow, but I see them as being pretty far fetched. I’ve had enough rejections to last a life time. I can take it mind.
I must be honest, our current investors are being a bit of a pain in the ass at this stage. They are not providing much use, their advice is contradictory… and they still want me to linger this on. I’m not sure if you can linger something on, but I’m doing it 🙂
In hindsight consider this… one of our investors was not willing to support a bridge round of funding (around 80K), but wanted us to ask for 17-20 million when we were trying to sell the company.
I’m at a stage where I’m pissed off at everyone – my investors, our non investors, the space we’re in, and myself.
Anyway… it’s not over yet.
5.51pm. So my suspicions came through. Only one of our existing investors was willing to support a bridge round of investment.
Looking at Monday/ Tuesday to call a halt to this, barring a minor miracle.
I’m not writing it off. But the curtains are closing.
11.16am. So your wondering whats going on…
So am I.
Yesterday one of our investors was scheduled to talk to our other investors with a view to getting them to chip into a small bridge round of funding. I got a small email from him to say it was a good call, and that he’d call me this morning to let me know how it went.
However I have not heard from him yet.
My gut tells me this is all a bad sign. Because if the call went very well, he would have phoned me and told me so.
I had hoped that I would have had a yes or no on this by now. If it was no, I wanted to be making some biblical last minute calls to try save the day. I need that no before I can do that. I need to be in desperation, last chance saloon mode where I am totally fearless of a FUCK OFF response.
My worry is that everything will just linger on a few extra days… and I want the clarity in my mind on the future one way or another.
I just feel like I’m waiting and a bit powerless right now.
There are the logistical issues of winding down a company, letting everyone else go, packing my bags and moving home 🙂 (sad but true). All that requires its own energy and time. So we do need to know the future as soon as possible.
I sat up late last night watching Love Actually with a tub of Ben and Jerrys.
This is what its come to.
1.49pm. Met up with an old friend I used to live with. She lived through a lot of the trials and tribulations. I gave her the whole picture. Pretty much all you’ve read here… but LIVE! It’s more entertaining.
My ‘startup’ has actually been around a long time. 8 years to be honest. It was never created with business in mind, but it just kept on growing in a bizarre organic way with me nudging it uphill. Don’t get me wrong; I’ve always felt there was a business here, but its been a very slow process. I have refused to take no for an answer and constantly refused to let it die. I have been stubborn as hell in getting it to this point.
So when I told my friend that I had this impending deadline to save the day, she began reminiscing on the amount of times I had said the same thing. She reminded me of all the times I said… “that’s it, I’m giving up”… but then plowed on regardless.
She also reminded me of all the funny times over the last 8 years, the women that have broken my heart, the despairing times, and all the achievements too. She asked me how I summated it…
There is a story here. A story onto itself. The problem is that not many other people in the world really grasp it in full apart from me. Some people have parts of the tale. Others have chunks of it. But nobody has the full view of it like I do. Our current investors certainly don’t understand the passion and energy behind it all. Nor should they. I don’t think.
I told her that when you get to this level, a level where I’m meeting the biggest people in the room… I only have time to give them a very high overview, and in truth that never does the story justice. The emotion and energy is removed from it somehow.
I told her that I did understand what had been achieved, but at this point, it is where it is, and this really could be the end of the line.
I really want to be able to summate things properly, to have good perspective on it, and to pull the story together correctly when all is said and done. But right now… its tricky.
It’s not over yet. Tuesday is D-Day in terms of bridge round possibility which would represent yet another life line on this crazy adventure.
Will the story go on? We will know very very soon.
1.08pm. It’s the day after thanks giving and I’m trying to motivate myself to do more stuff. But right now I’m completely lethargic to do anything. Everywhere is quiet Stateside to I’m a little excused. I’m somewhat banking on this bridge round of funding coming through next week, but it’s not guaranteed at all…
But everyones on holiday… so theres only so much a person can do.
In the last few days we have switched off our Google Ads we have had running. Just looking at our current analytics – wow, they have really plummeted. We have had distrust in Google Analytics in the previous months. Simply put, they don’t quite match up… our Google Ads say its directing X amount of people to our site… but our Analytics say we have less people on the site than that.
Our programmer insists we have all necessary coding in place. But somethings amiss.
Nevertheless, the numbers make for depressing reading. No point looking at them from here on in…
Going to the gym… need to get some movement in this body.
8.10am. I haven’t been very good writing in recent days.
After Fridays post, I went on a drinking binge with a couple of friends which resulted in the alcohol blues on Saturday. I felt so ginger that I decided to check myself into a cheap and cheerful hotel with a swimming pool. I just wanted to float
This was an indulgence I could not really afford in light of my immediate future, but for survivals sake… a pool was needed.
Yesterday morning I woke up spritely and met with a legendary dude I look up to. I’ve taken to just asking for meetings with people for two reasons – 1/ To ask for wisdom 2/ To put my situation in their heads on the chance they might come up with something.
The wisdom being the key though. I’m asking people… ‘What would you do if you were in my position with a week to save the company?’
This guy who was 62 and surrounded by a stunning funky office space told me I was doing everything he would do. He told me that he gets 99% of things in life wrong. He told me how in his past he’s taken his wifes money, his childrens education fund, and remorgaged the house to keep things afloat… and still failed. He was full of positive helpful energy… and I just came out of the meeting feeling better. That feeling goes a long way.
Spent most of yesterday Crunchbasing and emailing random companies who would be a good fit when one of our existing investors called –
Investor – “So John, I’ve just came out of a board meeting, and I was really thinking, we can’t let this die. I mean, I don’t think this will become a big company, but I really think it needs a home somewhere. How much are you burning a month?”
John Startup – “Eh…. 40ish… I think.”
Investor – “Ok, so I propose we try and raise 200 to give you a few months, and we’ll work together to find this a new home.”
Quick mental calculation… need at very least 240k.
John Startup (on his knees) – “I mean yeah. I think that too… that would be great. Errrrrrmmmm I really think we’ll need 240 though.”
Long story short, he’s going to try get the other investors to put in to give us a 6 month lifeline. At this point I’m feeling anything would be a miracle… so this phone call is welcome news. Their call is not till next Tuesday, so we wont know till next week. It would be a savior… and I’m not counting my chickens… but we’ll have to wait and see.
7.35pm. Desperation is building. Need to somehow get grounded.
I’ve taken to sitting in a bar, lap top open, with a notepad, and a glass of wine… and sending biblical emails to everyone to get something to happen.
The vibes for a bridge round are not great. I’ve been doing my homework. And there is no investor lurking around just now.
I’ve got creative with my thinking. If I can buy us time we can still get this company in shape. So I need to raise about 400k to give us 6 months. I’ll take over the world with that.
I’ve just sent an email to a linchpin asking for him to invest that amount to give us the crucial time.
Time will tell.
Sorry have been so lax with these posts… it would be fair to say, my mind is currently a bit messy.