It took me half a year since I planned to start my second venture to get 1 million angel investment money. This money can support our company's expenses for one year. As CEO, I'm going to find the next money by the end of the summer of 2015. The financing target is RMB 3.005 billion. Because the next round is a round, my goal is 5 million dollars or 20 million yuan, so this financing has a nice name, called "PreA".
I have started this round of financing when we have 40% of the money on our company account. In fact, just before the Spring festival in 2015, I had some action, small-scale temptation. Attended the Angel's roadshow in Beijing, and met an entity entrepreneur in Shanghai.
did not succeed.
At that time, the boss of our incubator had expressed the intention to invest, because then I took the team down to Xiamen for closed development, I did not follow up this intention. Soon after, the boss once again publicly expressed his plans to invest in the entrepreneur's annual meeting. Then another famous traditional software company owner met me and they wanted to co-invest.
Meeting with the owner of the traditional software company has delayed or ended the investment's intention to cooperate. He expressed the management and product concept, and we are too big gap. Their product thinking is exactly what we want to oppose or avoid the model, and if he is optimistic about our products, it is possible to organize their own technology development, anyway their company is not lack of technology.
At that time, if someone really invested in us, it was much easier, because we hadn't started to look for investors on a large scale, and there was no choice.
After the Spring Festival, began to formally start financing work. In the next three months, we have probably seen about 20 prospective investors.
The first week after the spring Festival to Shanghai, participated in an IPO Club Roadshow, Super Table project as a temporary entry into the project. A total of 10 items, divided into two fields, Super table is the first field of the fifth. The first few speakers didn't have enough time to talk for 10 minutes, and I spent 10 minutes. That time, my speech strategy was to tell the following 30 investors directly, why the super form is worth investing, not the traditional stereotyped writing: industry analysis, product introduction, Profit model, team ...
Every project is finished, and there are not many questions. Super tables are no exception. The climax appears at the end of the first break, enclosing a circle of questioner. I compared the other projects, the Super table should be the most attention.
In the next three days, three of the investors interviewed me for an appointment, a telephone conversation. One of them is Fangguang capital, which communicates with me over 15 of the time, and actually pushes forward, although at last he didn't persuade the boss to invest in us.
The best known among them is the SoftBank race. Software Race to listen to my introduction after I feel that our product stage is too early, not suitable for their investment range. Well, I can't afford to invest $10 million now.
At this point, interviewed 1th, 2, 3, 4, 5, 6 investors.
Shortly after I returned to Beijing, I took a cup of Coffee roadshow, which had 17 entrepreneurial teams. I left after the speech, did not feel how much repercussions. The only bright spot was when I finished my speech. An investor (an angel investor in a Nasdaq-listed company) who took the initiative to sweep my QR code. Then I left, in the vicinity of the Guomao B1 Paris Belle, turned on the computer to work. This place is where we used to be when we first started a very frustrated period. I sometimes go to the international trade school to skate, and then sit here and think ...
Not knowing which nerve was moving, I decided to go back to the roadshow because it wasn't over. I'll take the initiative to find the investor. Back to the scene, I first went to the bathroom, washing hands, suddenly saw him. The legendary toilet meets the investor's lens ...
At the end of the roadshow, several of our main speakers stood on the stage and listened to the summary. The host Chen Lei is very clever, adding a link, ask each investor, which project do you like best.
Big guy: favorite Super Table, because the value is "professional people do professional things" (yes, if you do not understand us, who would like enterprise applications and data management software such an unpopular project?)
Interroll Angel: Favorite Super Table ....
Plum Blossom Angel: Second favorite Super Table ...
As a result, the Super table is "the most popular item", although there is no such ranking. Later, the organizers of the project to share the results of the score to us, Super Table 75 points, the highest score. The low-score project is only 30 points.
Three days after the roadshow ended, we met and interviewed.
At this point, interviewed the 7th investor.
But after a week, there was no big push.
Continue to look for investors.
After the Qingming Festival went to Shanghai, continue to follow up a few investors:
Last seen two, continue to follow up, talk.
There were three investors who met for the first time. One of them was impressed with the question of whether I accept equity bets.
This is the 8th and 9 investors in the interview.
Back to Beijing just off the train directly to the Xidan fairy see another Shenzhen well-known company investors, he happened to go from Beijing to Shanghai, contrary to me. Talked for half an hour, because I had an investment manager who met at the five crossing after the other half hour. He comes from a well-known personal angel Investment company in Beijing. The talk was very efficient. A few days later he arranged for me to meet his boss, the well-known investor. Finally see this "Baidu Seven Gentleman" ...
After a few days follow up quickly, talk about products, valuations, equity arrangements and follow-up arrangements. The most efficient family. We were going to raise 3 million, but we'd better raise 5 million. The plan is for them to invest 3 million, and then find another one they are familiar with. After seeing this and the investors, the situation changed ... In retrospect, if the financing was determined at the time of 3 million, perhaps the two sides will hold hands.
This is the 11th and 12 investors in the interview.
After a few weeks, he also interviewed five or six investors. Some of them I volunteered for, and some of them asked me out. The impressive is the serious. In the World Trade Office (the location is absolutely tall), I mentioned in the Super-table project process that one of our peers last year by the Tiger Fund invested $10 million. He heard that the Tiger Fund regretted investing. As a result, three months later, the News reported that Tiger fund continued to vote for the company's $60 million b round.
One of them is impressive, from Shanghai. The owner of a software vendor wanted to work with super forms, ate, and later introduced their company's investors to meet with me. Talked for an hour, and then communicated several back. The final confirmation is not cast for the moment. Later, I was told that we missed our round of financing. I think that, cast and not cast, sometimes it is so tangled. Worry about the wrong person, and worry about losing the opportunity. At the beginning of the super form of financing, we valued 5 million, some people want to vote, finally did not vote, and then our valuation rose, and can not afford to say missed.
This is the 13th, 14, 15, 16, 17 investors of the interview.
There are only a few 20 or 30 minutes to talk about, not counting.
Among the investors mentioned above, one investment intention is very clear and ready to enter the due diligence phase. In the meantime, there are 4 other investors who want to talk to me about investing. To tell them the truth, they basically identified a lead trader, I'm afraid it's not too late ... It includes a bigger investment, with 10 million of them on the pitch. Do I have to postpone signing to seize this bigger opportunity?
Choosing one, suspending the contract, and talking more about the opportunity for greater valuations and financing, but at the same time means losing the closest opportunity to complete the PREA financing target.
Choose two, give up more opportunities and risks, sign up for money as soon as possible, end this round of financing, invest in research and development and marketing, and lay the foundation for the next round of financing.
adjourned
Super table: Multi-person collaboration online forms for receipt collection, processing, and sharing. Www.chaojibiaoge.com
Super form Prea Financing record
