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Turning down a Series A term sheet ($50m+ valuation)
Manage episode 382910105 series 3358799
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Now, if you knew you were going to sign a piece of paper that was going to make your company worth $50m, would you turn it down and walk away? Well, that’s exactly what has happened with JR and the Lemon Squeezy team, and is why we’ve had a brief break from the pod.
But we’re back, and JR is ready to share all. We’ve lined up a cracking few episodes for this series of the show, including talking about walking away from the money, how shipping works at Lemon Squeezy, some of the mental challenges that come along with building a startup and a few special guest appearances along the way.
In this episode, we’re going to be unpacking the process of raising series A funding, what are the things they don’t tell you, how long does it take, do you have to go to San Fransisco and ultimately making the big decision to turn down a life changing raise.
Timestamps
00:00 Intro
02:15 Topics for Season 3
04:15 What's been happening at Lemon Squeezy
08:11 The different types of raises
12:42 Why explore fundraising?
15:21 Raising in a challenging market
16:27 The pitching process
21:16 Choosing the right partner/VC
23:22 Things JR got caught out by
30:39 Why turn down the funding?
As always thanks for being a listener of the Make Lemonade show. Hosted by @jrfarr & @jmckinven— brought to you by LemonSqueezy.com.
If you're looking to sell digital products online, be sure to check out Lemon Squeezy or follow us on Twitter @lmsqueezy
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