Fund: Bay Partners
Posted by Anonymous on 2008-03-25
I met Atul Kapadia, who I have known for several years with my business plan. He was the second venture capitalist I met. At the end of the meeting, he went and talked to the other two partners and immediately fixed a follow-up meeting. Within three weeks, we had a bridge note and office space to develop our business plan and introduction to three top-tier potential syndicate partners. One of them declined and Atul immediately told me to stop wasting time.
As soon as the first one (Redpoint) got to the finish line, we closed our bridge. There was a milestone attached to closing the bridge round. The milestone was delayed but we were making good progress on the business. Both Atul and John, in the Board meeting, asked me to focus on the business and not the financing and closed the round.
In addition, Atul and John recognized that I was light on options. They proposed and verbally promised they'd take care of it after the round closed which they did. Atul introduced me to a high class seasoned outside Board member but never pushed to bring him on. The Board meetings are focused on the key elements that will make the business successful. The responsiveness and assistance I have from my two venture capitalists is beyond my expectations.