Another one

April 17, 2023

It was a good week. Starting things off on Monday with a $[ ]M commitment from [ ] was a huge win. Following that up with another full day of diligence with [ ] on Wednesday just kept that momentum going. 

[ ] has done a tremendous amount of diligence work on us already, with many of you involved in that process. Beyond just the usual assessment of our business, key metrics, board materials, and the like, they've also checked every one of our employment agreements, contracts with borrowers and underwriters, recaps of every board meeting, and verified bank accounts and balances. This is a significant step up from most VCs and yet these are the types of investors we want. The ones who do the work to really get to know this business come away impressed by the breadth, depth, and thoughtfulness by which we've built this company. 

Coming into Wednesday, they already had most of their questions answered. Now they wanted to put faces to the names and really understand how we were approaching the next phase of our company's life. I'm pleased to share that our management team absolutely knocked it out of the park. Their feedback to me afterwards was that they so rarely see a company that has pulled together such an established senior leadership team at this early of a stage in the company's life. Normally they have always found there to be a few weak links where one or more of the leadership team will likely be rotated out in due time as the company scales. This could not be further from the case here in their mind, as each and every one of those meetings with individual management team members shed more light on how we got to where we are today and also the path forward to what's next. Above all else, the message was cohesive, it was confident, and it was compelling. 

They've now fully committed to the round, with an interest between $[ ]M, depending on whether they can get a board seat or not. [ ], however, also wants that same seat and we now have what I was hoping for and mentioning a few weeks back - the luxury of using the demand for the round and certain terms to give us leverage to get us to an overall better outcome as a company.

It's all coming together, just like we had envisioned. Let's close this round out with a bang