The luxury of choice

August 8, 2022

It's been a whirlwind of a week as we had one meeting after another for the Series B. Topping it all off, we managed to squeeze in a board meeting in between it all to give them the full update on the state of our business.

To say they came away excited is an understatement. Hearing about what we were able to do with [ ] as the first third party underwritten deal and seeing the margins we are able to produce only serves to validate the future of our business. Most importantly, [ ] reiterated the support of their term sheet, giving us as much optionality as possible.

With that in mind, the plan going forward these next few weeks is going to be to let this Series B process play out for as long as we can and only call on the term sheet when we absolutely have to. Their term sheet is a good one all things considered in this environment, but it has always been meant to give us leverage. With the way these Series B conversations are shaping up and the number of groups who are digging into our data room, we would be doing ourselves a disservice if we don't at least see them through and get to a final decision. By letting this process play out, there's really only upside for us. If it goes the way we want, we can get a better valuation and send an even stronger signal to the market with an external/new investor, a win-win for us. If we don't manage to get a new group to cross, we still have the term sheet in our back pocket and we can move that closing process forward whenever we want.

We're incredibly fortunate to have such a supportive board and it's the result of months of building  a relationship with them and really demonstrating our company's potential and where we're headed next. They're looking forward to us closing this year strong and setting ourselves up for a monumental 2023 where our all three of our client types are able to leverage our technology to the fullest potential 🚀