How We Raised $1M Seed Money in 5 weeks in Berlin – Part 2: Closing the Deal

This is the second part of the story of our seed-funding round. Find the first part about the funding setup in my last article. The third and latest part will be published in the next blog post. We started approaching the business angelss from our lead list. The process was: Define first wave of contacts. Send first emails and ask, if there is any interest for investing into remerge. If there is interest, we send out our Deal Memo, which describes our strengths and the risks plus we request a follow up call If the follow up call is positive, we send the contracts for investment The first wave should give a good indication, if our pitch and terms work. Luckily for us, we got really good feedback. So we could approach business angels from the second wave with the same pitch and terms. One week after we kicked off the process, I was sitting in the train on a Saturday and got a call from Pawel from Point Nine Capital. He kindly asked, if they could also be on board. Now this was of course a surprise for us and I requested 24 hours of thinking time. You need to know, that we were working with Point Nine Capital in the past at madvertise times and have a good relationship to them. In the beginning I was not sure, if it was a really good opportunity. An institutional investor would mean that we would create a more complex shareholder agreement now. We would need to update the deal terms for the Angels. It was also against our strategy: We planned to raise only few capital first in order to finish the product and create a few positive cases. We wanted to approach institutional investors later at a hopefully larger valuation.…

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