-
So, given that the first round took just over 15 hours for £50k, you need to get under 7 hours for the next £100k to beat 22 hours for the whole £150k to stay as fastest funded...
No pressure - ;)
7 hours eh?
Doable.
The new application is a lot stronger than the old one... as you may well expect.
We've learned and progressed so much over the last 7 months and sometimes it's hard to appreciate that as there isn't a comparison point where you can see the real progress... but we worked on the pitch today and it's so much better, so much more mature and confident, realistic and clear.
7 hours... it's possible, maybe.
-
Finally starting the approval, fact-checking phase of the round... basically means we've submitted the proposal to Seedrs and once it's checked it goes live.
This may be in a couple of days, and that will then be when it goes live for the existing investors.
It will go live to everyone else 2 weeks later.
-
It is through Seedrs again.
It makes total sense as it keeps all of the paperwork tidy, and gives the existing investors an easier time of managing their investments.
I couldn't actually find a downside to using Seedrs. For the first £150k of funding it's an absolute no-brainer, above that it could get interesting depending on the structure of a round (some investors like convertible notes - debt - but Seedrs is equity based rather than debt based).
So it's perfect for us for now, what the future holds I cannot say.
-
The magic Seedrs calculator* will be the thing that spits out the final number. But your expectations should be roughly in-line with the figures mentioned earlier and an additional amount for the option pool creation.
You do not need to move all of the money into the account ahead of the offering, so you do not need to panic on that front.
- not actually magic, more likely a big Excel spreadsheet
- not actually magic, more likely a big Excel spreadsheet
-
As a previous Seedrs investor I recently backed a couple of other startups on their site and my investment was accepted immediately despite the money not having left my bank account, let alone having arrived at seedrs. Not sure if it works the same way with first time investors.
It works that way.
First time investors will trigger a "Know your customer" background check, but this is only done once and providing you have things like a passport and recent utility statement, etc... then it isn't an obstacle that will cause any problems.
I should note: You really need to make sure you put accurate details in Seedrs as those will be used to keep you informed of your investments. That is, make sure it's your home address and not work address, and that it's your primary email and not a spam bucket. It's your investment, you probably do want the info.
Oh, and we made a video:
-
Hmm.. why does that link not work when I copy/paste? I tried to send that to someone.
Vimeo don't allow commercial videos on their public network. So it defaults to private, which permits embedding but not sharing.
They have a public "review" page that we can enable:
http://vimeo.com/microcosmcc/review/71809298/70429c47f6It kinda sucks, the whole commercial video thing.
-
Can you host it elsewhere?
Vimeo or YouTube I believe, and both have similar policies and special rules for things that are commercial use.
I could ignore the rules, but then I risk the potential farce of it being pulled partway through the fundraising.
So it's basically fine, and feel free to share the review link I put above.
-
at the risk of getting my lfgss account closed down, just where is the justification for investing / investing more?
being cynical, but worst case scenario, your team has developed a nice advertisment for their skills and if the money runs out, you'll be snapped up by talent scouts...
sure, you have a small team and are passionate about developing your product. but in the period since initial investment is there any tangible growth/traction/outcome that has real world value?
for me this is a diversification vehicle, and the accumulated SEIS aspects ref. tax breaks make these seed fund enterprises attractive, but i wouldn't like to think that some folk have invested signficant figures (for them) and expect anything in 3 years time - this aspect, the risk, has kinda been down played
-
when we raised last time we had a vision, an idea, and some notion of how it could be done. We also had LFGSS, and that was about the sum of it.
Today we have proven the concept can be built, we've laid a solid foundation of the technical platform, we've built a good network around us of other founders and advisors, we've got a customer pipeline and are doing CRM for almost our communications.
We've taken just over half of the original funding and done all that... to have launched the prototype, to have customers on-board or lined up, to have people actively providing feedback, to be hiring.
TL:DR the appeal is that there are tangible things actually happening now, where-as before you were gambling based purely on a vision.
Clearly the valuation process is not junk, and whilst I'd hope no-one is over-extending themselves (and Velocio has repeated the risks fairly often), I would say that investing now seems far more attractive now than it did 6 months ago
MrDrem
dst2
branwen
wvm
dirkbang
hippy
hoefla
rive_gauche
kboy
user7817-
Post a reply
About
Microcosm - 2nd Seedrs crowd-funding round
Posted by
@Velocio
Silver Curve and Glentham Capital caught my eye and I have taken the wise(?) investment strategy off diversification. Still have some pennies ready for round 2 though.
I'm pleased to hear things are going to plan even though I really don't really have a clue what's going on :-/