I’ve been running my company for 2.5 years now, we have a GMV $350k, MRR $31K, CAC $0.4, etc. but we have been trying to raise a seed round for $500k for over a year now and it’s getting tiring. I am almost at the point of just giving up fundraising since we sell an average of $25k a month.
It’s almost like the world has moved past funding e-commerce and also the fact that we are in Africa may not help either. This market we are bringing online is still 97% brick and mortar whereas the internet penetration and preference for e-commerce is growing but even with all this, we have not been able to get any investor interest.
I am torn between giving up the fundraising and just facing the business. I’d like to know if anyone has a similar experience or advice.
If you’re having a hard time raising seed funding you may be tempted to accept the first offer you get for funding. It’s important to remember that you’re going to be stuck with your investors for a long time. If you don’t see eye-to-eye in terms of business vision, ethics, priorities or anything like that you may come to regret taking their money.
If you’re not desperate for cash don’t accept funding from the first guy willing to cut you a check.
Thanks, I have had 2 offers but the terms were draconian, I passed. I am just looking out for a reasonable angel or vc firm ready to go the long haul
I should add that both offers were accelerator programs not direct vc or angel investments.
Focus on sales and getting profitable then you don’t need investors
Try eis relief. You will need to set up a branch in London probably but could be a good way or getting the investment. Check out seedrs.com to see if it is right for you.
Don’t you dare give up. You started this to succeed, you thought it was EASYYYY??? Now get focused and get on it!