Update From Story here 2 years Ago – Startup Ran out of Funding

2 years later – Update

After my startup ran out of funding, I couch surfed for 2-3 months then ending up living in a field for awhile with some coyotes, I eventually travelled from NY to NC.

Built a small architectural drafting & design company. ($1k-$3k/month earnings).

Closed on a $50k seed round. Half from some clients from the architectural drafting & design I started and a half from an angel investor. To go raise the capital needed for the refinery.

After travelling all around the country trying to raise $5MM for the large-scale processing and refining plant, I was unsuccessful. Pre-revenue, needed $1MM ebita for over $1MM investment. Got a lot of interest, but no closings.

Came back to the investors/founding team. We pivoted to raise a $750k round and start with a small plant. Working on getting lease terms for a building with the owner to cover the retrofit cost and a 100% equipment financing deal. Raw materials good to go. They have committed an additional $150k to lead the round with the new smaller plant. The smaller plant will produce $3MM in EBITA annually. We can then scale to the bigger plant, which will produce $20MM in EBITA, then scale to double for $40MM in EBITA annually and look for exits.

I’ve included my email for anyone interested in discussing further, that can be revealed with a contact reply.

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