“How much cash do we have left?” I asked Tina, our very able controller.
“We have $197,000 and change left, Brett. That’s enough to run the company for another three months,” Tina replied.
“Okay, assuming we close (our funding) on schedule, then we won’t have to ask for a bridge (loan) from our investors,” I said to Tina.
“Yes, that’s correct,” Tina said.
Tina and I had this same conversation every week until our funding closed. Our cash position is what kept me up at night every time we were raising money.
Fundraising is not for the faint of heart.
Fundraising is so all consuming that it’s literally like a second job. And, it’s such a crazy roller coaster. You can be just about to close your funding one day, and, then, out of the blue, you’re kicked all the way down the hill because the investor you thought was going to lead your next round had a change of heart.
Each time we raised money, there were enough crazy twists and turns that you just couldn’t predict. Like the time our new lead investor went dark for two weeks before the round closed because his son suffered a life threatening injury.
