Art Papas
👤 SpeakerAppearances Over Time
Podcast Appearances
Yeah.
And we did a very small, like 700 K round.
at a 50% haircut to the prior round.
So we got obliterated.
So if fun exercises go plug that scenario into like a full waterfall, you know, with a full ratchet, it's just, it was just horrible.
I was, I couldn't understand.
It took me like a week to get my head around, like technically what was happening in the cap table.
But once I did, I was like, well, look, I actually really believe in this company is going to be a big company.
And we had I had our first customer saying, this is amazing.
You should sell this to every staffing firm in the world.
We all have the same challenges.
We all need an Internet based system.
And so dilution hurt.
But ultimately, we weren't really doing it for the money.
I was twenty five.
We were 13 and a half trailing.
And so that last little bit we raised, GE came along in 2005, was like, you guys are doing great.
You need some more money.
They gave us.
So it's funny, like the business they thought was horrible.