Chris Savage

speaker

668 appearances 3 recordings 2 series first heard Nov 2017 last heard Dec 2024

Chris Savage’s voice in public audio — every appearance, attributed to the second.

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Um,

I can't say exactly, but I'll say, you know, I, what I will say is that when we raised, it was a different time and a harder to get a higher value.

So they, they own more than I would want them to.

Yeah, sure.

They were in that range.

That's exactly right.

And it's because when we raised our first round, our MRR was literally $1,000 or like $1,500.

So it was like we were very...

And there was a lot of risk in the business.

I mean, I give credit to our angels.

If I saw a business that was just doing $1,500 in MRR and it was like the stage, I don't know that I'd be able to make the investment.

So I give them tons of credit.

But yes, it meant that they owned a material enough amount that their shares also were preferred shares.

And so it meant that they had rights to a board seat.

They could block a sale.

We tried to set ourselves up because we assumed we were going to raise venture money.

So we tried to make the terms pretty venture-y so that if we did, the venture capitalists would come in and be like, oh, these seem like fair terms.

We'd hope that they would like be closer to aligning with that.

It was a priced round.

Basically, we started hitting on this idea of what if we were to raise debt?

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