Jared Fuller

We can't spend the money fast enough.

We can't grow fast enough in terms of spend.

So we decided instead of raising a Series B and diluting the heck out of everyone, since PandaDoc has a really awesome exit opportunity to pursue venture debt because the revenue is so good, the books are so good.

And that's the key, right?

Venture debt is fantastic.

I would always recommend that over selling equity.

But you have to have the track record and the solid books and finances to be able to do so.

Yeah, those are the two top ones.

And my advice, make them compete.

Yeah, so I know one of the founders of Square One really well, Pete Dries.

So he was very, very helpful in helping facilitate that deal and make sure we got the terms that both parties could agree on.

But I kind of approached Makeda when he was thinking about raising a Series B and said, you know, we shouldn't raise that Series B. We don't need the money.

So why give up chunks of the company when we could just, you know, do a really low interest rate?

Makes a lot more sense.

Uh...

Yeah, but I would say the terms are attractive, right?

Like the, what we're locked into, I think is a lot better than two board seats to control the company.

So warrants, right?

Without, you know, going into particulars or breaking anything warrants and a percentage interest rate that's really low.

That's amazing.