Miles Beckett

No, the venture markets changed completely.

Sure.

I mean, as a founder, I mean, you're always, if you're a venture backed, you're close to running out of money almost all the time.

Not all the time, but you know what I mean?

Yeah, sure.

All the time.

Yeah, every business is like that.

My first company, when we sold that company, and it was actually called Equal, we sold to Everyday Health.

When we sold to Everyday Health, we had to borrow $500,000 from them so we didn't run out of cash and we could actually close the transaction.

Yeah, so, yeah, we did.

The short, I don't know, but I think it's because we had a breakup fee.

So we had signed a term sheet with them.

That term sheet expired.

We had a competing offer.

We had two competing verbal offers and we had one competing term sheet.

We got them back under term sheet.

But as part of that, we required them to have a million dollar breakup fee.

So I think the answer is probably because of the breakup fee.

I mean, they wanted to buy us, but I think that that was the pill that they didn't want was to not close the deal and pass a million dollars.

was it public did they release or can you share what this exit was for um i think it i don't know if it was public or not but i think it's out there it was around 30 million okay was that did you consider that a win at the time oh yeah i mean we had raised very little money i mean it was it was i mean it's look it's not a massive venture exit but everyone made money we had some we had a some investors at 10x their money everybody made 2x or more it was very personally meaningful for me and my co-founder and even you know senior people on the team yeah it was definitely one