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Phil Reynolds

๐Ÿ‘ค Speaker
221 total appearances

Appearances Over Time

Podcast Appearances

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

And that was, well, technically there's another 50,000 or so that left.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

But I mean, right now we raised the seed round, the pre-seed round on purpose because we needed to do that to accelerate everything.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

So that was the amount I just said, the 500,000 that was- Oh, you were 100% of the angel round.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

We were the, well, it was us and the other two founders kicked in a couple, you know, $10,000 each or something.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

I see, I see, I see.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

Yeah, truly angel, truly an idea on a napkin at that point.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

No.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

Actually, I really am a fan of straightforward equity deals for a lot of reasons, which we won't get into in this timeframe.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

But I really liked that.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

And not only that, but I did not ask for any sort of a ratchet or leverage.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

And so the way we set it up, there's myself, my wife, Kuitim Hoja, and another gentleman, Aaron Salaf, who are the founders.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

There's four of us.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

And the two of us kicked in the cash.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

We took 50% of the equity.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

The other two of them really brought a lot of additional engineering gravitas to the table.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

And they're fabulous.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

And so we gave them the other 50% of the equity.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

Sorry.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

It would have been a million for the company.

SaaS Interviews with CEOs, Startups, Founders
How he closed $3.3m Seed (sold 25%) for Agile Management Tool Last Week

$500,000 for 50%.