HN user

iterable

78 karma

Michael Simpson

Co-author at www.thesecretofraisingmoney.com

Email me at michael@thesecretofraisingmoney.com

Posts6
Comments38
View on HN

Happy to answer any fundraising questions as they arise - hit me at contact@thesecretofraisingmoney.com - name is Michael

Hey - by 'pre VC investment' I assume you mean raising a first round of tens or low hundreds of thousands - basically enough to hack out the first version of the product. In this case, yes, you should generate your own term sheet, and make it very reasonable (we give you some guidelines in the article) so as not to deter investors. One reason for this is that due to your stage and the amount you are raising, you are unlikely to have a 'lead' investor in the classical sense. Also - you should definitely raise this round as a convertible note. It is cheaper, faster, and much easier to 'raise as you go'.

My co-author and I wrote a primer on how to get funded on AngelList. It's vetted by (and contains contributions from) AngelList management.

I would love to hear any comments or feedback.