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2.0 Battery'S New Seed Program
Fund: Battery Ventures
Posted by Anonymous on 2008-02-26
Battery just started doing seed investments, and the process is definitely very entreprenuer friendly. It works like this - you take one 90 minute meeting with several partners, and then they get back to you within 24 hours with a decision on whether or not they're in. They do amounts of about 500K and give you a vanilla term sheet (no board seats etc etc), so you can close the deal and get the money within a week or two. They like it because it lets them build early relationships with promising companies at what (for a large firm like theirs) is a relatively small cost.
We were one of the first companies to pitch them on this new process, and it worked the way they said it would. We came and talked to them, and then got an answer the next day. Even though they passed on the deal, they took the time to call us and give us some pretty detailed feedback about why they said "no", and what they thought we should do both to build the business and if we wanted to raise a series A from them. They also offered to pass us onto some angels/VC firms that might be interested, and actually did this. Even though we didn't end up working with them, I'd still recommend this for any early-stage company that needs to raise hassle free capital quickly and wants to work with a good firm.
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