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Do Not Waste Your Time with Keiretsu

Fund: Keiretsu Forum

Posted by Super Frustrated CEO on 2015-08-04

PUBLIC:

Let me begin by saying that we're a fundable startup. We've raised $6MM from Angel investors in the last 18 months in two different deals with fair and reasonable deal terms. We have investors from all over the country who are excited to be in the company.

We presented to numerous Keiretsu chapters in an effort to leverage the value of the network. We pitched NorCal, got a due diligence lead and spent 3 months preparing a 200 page due diligence book that was REALLY good. In that time span our first round became oversubscribed by 2 x and we were no longer interested in Keiretsu Angels.

Fast forward 3 months and we have a new vehicle for a new financing. We do the roadshow again, this time starting with Keiretsu so we aren't oversubscribed. After spending thousands of dollars on fees and travel we raised literally $0 from the ~250 people on the "interested in investing" list. This was after we had already finished DILIGENCE!!!

I'm putting this post here so that others will hopefully avoid my mistake and take the thousands of dollars in fees and spend it on something with a higher ROI, like tacos and red bull - anything is better than throwing it away in Keiretsu.

To answer the question of why we went at all: one of our existing investors had another company go through Keiretsu and have a very favorable outcome and he encouraged us to take the same approach. Where the other company succeeded, we failed miserably.

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