2.5
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2.4 
No Shop Provision
Fund: Sequel Venture Partners
Posted by gpetras on 2011-09-04
Before you work with these guys be sure if it's a co-funded deal they've had prior co-funding relationships with the second funding source.
They were eager to issue a term sheet after our first series of meetings. The term sheet had a "no shop" provision. Later management learned that Sequel did not have a relationship with co-funding sources to bring in the $3 million for the second half of the funding. Bottom line is they did not raise the $6 million specified in the term sheet.
The lack of performance personally cost me an additional $1.5 million. We were shocked they couldn't perform considering our revenue for the year prior to our term sheet was $100,000 (prelaunch) and $1 million (recurring subscriptions first year) and that Gartner selected hours as product is one of the top new offerings in the CRM, sales and customer service market. To obtain a copy e-mail greg@gregpetras.com.
Their inability to fund and deliver on their initial enthusiasm appeared to be the byproduct of not having existing funding relationships with tier one firms. We have blue ribbon clients, growing revenue, strong pipeline and solid management. Since Sequel Venture Partners failed to raise money potential new investors had concerns.
I understand "note shop" provisions are common but with Sequel, I’d be sure they had all the money under their control or at least a strong commitment from a fund before I agreed to such a provision.
Good Zombie
Fund: Sequel Venture Partners
Posted by Muir Wood on 2009-04-07
Good Team; No Issues
Fund: Sequel Venture Partners
Posted by hyperion on 2007-12-04
I've received funding from Sequel Ventures previously and have found it to be a good experience. They are approachable. Tim Connor worked with us and I think he is very reasonable and easy to work with. He is always willing to listen and provide assistance. I've had time in front of the rest of the partners and think they are okay. I have not spent much time with Ron Bernal, but have found his industry experience to be pretty valuable.
PRIVATE: Members Only (301 Characters)Not Worth the Time
Fund: Sequel Venture Partners
Posted by Anonymous on 2007-09-17
Although I have been told by several seperate parties that Tim Conner, Ron Bernal and Chris Scoggins are very smart guys, I think Sequel is a waste of time. I also have been told by a party very close to the firm that they are out of money.
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