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In this case neither Niel (nor I) had any interest in creating a traditional syndicate to fund the company. Instead we quickly put our heads together about a financing (we like to say it was over beers, but the truth is more mundane – we hammered out the details in a 10 minute conversation in the conference room of the Foundry office).
I’ve always felt that a robust angelfinancing market was important to startup ecosystems and the data on the next two charts really brings that home. Specifically: Put Entrepreneurs First. Angels are often unorganized and have scattered and burdensome investment processes.
Most companies dont come close to their rose colored financial models prepared when going out for Series A financing. There are definitely some lessons in the story for entrepreneurs and angel investors, but before discussing, I thought Id share a bit about the early financing history for iControl.
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