I use the word "we" loosely here but one of the companies where I serve as an advisor nabbed a term sheet last week. The company has invented a brilliant software application in the compliance space (you know, Sarbanes-Oxley stuff!), it's been in business for about a year and a half, and although it has only brought in $100k in revenue, it has a terrific pipeline of business with some of the biggest names in business today. The company is poised to close a $5 million series A preferred financing round with one venture capital firm for a 50% share of the company in early November. It ain't no YouTube but if they were all that easy, none of us would be writing blogs!
There was so much information available via the internet in gaining advice on current "market terms" that by the time the term sheet arrived, we knew pretty much what to expect and what to ask for without talking to any attorneys. Raising capital is a delightfully enjoyable process. More on this deal as we move towards the close and any news of Company 4.0 nabbing a term sheet will be posted when it arrives!
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