Misadventures in VC funding: Rand Fishkin Shares His Experiences
Rand Fishkin, CEO of Moz (formally SEOmoz), has posted a very interesting article on the experiences he and his colleagues experienced during a recent attempt to raise $24 million in venture capital. He had signed the term sheet and received the letter of intent from the VC, but ultimately they did not close. In the post, Rand lays out the chain of events, and shares what he learned about the process and what he could have done differently. But most importantly, he points out the importance of choosing an investor who is aligned with your own vision and team culture. Rand’s tone is humble and the content is remarkably transparent. This type of sharing by Rand is a great resource for startups considering taking venture capital.
Within the post there are links to a couple of blog entries about previous funding attempts. They’re worth checking out too.