On 19th January 2016, we announced our USD1.5 million Series A funding round. This is what happened behind the scenes.
When I wrote this post about TheLorry’s story on idea validation on Nov 2014, we were still basically a two-man team (two-man and a half if you count a freelance developer). I was doing mostly customer service & operations work whereas my partner and co-founder Chee Hau was in charge of marketing & sales.
(Btw, if you were our customer and noticed a certain “Adam” replying – that was me. “Adam” was my customer service alter-ego.)
As we started to get traction, we were convinced that our idea is sufficiently validated and it was time to put in more resource to take it to the next level.
Since tech is our core competency, we felt we should get a developer on board full-time. Freelance won’t work. Our credit cards were already maxed out so we needed to look for outside money in order to start hiring.
We began to actively meet potential early-stage investors to pitch our fledgling startup.
One of them that we pitched to was a KL-based angel investor. Meeting went well but I suppose we didn’t impress him enough.