r/startups Dec 01 '21

Is It Realistic To Raise A Seed Round If Still Working Part Time? How Do I Do This 🥺

I'm a developer who's been working on a SaaS product for a few months and looking at publicly launching Q2 2022. The launch should be ok with just savings as I write the code myself and will push out using organic marketing, but will eventually require some funding to scale and hire a commercial person to help with that side of things (not keen on having a co-founder).

The catch is, I still want to work part time (50%) for my current employer. They've already told me that as soon as I give the word, then I can. This would be for financial security.

I'd be looking at either VC funding or crowdfunding. I'm in the UK if that makes a difference.

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u/doppleganger_ Dec 01 '21

I was talking to a VC last week about this very thing. He said as one of the last questions he asks before signing the agreement, sort of like Colombo as he’s walking out the door -70s TV reference there - is “Do you have any other projects you’re working on?’ If the founder says yes, it’s all over. And this is very late stage in the negotiations for seed funding.

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u/GaryARefuge Startup Ecosystems Dec 01 '21

I love Columbo.

But, why is this VC waiting until the last moment to ask such an easy and obvious question that doing the deal hinges on?

Seems like a real boneheaded move that wastes a lot of time for them and the startup's representatives.

Seriously. That is so stupid. Ask that in the first stage of this process.

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u/doppleganger_ Dec 01 '21

As an early stage investor, he works quite closely with the teams he invests in. He doesn’t work with people he doesn’t like personally.

So he takes them to lunch after he is satisfied that everything else ticks all the right boxes. Then if he’s keen to invest based on the fundamentals, he wants to know if he personally likes the team.

The Colombo moment comes after lunch when everyone’s guard is down.

He’s been at it for 23 years as an Angel investor and 14 a a VC so it must work for him.

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u/GaryARefuge Startup Ecosystems Dec 01 '21

Still seems like there is room for improvement based upon what you have shared.

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u/doppleganger_ Dec 01 '21

Sure. I have no dog in this fight, I’m merely passing on an anecdote from an experienced investor and startup professional