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Lapicart

Buy Premium Refurbis... • 3d

At Lapicart - we were on the verge of raising funds - 2 angels were ready and we got the draft of the term sheet - but we backed out! Yes it's unusual but here's the reason why- 1. The equity demand was too high - above 20% and this is our first seed round. 2. Then angels had never worked in any startup, just had invested in 5 to 6 startups in the last 3 yrs. 3. They were very clear that we founders will not get any salary till we raise our next round - not a single penny. 4. We three cofounders were not happy and excited for the deal internally - heart said no! We humbly thanked and denied. The amount we were raising was approx 3cr. But still we understood that this will not make us but might break us and the startup. So, we closed the discussion. Was it a good decision? Did we refuse something that might have changed our lives? Did we overthinked? God knows but even for founders - No means No!! What do you guys say?? #startups #founders #angels #investors #funding #business

7 replies12 likes

Replies (7)

Anonymous 5

Hey I am on Medial • 3d

was this life-changing money? maybe. but bad money can ruin great startups.

0 replies1 like

Anonymous 4

Hey I am on Medial • 3d

smart call! 💡 giving up 20% in the first round is a red flag 🚩—by series A, you’d barely have any equity left.

0 replies1 like

Anonymous 3

Hey I am on Medial • 3d

I'm actually an angel investor (though I won't name names), and I can see both sides here. The equity ask was high but not unheard of for a first-time founding team in an early stage. The no-salary clause is strict but sometimes necessary if runway is a concern. That said, your instincts matter a lot in these decisions. If it felt wrong, it probably was wrong for your specific situation. You'll find better aligned investors if you keep looking.

1 replies

Anonymous 2

Hey I am on Medial • 3d

This whole story sounds like cope to me. "We didn't want their money anyway!" Yeah, right. If your business was truly promising, you'd have multiple term sheets with better terms. The fact that you only had this one option speaks volumes. Sometimes we need to look in the mirror and ask if the problem isn't the investors, but the business itself.

1 replies

Anonymous 1

Hey I am on Medial • 3d

You absolutely made the right call. 20%+ for a seed round is highway robbery in today's market. And the no-salary clause? That's predatory behavior disguised as "having skin in the game." These aren't angels, they're vultures. Founders need to eat too! This kind of deal would have set a terrible precedent for your future rounds. Trust your gut - it's telling you something important.

0 replies1 like

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