We are raising our seed round in three series: Series 1 Seed, Series 2 Seed and Series 3 Seed.
We have some industry support and just now sending some terms sheets, but we will need additional investors to reach our $1.5MM goal.
Each series has specific milestones and specific terms, with increasing valuation:
Series 1 – Royalty agreement with 2x return in 12 months based on 10% gross sales
Series 2 – Convertible Note
Series 3 – Straight Equity
I’ve gone the angel/Venture route – they are very limited in this stage and our industry focus “clean-tech manufacturing”. Our customers are front end, we purchase raw material for processing at our factory (what we are raising funding for) and selling the resulting product at a profit.
Looking for good sources to locate independent investors. Tried LinkedIn with limited success.