After working on our startup in the UK for the past two years, it looks like we’re going to have to fold.
I’m incredibly disappointed and upset that all this work will be wasted. I wouldn’t mind so much if we hadn’t ticked all the boxes…
1 – Great team – check
2 – Product Market fit – check
3 – Big Market – check
4 – New Innovate product – check
5 – Traction – great sales revenue – check
6 – Scalable business – check
7 – Great repeat customer rate – check
8 – Net contribution per unit sale – check
Following our very small initial investment round, we proved what we set out to do. We listened to all the advice from UK and USA VC’s and other entrepreneurs and built a business that is ready to scale. The model works and the business would certainly be profitable with scale.
But now as we’re months and months past the point, our runway ran out and with a new round looking less and less likely, it looks like we’re going to have to fold the business. According to people we trust, they think there is just very little follow on money in London right now. So much for Silicon Roundabout … It’s a pipe dream.