BURST Co-Founders Discuss Their Journey in Finding the Right Investment Partner
Finding the Right Investor for BURST
Haymish: Looking for the best investor is not an easy thing, particularly if you’re a founder. There’s a lot that you realize along the way. You need this capital and you’re looking for someone who will get your vision and where you want to take the company.
Brittany: For a vast majority of the venture capital industry, it seems that they treat companies like they’re a blueprint. ‘This is how I’ve done something before. I wouldn’t want to take any chances on anything new. So I’d want you to conform to this rubric or this blueprint for growth.’ And that didn’t feel authentic to us as entrepreneurs, nor did it feel authentic to what we were trying to accomplish or what we think made us special and successful up to that point in time.
Haymish: For example, in our case, it was the community behind it. They all just wanted to see numbers, numbers, numbers, and when they can expect to see a return. I kind of felt they were never going to get what the bigger picture- which was our community. It was a different business model to anything that actually had come out at that point.
Brittany: We knew in May or June of 2018 that we were going to need some serious capital. And the reason for it is that things just really took off. We grew %2,500 from seventeen to eighteen. We started our relationship with Volition Capital in August of 2018.
Brittany actually said, ‘you know, I’ve got these guys. I think you’re going to like them.’ And, at that point I said, ‘this is the 50th meeting…no more VCs!’ But, we took that meeting and it was with Volition and Larry Cheng. And they finally got it. They were actually interested in the community. They asked, ‘can we come to an event? Can we see what people are about?’ And that made a big, big difference for me….