The Business
In November last year, I was asked to raise Series A funding for a customer-engagement business based in Melbourne. The business was operating in Australia, had a sound business model, competent management team, a few internationally renowned brands as clients, good traction and a very lean cost base, as befitting a early stage companies. It was for all intent and purpose, an attractive investment proposition with a realistic pricing. It was an alternative to advertising on Google or Instagram with the opportunity to actually own the target customers’ database and to interact directly with them. The business wanted to raise the funding to start operating in Singapore where it already had some existing business.
The Outcome
I started engaging prospective target investors in January this year and there were interests. However, cometh the hour cometh the virus. All bets were off and no one was keen to proceed to the next step except for one who declined with no reason.
Try Again…
Its now September and the business has actually done quite well since grocery shoppers was one of its focus sectors and we know how supermarkets have positively boomed during these times. The number of brands signing up has increased and its price-comparison feature was well-received by app users. Now that Singapore has entered into a state of Covid normality with the situation under control, maybe its time to go marketing again. An old VC adage was ” Exit, Exit, Exit“. To that could also be added – ” Timing, Timing, Timing“.
Till next time,
Lee Koon
