Sramana Mitra: At this point, did you have outside financing? What is happening on the financing side?
Yuval Rooz: We only raised funding from some of the early investors and friends and family.
Sramana Mitra: How much money was in the company?
Yuval Rooz: I think in the early days we brought in $2 million to $3 million.>>>
Sramana Mitra: Was it an all cash acquisition, cash in stock, or pure stock?
Eric Elfman: I’d like to think that we did what K1 did for us. It was a mix of cash and stock. I needed their founders on board.
Sramana Mitra: What is COVID doing to you?>>>
Yuval Rooz: For the past five years, we’ve been developing an open-source language just to describe the interconnected application. The second component of our product is compatibility. When you want to run these applications, there are all kinds of technologies that you can run it on.
Let’s take the analogy of Java language. You can use Java in different databases. You just need to install a driver depending on which database you use. We have similarly developed all these drivers to our language for different technologies out there.>>>
Roman Kikta is Managing Partner and Founder at Mobility Ventures. Roman discusses his firm’s investment thesis.
I’m publishing this series on LinkedIn called Colors to explore a topic that I care deeply about: the Renaissance Mind. I am just as passionate about entrepreneurship, technology, and business, as I am about art and culture. In this series, I will typically publish a piece of art – one of my paintings – and I request you to spend a minute or two deeply meditating on it. I urge you to watch your feelings, thoughts, reactions to the piece, and write what comes to you, what thoughts it triggers, in the dialog area. Let us see what stimulation this interaction yields. For today – Monsoon in Goa, White Church II
Monsoon in Goa, White Church II | Sramana Mitra, 2020 | Watercolor, Pastel, Brush Pen | 6 x 9, On Paper
Sramana Mitra: You did a private equity deal in 2018 with the $16 million trajectory?
Eric Elfman: Yes. We did that deal in November of 2018. We were at about $14 million when they closed, but we had a clear sight to $16 million by the end of the year.>>>
At the start of the year, analysts expected Stripe, the online payment processing service provider, to go public. Stripe, however, had denied any such plans despite continuing to add to its leadership portfolio. Given the current conditions though, that IPO listing may not be happening soon.>>>
Entrepreneurs are invited to the 503rd FREE online 1Mby1M Mentoring Roundtable on Thursday, October 1, 2020, at 8 a.m. PDT/11 a.m. EDT/5 p.m. CEST/8:30 p.m. India IST.
If you are a serious entrepreneur, register to “pitch” and sell your business idea. You’ll receive straightforward feedback, advice on next steps, and answers to any of your questions. Others can register to “attend” to watch, learn, and interact through the online chat.
You can learn more here and register to pitch or attend here. Register and you will receive the recording by email, even if you are unable to attend. Please share with any entrepreneurs in your circle who may be interested. All are welcome!