Blomfield: Monzo closed 2018 funding round preemptively without full process
Tom Blomfield · 20VC: Monzo's Tom Blomfield on The 3 Phases of Startup Scaling, The Secret To Building a 1.2m Community with No Advertising & How To Use Boards As A Tool To Instil Operational Excellence · Nov 30, 2018 · at 24:19
Tom Blomfield, founder and CEO of Monzo, explains how General Catalyst and Accel made a preemptive offer to lead Monzo's 2018 funding round.
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“General Catalyst were really keen to do it preemptively. So we didn't go through an enormously drawn out fundraising process. They sort of came in with an offer that we thought was really attractive, and it saved us a time of doing a full fundraising process. So along with Accel, we got the amount of money we needed at a valuation we thought was really attractive, and so we closed around without really running a process.”
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