Primary's seed investors supplied bridge funding after a blown Series A
Galyn Bernard · Primary: Christina Carbonell and Galyn Bernard · Jan 15, 2024 · at 44:43
Galyn Bernard describes how Primary survived a collapsed Series A deal through bridge financing from existing seed investors.
0:00 / 0:11exact quote · 11.9s
720p mp4 · rendered on demand · StarZero watermark
“But I think to the credit of our existing investors from our previous round, they were able to sort of bridge us into the spring so that we could sort of go back out and raise a proper Series A.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Galyn Bernard
Specializing in basic apparel drives better customer loyalty than trend-chasing
“By focusing on it, we could actually do it really well in a way that was sort of profitable, and, you know, a solid business, and the basis of an amazing customer relationship, where, yes, a bunch of other companies could and do sell and A basic white t-shirt …”
A Series A investor reneged on Primary due to portfolio conflict
“And so we jumped on the phone and yeah, the message was, you know, I'm so sorry, but I have another company in my portfolio that is sort of pivoting into the same space and I can't make this investment now.”
Primary resolves co-CEO disagreements by deferring to the more passionate founder
“In an instance where we don't totally agree, we're both very happy to sort of let the other person, whoever feels strongly, be the decider.”
Primary secured a $2.5 million seed round after fifty pitches
“We had probably more than 50 meetings ended up with two sort of lead venture investors, as well as, like, a bunch of friends and family who, you know, were sort of excited about the idea and wanted to be supportive. So, yeah, we raised two and a half million i…”
Primary requires new evergreen clothing products to have five-year lifespans
“So when we started, you know, sort of our concept of evergreen was that if we were going to launch something, we needed to believe that we could sell it for at least five years.”
Primary plans to partner with larger retailers for international physical expansion
“The idea of having a partner at some point in the future who Maybe has some deeper pockets than we do, and who also has had experience in additional distribution channels or physical retail or international or, you know, sort of other growth areas that Christi…”