One lead investor provided 90% of Giraffe360's $500k seed round
Mikus Opelts · EP 565: Giraffe360 Hits $84k MRR Helping Real Estate Industry Record 360 Virtual Tours Quickly with CEO Mikus Opelts · Feb 9, 2017 · at 4:23
Mikus Opelts, CEO of Giraffe360, describes the syndicate structure and term sheets received for the company's $500,000 funding round.
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“Well, one company, there was one add-on investor, so basically, 90% of investment is done by one company. So, but we had, like, some five okay offers on the table, so we had something to choose from, and we choose the partners that we believe we can go”
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More from Mikus Opelts
Giraffe360 self-funded $200k from service revenue before raising $500k
“200,000 we invested probably from our own budgets, and, ah, and, ah, we pushed away from our service business income, and now we just raise a half a million to get our product development further.”
Giraffe360 gives hardware away for free, charges £53 per virtual tour
“So we give our cameras out for free. We give to the clients who mostly has large volume of properties. So the first group of clients are real estate brokers. So, and then we charge per property created with our camera. That's basically at one apartment virtual…”
Giraffe360 requires a 20-tour monthly minimum to qualify for free hardware
“But there's only a minimum volume that you have to do with the camera per month, and that's 20 apartments.”