Chris Mealy discusses the equity dilution he experienced after raising $15 million in angel capital for Companion Cabinet.
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“Probably around 25%.”
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More from Chris Mealy
Disclosure
Mealy refuses to share internal metrics, citing a 'competitive intelligence' team
“And we have a competitive intelligence team and we understand how that information gets out. And we've chosen to keep a lot of that private. We're not Interested in debuting a lot of that on the public front. We're not really gonna expose that kind of informat…”
Chris MealyAug 6, 2022▶ 14:22He got diluted to 25% at his first SaaS company, now wants to keep new thing "private"
Insight
Mealy: Raising Capital Out of Necessity Prevents Favorable Deal Terms
“If you raise capital when you need it doesn't, it turns out that you're not going to get a really good deal. If you have a large sales backlog and an exciting story, which we had, then we could kind of set the terms in our operating agreement.”
Chris MealyAug 6, 2022▶ 5:20He got diluted to 25% at his first SaaS company, now wants to keep new thing "private"
Disclosure
Mealy retained control despite 25 percent dilution by becoming a 'required holder'
“And one of the terms that I learned from a Lawyer friend of mine here in Charlotte was this idea of the required holders and the required holders and the operating agreement was written in with my name on it. And so every investor and member manager position, …”
Chris MealyAug 6, 2022▶ 5:36He got diluted to 25% at his first SaaS company, now wants to keep new thing "private"
Disclosure
Mealy: Exit Agreements Restrict Public Discussion of Companion Cabinet Technology
“Because when you exit a company and pieces of the technology at Companion Cabinet were taken private, there were agreements that were made of, Things that I can talk about and things that I can't. Some of that technology went deep into large lumber yards”
Chris MealyAug 6, 2022▶ 15:13He got diluted to 25% at his first SaaS company, now wants to keep new thing "private"
Disclosure
Chris Mealy: Companion Cabinet raised about $15M in angel funding
“It's about fifteen million.”
Chris MealyAug 6, 2022▶ 4:25He got diluted to 25% at his first SaaS company, now wants to keep new thing "private"
AssertionNot checkable as stated
Mealy: Companion Cabinet was closer to $10M in revenue
“No, we were closer to about 10.”
Chris MealyAug 6, 2022▶ 10:04He got diluted to 25% at his first SaaS company, now wants to keep new thing "private"
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