a quoteblog by zach latta. rss.
The night of the Paris shootings we had thousands of people online using the platform to find and verify what was happening. I was fielding multiple Twitter DMs offering to invest $1M+ in our next round, and our coverage was noted by nearly every news organization that night and the next day. We were set.
One of the interested parties was a billionaire who was the longtime CEO of a media organization that’s a household name. We met several times, he and his fund wanted to take most of the $2m round we were raising, and the deal was all but done. The term sheet had been signed for about a month, we had been going through due diligence, we had flights and a hotel ready for the first board meeting — everything seemed fine.
I was always nervous that something could possibly go wrong, but what happened caught me very offguard.
I was skiing with my family over the Christmas holidays (December 23), when I followed up yet again with the fund that was leading the round to make sure they were wiring the funds soon (we were close to out of money). Instead I got a phone call out of the blue saying curtly, “We decided not to do the deal,” with little to no explanation, and he hung up.
And that was it.
Eventually all of the investors either got spooked or offered to put in little enough that I knew we wouldn’t make it to raise another round. And just like that, in one moment, for reasons I may never understand, we were done.