I woke up with an mail on LinkedIn from a leading VCs who was interested in knowing more about our new product due.work.
I was very excited I showed this mail to my co-founder too and we send him some detail about our product, current customers and after that, they agreed for a 45 min meeting the Next Day.
For those who don't know Due.work yet
Due.work is a saas based team management platform, where anybody can manage their notes, tasks, knowledge base and team communication.
We have been launched 2 months ago and currently, we have around 5200+ teams who are using Due.work for managing their day to day work.
Recently, we have also launched our app for all platforms so now we have apps for Android, iOS, MacOS, WindowsOS, Linux, Google Extension, Firefox Extension and Browser for all device support.
So, we had just one day to prepare the pitch deck and for our first meeting. We started working on our pitch deck and all the questions that investors should ask normally.
Being a 5 member team, till now we had only focused on our product on making it more market fit, iterating changes daily making it more simpler and user-friendly, So everything was unprepared yet.
Somehow, we prepared our deck on time and also prepared well for our first interview.
Finally, Meeting started:
After answering all the questions related to why you build it, product-market fit, team strength, profitability.
Some of them where:
Why you build Due.work?
How it is better than your other competitors?
What will happen when Trello or Asana decides to copies one of your unique feature What will be your strategy after that?
How big is your market?
What are the milestones that you have achieved yet?
How will you achieve profitability?
Why you are charging flat fee instead of per-user charge?
What is your MRR till date?
After the meeting, they were really impressed with how well we have shaped and developed our product considering we have a team of 5 right now. They seemed to be satisfied with all the answers we gave but still, they were not sure if this is the right time for them to invest in our company.
So, conversation went like "Guys it is a great product and we are amazed how hard you all have worked on this but this is still too early as it just have been 2 month since you have launched your product in public."
From our side, I and my co-founder had a mixed feeling, we weren't sure either we should be happy about it or be sad knowing they aren't going to invest in us after knowing that its been just 2 months since our launch and they want us to bring more traction over the period.
We knew it is early and we need to get more traction before we can look for investment.
If you have also been one the same side of the table I would love to know your story.