I was able to sit down with Tim Holliday of Crowd Mics and ask him about that one minute pitch at FundingPost that lead to a million dollar deal. Think you have what it takes to pitch a room of investors? Check out the next FundingPost in Last Vegas in March 2016.
How did you hear about FundingPost?
In September 2014, Tim received an email letting him know about the event. He had vaguely recalled seeing the information before and decided on a whim to go. The month before the FundingPost event at Grand Canyon University, sponsored by Black Dog Venture Partners, Crowd Mics decided to raise money. They didn’t have a deck together. They had zero expectations going into the event. Tim and his partners decided to do the pitch for practice.
Tim Holliday went up on stage, did his Crowd Mic pitch, and to his surprise, caught the eye of David Koehn of Sand Hill Angels. After the event, Tim went up to David and introduced himself and then was grilled for a solid 10 minutes on Crowd Mics! Tim did his best on the fly. It must have worked as the very next day, David called and invited him to screen test and then to a dinner meeting where he offered capital.
How long did the round take?
The first round was led by Sand Hill Angels out of Silicon Valley. It took 12 months to raise the round with Sand Hill leading the round with contributions in excess of $750,000. The round closed in July 2015 and then the next round of funding opened.
Did you research any of the investors that were going to be in attendance?
Tim answered this quickly – Nope. They took a quick glance at the investors attending, but didn’t do any due deligence on them. They were just in the beginning of the fundraising mode and really had no idea what they were doing.
How’s it been to work with Sand Hill Angels?
Tim was very candid about this – Sand Hill saw the vision early of an app-based technology and wrote the check to prove it. He said it has been an amazing experience and Sand Hill were great investors to work with. Twenty individuals crowdsourced and contributed to the one Sand Hill bank account, which was then presented as one investment to Crowd Mics.
Would you recommend FundingPost to other startups and founders?
This was a definite – YES. Without pitching at FundingPost, Crowd Mics would have taken a lot longer to get off the ground and source outside funding. That one minute pitch changed the stage for the future of Crowd Mics.
Want to be the next Crowd Mics? Attend our next FundingPost Investor Roundtable March 3, 2016 in Las Vegas