Investment Into Gleem
When I started the business, I knew there was potential to grow something larger than just a local business. As a result of this, I applied to a variety of investment pitches, seeking investment.
The events in themselves were rather intimidating affairs: groups of approximately 50 high net worth’s staring down, critiquing every tiny detail about the business plan.
Although some pitches were unsuccessful, I did end up receiving an offer for investment. The investment was for £150,000 (below the SEIS limit), and initially I was over the moon. Others did not receive the offer, I believe this is because they were pre-money, and we were already growing.
I ended up turning down the offer for investment: something I never thought I’d do when I initially received the offer. There were a few reasons for this: In the time period between pitching, receiving the offer and completing the forms Gleem had grown, and in my opinion we had grown larger than the equity offer valued the business at. Secondly, the power and control over the business that I would have to give up in order to receive the investment was something that I really struggled with. In the end, although investment would’ve provided a springboard to growth, the terms attached were bias towards the investors, and because, even though Gleem has had to be much more sensible with how we spend our money, I’m happy with the decision I have made.
Feel free to leave us some comments, we’d love to hear your thoughts.
Visit us at www.gleem.co.uk or call us at 0800-808-5544