As part of our offensive and more aggressive approach to growth, Just-Eat of-course need more capital. There are a couple of ways to secure that, and banks is not one of those these days. Luckily our owners are very capital strong, and understand the value from getting momentum to our business. However, one thing is money, another thing is whether you can get more than just money. That’s a big part of the venture capital industry: smart money.
Now I have for three months had the pleasure to talk to a ton of VC’s. Oh boy, that has been some fun. VC’s come in as many shapes and sizes as the rest of us. In general I have enjoyed the process (and I will enjoy it even more, when it is finished, money in the bank – soon …), and most of the VC’s have been smart and pleasant people. Some with banking background, some with operational experience, some with no real record.
It is 8 years ago, I last time was leading a VC process, and there has been one, major difference between then and now: the level of professionalism has improved, i.e. the smart money card has improved. Now, there really are many VC’s with a proven record, that know the digital space, and has shown they can work successfully with internet companies. Very few companies back then had been through the whole process with internet companies, and they were in general caught completely off-guard, when the .com crash happened. It means, that the discussions with VC’s are now more productive. It does not mean, that they are all great to work with, but there definitely are a good choice of trustworthy VC’s that can work within the space. So if you have a great concept and a good team, it has never been easier to find a partner, that can support your aspirations. They might talk about stocks down, the economy sinking and all that, but if you really have a billion dollar plan, you can bet, that they will be chasing you.
They are still terrible to do valuation haggling with though! But they will eventually understand the potential of our company and surrender to our compelling arguments, or else – they will miss a greaaat deal.