> It's worth noting that Atrium's Series A had a mind-boggling 92 investors [0].
In the article somewhere it suggested that Justin was more or less testing the waters and getting investors interested as future customers in their product. It sounds like a weird mix between sales and fundraising, but a smart interesting one none the less.
If 100 investors write $50k checks, it's a small amount of money to them compared to the value the legal automation software could potentially deliver.
100 * $50k = $5M let's say for 20% of the company --> $25M round for them. Numbers are hypothetical but that'd be a pretty big A round. I bet he didn't just raise $10M off that many checks.
In the article somewhere it suggested that Justin was more or less testing the waters and getting investors interested as future customers in their product. It sounds like a weird mix between sales and fundraising, but a smart interesting one none the less.
If 100 investors write $50k checks, it's a small amount of money to them compared to the value the legal automation software could potentially deliver.
100 * $50k = $5M let's say for 20% of the company --> $25M round for them. Numbers are hypothetical but that'd be a pretty big A round. I bet he didn't just raise $10M off that many checks.