Business Administration 4439A/B Final: Final-EF-Excercise (1)

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Document Summary

Through their friends, family and angel investors they were able to raise a first round of funding totaling . For the next 8 months they had 3 goals: 1. Get product active on a construction site 2. Prove that a customer would repurchase the product for another project. Mallorie and lauren both own around 35% of the company. The current engineer lead owns less than 1% but gets paid a fixed salary. Bridgit for another 5 years form now, and then they are planning to sell it. Mallorie is responsible for the financing and legal part of business, as well as product direction which consists of coordinating with development team so they can take feedback and build a product road map. The ,000 in funding was issued as a convertible note. Instead of issuing straight equity, the convertible note is initially a form of debt.