First and foremost, we’d like to extend our heartfelt gratitude to each and every one of you for bearing with us during these challenging times. want to assure you that we are fully committed to not disappointing your trust and patience. We came incredibly close to declaring temporary “capitulation” just a few days ago, but our dedicated team has once again shown a remarkable resilience to “all-weather” conditions …
The harsh truth is that market sentiment has dealt us some tough blows, and there were moments when it felt like the universe wasn’t on our side. Over the past few months, we’ve been in a constant struggle on the funding front. It’s no shame to admit that, as many other projects have faced similar challenges. However, it’s precisely these challenges that have strengthened our resolve. Since April, we’ve been on a mission to secure a lead investment deal, and we’re proud to announce that we’ve received a written commitment for it.
While it was heartwarming to receive so much encouraging feedback and soft commitments, and to grow and improve with every insight, the realization struck that without a lead investor, our journey into 2023 would be much more challenging. We had grand plans on the table, but without funding, we couldn’t execute them the way we envisioned. Therefore, we shifted our focus to securing this critical lead investor. We’ve gone the extra mile to meet all their demands, including providing additional documentation, historical data related to our investment thesis, upgraded legal opinions, and finalizing our incorporation structure.
During this time, we also fought hard to secure some smaller investments to sustain our operations. At one point, we had nearly $500,000 in SAFT ready to be finalized, which filled us with confidence and excitement about launching the next phase of our grand plan. We were so eager, in fact, that we announced incoming major news on a few occasions.
Looking back, we deeply regret those premature announcements and sincerely apologize to all of you. Our intentions were nothing but the best, and we wholeheartedly believed in every plan we shared with the public.
As we approached the summer, things took an unexpected turn. First, the decision on the lead investment was delayed until the second half of August, adding over two months of extended painful waiting. It might have been due to the summer season, the delayed lead investment decision, or some unknown factors, but in the following weeks, most of the “done” SAFT deals suddenly fell through. Investors either apologized, asked for more time and then disappeared, or simply stopped responding.
We found ourselves in an entirely different situation all of a sudden.
Is this the end, fam?
This marked the beginning of a battle for survival. We had to drastically cut expenses, which unfortunately affected some of our operations. Nevertheless, we persevered and managed to finalize one minor deal among the aforementioned challenges. This deal allowed us to cover crucial expenses, resolve overdue payments, and buy additional time while waiting for the anticipated lead investment. Throughout the summer, we worked tirelessly to make improvements on multiple fronts, including:
- Significantly upgrading our Go-To-Market (GTM) strategy
- Making substantial improvements to our user interface and user experience (UI/UX)
- Preparing technical documentation
- Optimizing our business model
- Forming new partnerships and collaboration agreements
- Reworking and optimizing our investment thesis
- Spreading the network and sourcing promising opportunities
In late August, as agreed, we re-engaged with the committed lead investor, which led to a two-week process of updating all the necessary documentation for the investment proposition. We were eagerly anticipating the final confirmation and completion of the deal, set to take place in the second or third week of September. The atmosphere within the team was intense for the first time ever, but it all felt worth it, until…
In the first week of September, we were shocked to learn that an unprecedented event was unfolding within our lead investor’s team. There was a disagreement between the Limited Partners (LPs) and General Partners (GPs), and they were planning to restructure their entire firm. This felt real hard on the whole team, considering everything we’d been through since early 2022. We tried to understand and find a solution, but all we received was a notice that the process would take several weeks, with no clear outcome in sight.
Since we had already invested significant personal wealth in our project since late 2022 to keep building, we had to act swiftly. There was no time for regrets, and we immediately turned to full/over-time fundraising within our close network. The weight of the situation began to take its toll on us, not just financially but emotionally as well. Tensions started to surface, and many team members found themselves struggling to meet basic living expenses. When another “promise” was broken, we were on the brink of making the toughest decision of them all.
The following day, we were prepared to announce (our cap table actually received a pre-announcement) the halt of all operations until further notice. This meant that we needed to seek additional sources of income to support our families and return to action when the fundraising climate became more favorable.
However, our CEO, @alenscorpio, worked tirelessly, and for over 48 hours straight in the office, he postponed the public announcement. The number of messages sent, calls made, and chats conducted during the following three days is a blur to us. Ultimately, we discovered several solutions that would allow us to stay fully committed to the project. We developed an emergency 8-week plan, revised and optimized our short-term financial strategy, and decided that giving up was not an option, no matter how tough the situation became.
We might be going through one of the most challenging periods of our lives. We might shed tears before we sleep, and we might even occasionally go to bed hungry. But one thing is for certain: we are not leaving with broken hearts. For the sake of our loyal backers and supporters, and because the thought of giving up is unbearable, we will explore every possible avenue until we find a way forward.❤️
The critical part of this journey is to successfully execute the aforementioned 8-week emergency plan, and for that, we need to secure the necessary funding. This is the reality we face, but don’t worry, fam, we have a plan. After scrutinizing every expense, we have determined that the minimum and optimal funding requirement falls in the range of $80,000 to $125,000. Here’s how we plan to handle it:
a) We’ll launch a special community pinksale with extremely favorable conditions for our early adopters, setting a soft cap of $30,000.
b) We’ll focus on securing angel investors and offer 2 or 3 slots in the earliest possible round for $50,000 each, with the hope of closing at least one deal.
c) We’ll maximize personal sacrifices and seek to secure at least $20,000 through debt and other means.
Now, you may be wondering about the magic in our emergency plan. Here’s the gameplan:
- We’ll reactivate our full development team, with reinforcements to finalize the Minimum Viable Product (MVP) within this critical period.
- We’ll thoroughly revise and upgrade all materials and officially release the Whitepaper (WP).
- We’ve prepared a carefully curated shortlist of targeted lead investors for intensive pitching.
- We’ll launch an extensive marketing campaign and expand our social presence on all channels.
- We’ll actively participate in the most promising fundraising Web3 events and online demo days.
- We’re gearing up to release and promote all the significant announcements we’ve been holding back, including partnerships, advisor engagements, investment deals, and more.
- We aim to maximize our exposure in the space to grow the community and attract new investors.
- We’ll disclose the details of our partnerships, such as market making and launchpad agreements, as well as listings on decentralized (DEX) and centralized (CEX) exchanges.
- We plan to list our first tokenized offering for early adopters eventually.
Are you sure, buddy?
Why are we confident that this plan will succeed? Our primary goal remains to secure the lead investment deal and claim the soft commitments of around $1.5 million that we have at our disposal. To achieve this, we’ve engaged in over 200 conversations with potential investors, carefully tracking each interaction. By processing this data strategically, we now have a very clear understanding of what needs to be improved in order to close the deal with top-tier investors. With the invaluable support of our world-class advisors, we’re about to conduct the following in the best possible form:
- Release the MVP product with a live demo investment deal.
- Maintain a strong social presence that highlights community growth and activity.
- Release the Whitepaper and upgrade all related materials.
- Provide a personalized approach to every shortlisted party.
- Execute a robust Go-To-Market (GTM) strategy with appropriate partnerships.
- Secure clear and confirmed launchpad and listing partners.
We might have intentionally left some options out to encourage sharing ideas and suggestions within our Telegram (TG) channel. We value our community’s input and want to build our future together for all of us.
In conclusion, we extend our heartfelt thanks to anyone who has stuck with us through this journey. We invite you to follow our social media channels more regularly from this point onward.
Exciting news and announcements are on the horizon, and we could use your active participation and a little extra love in this challenging environment. Thank you, future yield masters, in advance! 🚀🌠❤️