I’m delighted to confirm a story from Techcrunch this week. RecruitLoop has raised seed funding, from investors in Australia, Singapore, Europe and the Middle East.
First, we’re incredibly excited by the milestone, and deeply appreciative to the investors who back our vision for RecruitLoop.
It’s also not the only news we’ll be sharing in the coming weeks, when we can announce a few other big projects and milestones we’ve been hard at work on.
The funding has been a few months in the making, so it’s definitely a milestone we’re proud of. But it’s just that - a single milestone. Startup funding is one of the ‘necessary’ parts of the journey, but we see it as the means, not the end.
It will give us some flexibility to run harder in proving out our model, both in Australia and the US. How will we invest it? Hold that question for the next week or two. But typically, startup funding is used for people, product and growth.
One thing we obviously won’t be doing: taking our foot off the pedal.
Seed funding does not equal success.
It most certainly doesn’t mean wealth. It basically buys some more time to turn the vision in our heads into a reality. To convince the market (and subsequent investors) that we’re not crazy. That we’re making a dent. Building something with ongoing and sustainable value.
That’s why we’re so grateful to the investors who’ve backed us from an early stage, and our family and friends who’ve supported us from the very beginning.
Why the title of this post? We’ve all had friends who’ve commented that we must be wildly successful:
How will you be spending all your cash…?!
As if it was transferred personally to our local savings accounts.
Don’t worry, it wasn’t. My personal bank account is an embarrassment, compared to when I left the corporate world two years ago. We’re building value on paper, but it’s a long time (if ever) before startup founders see any of it. That’s ok. It’s part of the deal. But startup funding does not equal wealth and success.
So, we’re having a tonne of fun. Having a swing, and kicking some goals. But with the very real, weighty, expectations and responsibilities that come with every dollar of someone else’s money.
And after the Techcrunch Bump early this week it’s back to ‘life as usual’: driving growth, client support and product strategy.
Wouldn’t change a thing. #TheStartupGrind :)