Looking to close its Series A round of financing, San Francisco EV startup BRD Motorcycles has had to rethink its investor-appoach strategy, as the venture capital market in California has gone through a reset as a result of the past economic recession.
“It has been brutal this past year talking to investors,” explained BRD Motorcycles CEO Marc Finegstein. ”In fact, it was actually easier to raise capital during the recession than it is currently right now. For the last few years, you just had to be bullish…you know, polish your PowerPoint deck, shift your paradigm, and make sure you were best in breed. But now, with all the bad paper that has been going through the market, the traditional funding sources have all but dried up.”
Countless dinners and evenings wasted, Fenegstein often returned to the office the next day with nothing to show for his hard work from the night before. Facing increasing production and development costs, it was clear that something had to change in the company’s funding strategy.
So, when asked what sort of measures BRD was taking to close its funding objectives for the Series A round, the young CEO exhaled slowly, sat back in his chair, and only hinted at BRD’s new investor-pitch strategy. “Let’s just say our funding strategy is more ‘hands on’ than it was before with our investment circle,” he said while staring blankly out his office window.