On Wednesday afternoon, Nigerians took to Twitter to share their relationship heartbreak stories.
While #heartbreak is trending, Where do you stand? pic.twitter.com/p0W6wRGnsC
— Victor Babatunde (@vhic_tore) November 11, 2020
That got us wondering...
Startup founders must have a lot of investor heartbreak stories too.
Startup founders trying to raise capital from local investors, what's your #heartbreak story? pic.twitter.com/7miJGge4ZQ
— Techpoint Africa (@Techpointdotng) November 11, 2020
Startup founders from across Africa had a lot to share
Your idea is good but...
Your idea is good but I don't think it's the right time. Before long you hear that they have assembled a team and bringing you in as a consultant for the very idea you presented to them. 😭😭😭 https://t.co/zX2Py4dFiW
— Ronald R. Ochoo (@IamROchoo) November 12, 2020
One of them said my idea was terrible, he launched the same idea in few months later with our pitch deck. #heartbreak #Somalia #entrepreneurs https://t.co/yupvQDcmX0
— Sr. estrangeiro (@AbdimalikOthman) November 11, 2020
FarmCrowdy founder and CEO, Onyeka Akumah, had a similar experience
https://twitter.com/onyekaakumah/status/1326542400630652929
Valuation mismatch?
“We will put in $ X00,000 if you reduce the valuation to 1/3”
Me: “we will be in touch.” https://t.co/aakE2GEuVe
— STONΞ (@StoneAtwine) November 11, 2020
Someone offered $30k into ma start-up for 40% and they'd have to dictate how to run the start-up.. They expected 50% ROI in 6 months ... Got me crazy with up to the roof demands... https://t.co/Ly398zAnKK
— NK🇬🇭🇬🇧 (@dev_nanakay) November 12, 2020
1/2. Am from Kenya and the story is still the same. We approached some investors and we asked only $8000 for 25% Equity. They said the idea isn't ready. Anyway, we got the idea running. Today we have several users around the world with the same Idea that isn't working@StockApp pic.twitter.com/ycOlAeK9o9
— Ken Gitonga (@KenGitongah) November 12, 2020
Even Paystack co-founder, Ezra Olubi, had a similar story from the earliest days of the 200-million-dollar company
while raising seed round: "at best, you're worth 1/10th your asking valuation. we're ready to write a $50k cheque if you concede."
narrator: they didn't concede. https://t.co/z2eVe7Oxua
— Ezra 'God' Olubi (@0x) November 11, 2020
Just manage this money... for your cab
I told him about my Leathercrafts and General Fashion Design business, Man told me to make a proposal. I updated the one I had earlier with my team, running to about N800,000-N1,000,000. After so much merry-go-rounding, man gave me N5,000. https://t.co/BU5MuNpKMa
— OLUWAGBEMILEKE CALEBS🇳🇬 (@CalebsLeke) November 11, 2020
Cash or kind?
One said he will give me 2million to get 24% equity. This was a business we had invested over 7m
I wan cry
This was after so many meetings for 2months and so many doc exchange.
Baba said i should not look at the money but i should focus on the network he is bringing on board https://t.co/7VrLzsp5vv— Fintech.eth (@iamtundekelani) November 11, 2020
Proposed Investor 1, 2015: Daniel, I will go straight to the point give me 50% of this company.
Daniel : Sir????
Proposed Investor 2, 2019: Take $400k, but not in cash, in services
Daniel : What??? How??? https://t.co/TEAD1RlFXt
— DANIEL E. AUDU (@EshekofLagos) November 12, 2020
Hmmm...
Him: Oh yea... See that $18k? I need $15k out of it for something. Don't worry I'll bring it back, we're all partners.
Me: how about I go one better and just let you have the $18k till you're ready?
Him: awesome...
Me: slams door shut on his raggedy ass. https://t.co/8z0wDxp0zq— Dorian Gray (@HayesLikeIssac) November 12, 2020
Internally-inflicted heartbreak?
I was COO at an online radio station in Lagos and we were offered a $5 million dollar investment to grow our company. Right before the deal, the CEO stole our working capital from our account and ran away to build a bungalow in Nnewi. Everything died after that. #heartbreak https://t.co/hb0Ycl3C6m
— K.obi 💎 (@LadyKrysMD) November 11, 2020
Wait.. what?
1. You are too ambitious
2. You lack ambition https://t.co/l3OuTuCLS8— Saudat Salami (@SaudatSalami) November 11, 2020
By the way, that was Easyshop Easycook founder/CEO, Saudat Salami
Investors ghost too?
Please I’m still healing from the one that ghosted me after it was time to present share holder’s purchase and SHA😭😭😭 https://t.co/sA0Rdywt6h
— BK (@biodunkayodee) November 11, 2020
Traveled to Abuja from Lagos for a pitch competition. Won 10m. Asked me to submit every document under earth then ghosted. https://t.co/lVorGYPaSU
— Alusi.eth 🦄 (@oke_alusi) November 11, 2020
Et tu, Odun (Piggyvest co-founder/COO)?
lmao one of them gave us LOI and ghosted till date 💀 https://t.co/sIlGiKvcRu
— 10X Tech Bro (@OdunEweniyi) November 11, 2020
The gods are not to blame 🤷🏽♀️
Was offered 2m for 50% stake in the business. I'll step down from my role as CEO for his son. One hot Sunday Afternoon. The craziest thing was I'll have to swear to Ogun that I won't betray him.
— Lawal Keny (@kenyhuyter) November 12, 2020
Startup founder?
Read more heartbreak stories, and share yours, here. Don't forget to share with your startup founder friends and numerous WhatsApp groups.
Oh, and you should totally read this too.
https://techpoint.africa/2020/02/27/nigerian-vcs-startups/
Yeah, we know; investors' lives matter too...
We heard you, we listened, #InvestorsLivesMatter too. Okay, local investors, what's your #heartbreak story? https://t.co/MynoxCYUhm
— Techpoint Africa (@Techpointdotng) November 12, 2020
Local investor? Please share your heartbreak story here.
