When Mike Fitzsimmons went out to raise his seed round, he negotiated with all the usual suspects. The second-time founder needed a few million to get his cloud SaaS hiring tool, Crosschq, off the ground. And as a repeat CEO, he had options.
It was Slack and Airbnb investor Glenn Solomon of GGV Capital, a multi-stage firm with billions under management, that ultimately led the $4.1 million seed round announced earlier this month. Another mega-fund, Bessemer Venture Partners, also participated: “I did take a handful of meetings with pure seed funds and my conclusion was that there was more value in getting in bed with some, frankly, more established funds with more established track records and partners that could add real value,” Fitzsimmons tells TechCrunch.