Clearly didn't work for us. Had "strategic" lead investor who's "strategy" changed with economic environment. Suddenly we were no longer of "strategic" interest meaning they were not prepared to join the next round which drove away new investors.
That sounds rough-I’ve seen similar stories where a lead’s shifting priorities derailed the round. Out of curiosity, what do you think would’ve helped in hindsight? A more diversified syndicate, or just avoiding the ‘strategic’ angle altogether?
In my view avoiding strategic angle altogether. If investors are merely interested in returns they are appreciative of management flexibility and refocusing on new opportunities if they present themselves.