May 5, 2014
The co-founder and CEO of Open English, Andres Moreno, shared some of his personal experience in raising venture capital with Tech Cocktail’s Frank Gruber during the Miami Sessions event at Venture Hive.
Moreno definitely knows best — he went from taking two years to raise a $2 million round of funding in San Francisco to raising $120 million to date for Open English.
“We never quit. We were relentless,” says Moreno.
When he first started raising funds, he lived in Venezuela and “quickly realized that raising funds in Latin America is very challenging. There wasn’t a huge culture of venture capital there.” Moreno realized that he had to move to San Francisco to raise capital, where he slept on a friend’s couch until he could raise enough funding.
Moreno went on to share some advice to entrepreneurs about moving on to the next round by focusing on the next stage. “When you have a company, you have 2o things you want to do. In reality, you may only need to do one or three things to prove that you can get to the next level … It’s about proving that you can create operational excellence to investors,” explains Moreno.
He also touched upon the challenges that startups have once they raise the capital.
“What is that expression? ‘More money, more problems.’ When you go from $50 thousand to $50 million, it means that there are also more expectations from you. Challenges are always shifting, ” added Moreno.
Did you like this article?
Get more delivered to your inbox just like it!