Entrepreneurs often describe the process of raising venture funding for their businesses as gruelling and Steven Day, co-founder of the green energy provider Pure Planet, is no exception. The pitch was simple: they were building a renewable energy company that offered customers green power at a lower price than fossil fuels. It could do that and still make money by buying well in the wholesale markets, keeping overheads low and being as digital as possible from the get-go. After presenting to 70 venture capital (VC) firms over six months in 2016, however, Day and his two co-founders, Tom Alexander and Andrew Ralston, realised that they were pitching to the wrong people. “We met lots of investors who weren’t right for us, didn’t have the profile or weren’t big enough in terms of the kind of money that we were asking for,” Day, 53, said.
Times 13th May 2021 read more »