Yesterday Mike Butcher twittered that he had forgotten to get a prize for the winner of the startup competition at the Geek’n’rolla conference today. Reading that, we at DFJ Esprit scratched our heads to see if we could help and thought it would be kind of cool to offer the winner a £50k investment. Mike also thought it was a good idea, and a plan was hatched.
I’m happy to say that the winner turned out to by DueDil which is a pretty cool company, that by chance we have started to get to know recently. Hopefully they will take up our offer and become part of the DFJ family.
For those of you that want the technical details – the precise offer is of a £50k loan convertible into the next round at the price of the next round, subject to legal due diligence, but no strings beyond that. I wish we could’ve made a clean promise without a ‘subject to’ but we need to make sure that the company and principles are bona fide before we invest.