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DFJ Esprit prize for winner of Geek’n’rolla startup competition: offer of £50k investment

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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.

March 30th, 2011 | Category: Announcement
  • Sunil Gunderia

    Great deal…spreading more of that seed round love would go a long way in helping startups get off the ground. Is this how you typically structure a seed round deal?

  • http://www.theequitykicker.com brisbourne

    This is a one off I’m afraid.

  • http://blog.teamly.com/about Scott Allison

    I applaud you… This is a brilliant move and I think duedil will prove to be a worthy investment.

    I wish there were more opportunities like this for startups, it beats the usual “packages of prizes worth up to £xxx”, you know the sort.

    No, this is £50k of clean, cold hard cash and should really help duedil move things up a gear ahead of their first round.

    Congratulations all round.

  • http://www.theequitykicker.com brisbourne

    Thanks Scott

  • Jack Barry

    Nic, great gesture. Out of curiousity, arent there significant legal fees involved, even for a small deal like this? How much would they be, and who would carry them?

  • http://www.theequitykicker.com brisbourne

    Legal fees should be minimal. Hopefully less than the £5k that DueDil Orricks have offered.

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