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Learn from our case study on how Junto, a B2B upskilling platform, leveraged bunch to include over 50 angel investors in their seed round.
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Berlin based edtech startup Junto offers businesses the chance to provide their employees with access to an exclusive learning platform in which participants take courses in cohorts and go through multiple live online classes taught by seasoned operators who are experts in their respective fields. Following their classes cohort-members further receive access to community events and on-demand content through the platform.
Following a €1.2m round in early 2022 in which Junto raised capital from ~40 angel investors the company raised an additional €5.0m during the summer of 2022. Earlybird lead the round with Picus Capital and Emerge Capital investing alongside 10+ new angel investors. All angel investors who had invested earlier in the year had done so via CLAs (Convertible Loan Agreements) meaning they would only convert their investment to actual equity in Junto in the company’s subsequent financing round.
Financing rounds are a challenging time for any founder, as valuable time has to be allocated from focusing on the business to securing the capital needed to ensure the venture’s future. Founders need to deal with daily tasks such as growing the business, hiring and sales whilst managing the stressful process of fundraising. Not only did Junto manage to attract multiple top tier VCs, but also brought in 50+ angels. By including these angel investors, Junto is looking to attract potential customers, instructors, and access to relevant tech companies.
The task of finding, convincing and onboarding this many angel investors is daunting by itself. Additionally, the ongoing management following the round and having all of these angels individually on the captable is incredibly impractical and time-consuming. With bunch, Junto found a partner which allowed the team to focus on executing the round without getting lost in the details of each individual angel investor, no matter whether they were new equity investors investing via a foreign legal entity or a German natural person converting her CLA investment signed months before the equity round.
Through bunch’s streamlined process, Junto was able to onboard all their angel investors, send out standardized notifications and execute the round whilst onboarding angel investors from all over the world, up until 24h before the notary appointment. In this process bunch took care of:
- KYC
- Contracts
- Signatures
- Process management
- Communication with the notary
- Communication with the angels and their legal counsels
- Bank transfers
All the angel investors were pooled into one (trust) line item on the captable and Junto did not face any additional legal expenses and nerve-wrecking email chasing of 50+ angels. Following the round, bunch further assisted Junto with communicating the necessary nominal capital and capital reserve payments, all the while offering the Junto team a live overview of where each angel investor stood along the process.
Going forward, Junto’s angels will be able to use bunch to execute their shareholder’s rights such as voting and checking in on Junto’s performance, whilst Junto’s Founders can continue to focus on their business and make the best use of the raised capital without the headache of having to communicate with each angel separately.
In order to achieve this, Junto merely had to provide some basic information on their round and their angel investors. Everything else was taken care of by bunch, very much to the delight of Junto Co-Founder Marius Hepp: “Pooling 50+ shareholders would’ve been a nightmare if done manually.”
In case you are a founder or investor either searching for an easy way to bunch up your angels into one line item on your captable or looking to do deals with other investors known to you read more about our product offerings here or contact hi@bunch.capital to receive more information.
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Disclaimer: The content presented herein is solely for informational and discussion purposes only. It is not intended to serve as legal, tax or financial advice or as an endorsement of any investment strategy. bunch does not provide legal, tax or financial advice. Readers should not base their investment decisions on the content presented herein or any other bunch-generated content alone and should seek appropriate professional advice. Nothing contained herein shall constitute or imply an offer to sell, purchase or enter into any transaction in respect of securities. The content contained herein is subject to change without notice. While we aim to present accurate and up-to-date information as part of bunch’s content, we undertake no obligation to update our content from time to time.
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