I have been told that if you really want to attract people’s attention, you should include a cliffhanger in the title of your blog post… did it work (if you read this, it must have worked)?
MYC4 is looking for existing and new shareholders to fund 2011 budget of EUR 1m with a capital increase at a price of EUR 13 per share based on a pre-money of EUR 8m – this round is at a reduced share price from EUR 26 of the last 3 years of capital increase.
The Founders have confirmed they will take half of the EUR 1m and we have other of the existing shareholders indicating that they are joining the round… SO, we are looking for app. EUR 400,000 from one or several of the existing shareholders and/or new shareholders.
Should you come across anyone who might be interested in joining the scale of MYC4, please let him or her know about this post – kindly reply as soon as possible and within the deadline of 22 December.
The capital increase will fund 2011, which is considered to be an interim period, where we will:
- Fine tune operations according to risk sharing models, contracts, currency issues, credit scores, spot checks, etc.
- Demonstrate stability with existing Providers and scalability with a number of new pilots, mostly related to value chain projects
- Plan for an enlarged management team, including a CEO with financial service background
- Fundraise for an accelerated growth phase, starting in 2012
Below I have given our Board some blog space to tip in with some highlights from operations:
- MYC4 has never been stronger than today, but is restricted by lack of sufficient funding. Though negatively affected with a history of expensive lessons learned, MYC4 has made dramatic improvement to the business over last 15 months. This includes risk sharing agreements with Providers, risk rating score for Providers, improved functionality on the platform and a number of new highly scalable pilot projects ready to be launched on the platform, such as the FDB/Coop project. Furthermore we know specifically what to improve in the business and how to execute the business plan.
- The Chairman (Niels B. Thuesen), will take a semi executive role in the coming 4-5 months to assist Steven Thomas and Eric Naivasha with the implementation of procedures- and processes within risk and credit policies, compliance, cash management, currency exchange, portfolio vintage, partners contracts, etc. Steven Thomas and Eric Naivasha will be responsible for the practical execution within MYC4
- Fernando Miranda has joined our Board of non-executive Directors. Fernando has been close related to MYC4 the last two years so he is well aware of the lessons learned. Fernando has extensive knowledge within Credit and Risk that will benefit MYC4 in scaling.
- The Chairman will lead the search for a new CEO with financial service competences and other key people like Compliance/Risk & Credit Executive.
Just to repeat myself; We are looking for app. EUR 400,000 from one or several of the existing shareholders and/or new shareholders.
Please enquire our Investment Proposal if you are serious about joining this round: tim (at) myc4.com