Covefund <> Twill: intro
Date: 2025-04-25 · Duration: 34.75 min Organizer: Nader Attendees: Nader, jc.ruffalo@covefund.com, Mike
Summary
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CoFund Overview: JC Ruffalo (partner at CoFund) emphasizes focus on Southern California startups. Investment size: 1M (Series A). 90+ LPs including billionaires. Investment process: 60-90 days, ~20 hrs founder time. Prefers priced rounds over SAFEs.
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Founders’ Professional Background: Michael Wright (Payment Cloud exit, 80 employees) and Nader Atrchin (AI/machine learning, asset management). Raised 5M pre-seed cap after interviewing 100+ SMBs for user insights.
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Twill’s Growth & Funding Goals: Targeting 15-20M. Expects cash flow neutrality in 4-6 months; potential exit via acquisition with a target 30-40x revenue multiple.
Action Items
- Michael Wright
Send extended version of deck with exit strategy, go-to-market plans, and 3-5 year P&L forecast (33:22)
- Request for an extended version of the deck that includes detailed information on the following aspects:
- Exit strategy outlining potential acquisition targets or IPO plans and expected valuation multiples.
- Go-to-market strategy detailing customer acquisition plans, target market segments, and competitive positioning.
- 3-5 year profit and loss forecast projecting revenue growth, customer metrics, and financial milestones. Update company website to fix the ‘Get Started’ button issue (19:05) Continue discussions with CoFund partners for potential May 16th presentation (33:30)
JC Ruffalo Share Twill’s deck with CoFund partners (32:22) Follow up with founders by Wednesday of next week (33:22) Arrange handoff to partners Mike and Paul due to upcoming travel (33:30)