Plastiq

By: Jeffrey J. Bussgang and Gaurav Jain and Liroy Haddad and Luke Langford and Matt Noble

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Synopsis: "As Eliot Buchanan and his co-founder, Daniel Choi, entered the elevator to leave the Flybridge Capital office in Boston’s Back Bay, Buchanan could not help but smile. When the doors closed, he felt like cheering out loud. They had just signed a term sheet to raise a $2 million seed round of funding for their company, Plastiq, with Flybridge and another Boston-based firm, Atlas Ventures. The two VCs had been impressed with the team’s plan to enable consumers to use credit cards for large-ticket purchases, like college tuition and automobiles, something rarely possible today. But as the elevator descended toward the ground floor, Buchanan’s smile began to disappear. The VCs had committed to invest several million dollars in his plan, but the next time he met with them, they would be focused on execution and customer adoption. He had a lot of work to do. In particular, he had to figure out his entire go-to-market strategy—how to sell the innovative offering he had envisioned and hire the team to do so."