Won Funding? Why You Should Wait to Celebrate.
The founders of PVP Live were itching to make the announcement: They’d raised a big Series A! This was in 2015, and the company -- which covers competitive video games the way ESPN covers sports -- had just accepted an investment from a local Dallas private equity firm.
Illustration by Edmon de Haro
“We were three days away from making a public announcement,” says CEO and co-founder Casey Wehr, “but our PR firm had told us to sit tight and not say anything until the money was in the bank.” It was good advice. As it turns out, their investor was heavy into oil and gas. Between the time PVP Live signed with the investor and the money was supposed to enter their bank, the energy industry took a dive, the investor got spooked and the investment disappeared.
Memorial Day Subscription Sale- Unlock this subscriber exclusive article and more for 20% off today.
Access all Entrepreneur content with no ads, unlock discounts, and get exclusive advice only available to our subscribers. Plus, our magazine delivered straight to your door.
Get a year subscription today for 20% off. Just use code SAVE20 at checkout.
Entrepreneur Editors' Picks
-
James Dyson Created 5,127 Versions of a Product That Failed Before Finally Succeeding. His Tenacity Reveals a Secret of Entrepreneurship.
-
7 Meaningful Ways Your Business Can Honor Memorial Day
-
Breast Implants Left This Founder With Debilitating Symptoms, So She Launched an Intimate-Apparel Line That Goes Beyond Buzzwords
-
Kids in the Hall's Bruce McCulloch Says TikTok Is the New Punk Rock
-
'I Am Not a Diversity Quota,' Says the Founder Disrupting the Dessert Category
-
Memorial Day Is a Time for Remembrance, So What's With All the Mattress Sales?
-
Pharrell Williams, Contemporary Artist Nina Chanel Abney and Brand-Builder Shaun Neff Announce Launch of Game-Changing NFT Platform
