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Read the pitch deck app-development startup 8base used to raise $10.6 million from firms like Foundry Group
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- App-development startup 8base announced a $10.6 million Series A round led by Foundry Group.
- CEO Albert Santalo told Insider it’s using the money to build its product and invest in marketing.
- Read the pitch deck 8base used to raise its latest cash infusion.
For app-development startup 8base, one of the most crucial decisions it made was picking its investors, says founder and CEO Albert Santalo.
From his past experience as a founder and chief strategy officer at the healthcare tech startup, CareCloud, Santalo said he’s learned to be selective about which financial partners to take on — and to put the firm in a position to take money on its own terms.
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“It’s easier to unwind a marriage than it is to unwind investor relationships,” Santalo said. “You’re with them until the end.”
That’s why 8base chose investors like Foundry Group based on their track records of success with similar startups like low-code software startup Infinite Blue and conversational AI firm Quiq, Santalo said. And on Wednesday, 8base announced a $10.6 million Series A round led by Foundry Group. It’s raised nearly $20 million total, according to PitchBook.
The Miami-based firm sells a low-code development platform, which helps users without coding experience build applications, based on the popular programming language JavaScript. Techstars, Firebrand Ventures, MongoDB PaaS Accelerator, 11 Tribes Ventures, Argonautic Ventures, LAGO Innovation Fund, and Strawberry Creek Ventures all participated in the latest round.
8base could be selective about its investors because it wasn’t in a rush to take on venture capital, Santalo said. But that’s not always the case for growing startups. Startups go to investors because they need the funds to keep going, and tough times often test whether they chose correctly, Santalo said.
“Entrepreneurs get themselves in a lot of trouble because a lot of times they need the money,” Santalo said. “So they end up taking the money that’s available to them, and then they end up regretting it.”
With the latest cash infusion, 8base plans to keep building its product and investing in its marketing strategy.
“When I’m building a company, I’m building it as if it’s going to be a public company, and along the way we can decide to do something else,” Santalo said.
Read the pitch deck that 8base used to raise its $10.6 million Series A:
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