This has been ongoing and originally started in the $30-35 million needed to fund their plan.
As for crowd funding … people made fun of ST3 long ago for doing this. But the funny thing is, he’s amassed several companies including Speed Connect with revenues (albeit dwindling now) after the fact.
Tekmovil was supposed to be the path to getting revenues and making a mutually beneficial entity (open g up some of those revenues and bringing a much better balance sheet). While the ship has sailed, at least Vume has started doing ‘something’. They need to start showing the value of it. It was always weird to me st3 just asking for $5 a share in series E shares with a company that didn’t really have a product generating any exposure or value. So now that vume has started, maybe we can see some value in it to justify the ask of $5 series E shares.
Let’s see what st3 has to surprise us in the next few months. I mean they got the soccer thing coming in the fall but Vume has to be a much wider ecosystem than what we have seen so far. And it needs to be a better ecosystem before any talk of being pre installed on any phones.
Anywho. The $50 mil ask was always a thing.
The next round of funding will come from the equity financing which is why the 10 billion+ in AS had to increase. (Plus what someone else said… ST3s poison pill series A shares).
Good luck
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