S12 E7 Quincy a case study in causes of failure part 3

S12 E7 Quincy a case study in causes of failure part 3

By now Quincy had raised $950,000. $250,000 from friends, family and angels investors. The balance had been obtained from two venture capital investors. One of the VCs had previously invested in Warby Parker, a provider on-line eyewear, Bonobos, an online seller of men’s pants, and Modcloth, another woman’s fashion retailer that allows women to buy fashion styles from earlier decades. As this VC had experience in closely related business they seemed an ideal fit. The funds from the VC investors would be released in tranches in May, October, and December. The release was conditional on Quincy reaching certain sales targets. Ken Landis, a co-founder of Bobbi Brown cosmetics also funded Quincy and joined the board.

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