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At Stack, we often learned our lessons the hard way. A prime example was when we lost a €400,000 investment during the pandemic. We were at the stage of finalizing our investment agreement with two potential investors; all that was left was for them to wire the funds. However, as the pandemic hit and lockdowns were announced, the investors invoked a force majeure clause, withdrawing from the deal and leaving us with only a few hundred euros in our bank account.
Faced with potential collapse, we leaned on the support of our user base, our community of Stackers. Despite the odds, we not only survived but came out of the pandemic stronger, raising €3 million in a subsequent round. We named this story as Lesson #42: Never count on funding until the money is in your bank account.
Later, we found ourselves facing a funding gap. We projected that we wouldn't be able to raise enough next financing round given our progress and the amount of cash we had left. To extend our runway, we made the unconventional decision to launch NFTs, which turned out to be another crazy chapter in our journey.
With this article, I intend to delve into the two most impactful moments in Stack's history thus far and share the insights I gained as a founder.