Creative Chaos, RallyCry Ventures announce $2.5m forgivable loan program for pre product startups
With pre product startup founders struggling to raise capital due to the COVID pandemic, Creative Chaos, a leading innovation delivery agency along with RallyCry Ventures, a pre-seed VC, launched a MVP Financing Program to help founders build their ideas during these difficult times.
Umair Aziz, Managing Director at RallyCry Ventures said: "We believe that startups born in this crisis will be more resilient and focused on creating viable businesses versus those that are funded with a 'burn money to grow' mindset. This is the time to support good ideas and resilient founders."
The MVP Financing Program will allow Creative Chaos to provide select startups with up to $150,000 in the form of a no interest loan. The loan is forgiven if the startup is unable to raise any additional funds within 24 months. In addition, RallyCry Ventures will invest $50,000 or more against a standard convertible note.
Shakir Husain, CEO of Creative Chaos said: "We have seen a lot of idea stage founders come to us in the past few months who are unable to build their MVP since fundraising has been difficult during these times. Our partnership with RallyCry will allow these founders to finance the development of their product without compromising on quality or giving up too much equity.''
Creative Chaos is accepting applications on creativechaos.co/mvp.
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