Crosschq is among a growing number of software start-ups raising money from investors entirely over Zoom meetings.
Crosschq recently raised $5.5 million, and brought in Slack as a new investor, with introductions all taking place over Zoom.
"Having been in the start-up world and having been through this enough times, the mechanics of this process were all different," said Crosschq CEO Mike Fitzsimmons.
Four Zoom meetings and two months later, Slack participated in a $5.5 million financing round, alongside GGV and other existing Crosschq investors. Over three months into shelter-in-place orders, entrepreneurs and venture capitalists are being forced to find comfort in the uncomfortable reality that remote dealmaking is their only option. It's a difficult way to start a relationship, and requires investors to rely less on personal dynamics and more on due diligence, incuding checking in with customers, partners and former colleagues of founders to decide if this is the bet worth making.
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