
This is software (AWS) generated transcription and it is not perfect.
Yeah, absolutely. It's a great question s Oh, I actually do have a background in finance traditional finance. I was in Merrill Lynch BancAmerica BlackRock for about 2.5 years coming out of school. But before then, I was kind of a little bit entrepreneurial in the sense that I tried to do things that I was passionate about, things that I was personally interested in, much to the dismay of my parents who wanted me to focus on school. Eso my my father at least, was an entrepreneur in his own right on DSO. He had his own company, and he encouraged me at least try things out. But he still obviously wanted me to pay attention and do well in academics. But I kind of shuttle that and put that aside eso, as I went through college realized that, you know, with everything going on in the world, it was going to the global financial crisis. Better to have a more stable job and so kind of cut my teeth in traditional finance corporate finance on realized. It just wasn't for me. Wasn't the life for me. It wasn't what I wanted on. I felt like there was an opportunity to kind of do my own thing. Eso I kind of leverage everything that I had picked up in the past from just being, you know, pursuing my own personal passions. Andi came together to launch at least hopefully a startup or something along those lines. What ended up happening was effectively, I was broke right out of money, burned through all my savings and finance from finance Andrea Lies that the only thing I could do was be a consultant. And so I launched a strategy consulting firm out of the ashes of me attempting to do a startup after finance on it was modestly. It was pretty successful. It reached a point where, you know, we helped companies raised about $300 million in venture financing. I had built up a team that could build products to marketing on do you know, build out and design. Um, you know, user experiences and the user interfaces eso from there. It just was very natural that to say hey, look like services and consulting is fine, but interested in doing things the old fashioned venture backed way. That's really how cadence came to be. It was an opportunity to, um, find and source capital to grow out Ah, company at scale that could really reach and build and become maybe an iconic financial services firm. S o e Think everything I've done to date has taken on borrowed from past experiences, whether it's my finance background, whether it's my consulting background building products, speaking to investors on just pursuing these type of things that interest me at a very early age, it's all factored into where we are today.
Yeah, So that's ah, loaded question for the industry that we're in S o. I would say people are pretty familiar with equities on Do you know stocks and things like that they could trade on a regular basis. There's an entire world of private capital markets that people don't see, and it really is actually what powers the global economy. Eso within private capital markets. There's things like private equity, real estate, infrastructure, venture capital, things like that. And there's a huge chunk called private debt on. That is one that almost no one knows about. But it is actually the fastest growing asset class in all private capital markets. It's growing at 20% annually. It's reached a trillion dollars. But the problem is that it actually has the most opaque and non transparent way of looking at asset performance. Eso When you talk about private debt, it's things like small business lending, consumer loans, all these very certain types of lending products that have risen as a result of the banks not lending to the space anymore, eh? So you have a ton of demand for these products. You have a ton of lenders out there and none of them actually have the data needed to actually do trans actually efficiently. So you think about what we're really trying to do is to bring transparency essentially organizing structure the world's private financial data, to be able to create efficient markets for private debt markets at the outset on hopefully we can expand beyond private debt into other areas of private capital markets. Be private equity, um, infrastructure, real estate, things like that. Eso in the same way that Google organized information on the Web, we're organizing as a performance for private debt and creating all these transactional and work full tools on top of that to make it all work.
Yeah, it's I think I've gone down this path multiple times before, So the first few weeks we're not too dissimilar from the last few weeks. I guess in a sense that, you know, we we always knew that we had product market fit. We knew that we would. If we created a better mouse trap than what other people had on the market, we could at least get off the ground and be competitive. And that's proving itself out more than time and time again thes days. So first few weeks was really more operational, like getting the company incorporated, setting up the rearrangements, finding the right team to come on board at the outset on I was fortunate in the sense that I had my entire consulting company. They're still to tap into the full blown product marketing, branding engineering team that I can use to be able to get it off the ground. So it was all in all, pretty efficient, on pretty seamless. I would say the biggest pain point was probably the fundraising process, which is the case for everybody. I think raising money for a seed stage company or pre seed stage companies always challenging without a real track record of having built in exited companies before, You always need a challenged on a lot of different parts. Um, that was probably the more challenging part than actually kind of getting a company off the ground. But my entire background, having built out that consulting company, meant that I had, ah, lot of experience and network in the venture capital space to at least pull on. So hopefully lead tomb or, you know, successful conversions of investors coming through. But the first round of financing it was just $2 million. In January of 2019 I had pitched 160 different investors on Dawn Lee, maybe like 15 crossed s. It's a terrible conversion rate that's about right for what it's gonna take at an early stage.