Ryan Shank's startup Phone Bank landed a $750,000 term sheet from its lead investor. The team walks through the funding deck, remaining commitments up to $500K, and a holiday close target, then digs into a phone-number bug and whether to hard-code a placeholder fix.
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Oh, now Jennicat wants to come in.
Into the round.
Almost fell, bud. Guys, check it out. So today's vlog, an amazing day. Guess what just happened? I went out to lunch with one of the investors that I've been talking with and we've been having a lot of really good conversations. He basically asked me what terms I wanted at the lunch. Not what terms I wanted 'cause it sounds like that, but it was basically like, hey, what are you thinking? Basically we're on the same page. Literally 30 minutes later, which I don't know how it happened 'cause I think he went into an Uber He must have already had it drafted or just did it on his phone, a couple of quick changes. Anyway, sent a term sheet, we got a term sheet, thank God. Woo, high five. Woo, high five.
Woo.
That was too many high fives. So anyway, we got a term sheet from our lead investor. He's invested $750K. We're gonna show you guys the deck that we were able to get funding. By the way, I never like to talk about things until it closes. So you guys are getting sneak peek behind the scenes, all access, all 30 of you viewers, 'cause we know the views are, they're kinda down lately, guys. We went from a massive 50 views, 50 VPV, views per video, to like 35. Where are you at? Share this video, guys. I'm just kidding around. But anyway, who— and people who do watch it, you guys are gonna get the sneak peek. We got the term sheet, lead investor invested $750K. Without further ado, guys, by the way, my name is Ryan Shank. If you're new here, this is our journey building Phone Bank from the ground up, no outside money until this round closes, okay? And then we're gonna be venture funded. And I hope you guys are out there working hard. If you guys need anything at all, if you want any tips, you want intros, you want to just see how we did it, the deck, the financial model, whatever you want, let me know in the comments. But I hope you guys are working hard, being pioneers, being Wagoneers.
Peace! It's just not swapping.
Well, it wasn't swapping when I went to the site. I linked to my site from Facebook.
Oh, so it's losing it. Wait, go to your home. Is your homepage— that's just a regular site, right? It's not anything weird? Now go to this from like a different page. Like do that flow but not from Facebook and just see if it swaps.
I also think if I go back home and then to contact.
Yeah.
See, now it's not showing.
I don't want to swap number anymore.
Oh, because it was just on contact, and if you go to the main page, then it thinks that's your source, but shouldn't it—
It's like looking at this page for just one swapping number is like even more sad now. It's just like, that's all it is, you know?
At least it says Facebook. Facebook. Why does it show Facebook now?
It's only gonna show like the one, the last time I swapped. It said we can ask the user to create an account with a fake email and subscribe to the Pro Plan with a real credit card.
This was like—
so, okay, so we're just counting up.
You can just add 214, just hard code a number, like super easy.
You forward it, whatever.
Few hundred a month maybe, um, because this, this pro package includes—
Oh, now Jennicast wants to come in, wants to be round.
Almost failed, bud. I'm going to tell him he's going to have to like hurry up if he wants to, wants to be considered.
Wants to be considered.
Just get Submit your application. That'll be that one. There's gonna be more that goes into that as well.
I'll—
I'm actually gonna— I'll send an email to AWS and I'll add you on there to the AWS guys and see if they can walk us through setting up that ElastiCache. Like, maybe they're not gonna walk us through right now, but just at least give us the steps. Ryan just said you were trying to call him. I just wanted to see.
Alright, yeah, just let me know if there's any issues, but should be good to go. Is it there?
I mean, I don't know what to do. That's why I was saying the system doesn't work. Upgrading him to a new plan is the only way that he gets the numbers available right away.
Yeah, it's like, you're pretty good, right? Yeah, I liked it. That's why I left it in. Yeah, but, and then I have one guy that might do 100, but like, even that might be kind of low. Stu Pro Rata, he probably wouldn't even ride anyway. He would probably just, or he would probably only just let it ride, not re-up. I'm just gonna get, uh, the rest of the people like fully committed and lined up. Like, now he's in for 7th 50, so we're basically, call it 950 fully committed, and I have like a 500, a 300, and a 100 that are like probably gonna commit soon. And now that terms are set, you know, other people might jump in, so I'm just gonna kinda round up everyone else, and then I wanna like just get it done. And like I've just been telling people before Thanksgiving, because like I feel like Thanksgiving is then Christmas is then New Year's, and then it's like I wanna get it done this year. Yeah, and maybe we should even try to target early November, last week of, you know, like early, early November. And then just in case there's like hiccups, you know, or like weird things that like need to happen.
He's a professor at Carnegie Mellon.
Shit, I just archived it. How do I unarchive it? I didn't mean to. No, don't delete it. How do I unarchive it?
Send to board.
Hey Susan, this is Ryan from PhotoWagon. So I'm in your account right now. If you need to update the credit card information, you can just click on the top right, click account. Okay guys, that was the vlog for today. What a day, right? I mean, it was crazy. I was actually like, couldn't sleep the night before because I was just like, I think I was just nervous, which I hate when I get like that because then I like, my body like tenses up and I can't sleep and all that stuff. But anyway, like it was awesome. We got the term sheet, you guys you guys saw, we were chatting with lawyers and then like other VCs, and I actually have a call like right now with another company that wants to come in into the round for like $500K. So it's cool, things are coming together. Scale up the sales team, scale up the marketing, scale up product. We wanna have world-class product, better than anyone else on the market. One, we're gonna beat our competitors, we're just gonna pull customers away. Then we're gonna just beat 'em on the open market. And we're just gonna go hard. Like the market's actually pretty big. I didn't really realize how big it was when I initially started doing this, but it's like really big. We actually have a shot at building a billion-dollar company. I'm gonna let you guys go. That was the vlog for today. Thank you guys so much for tuning in and following along on the journey. Honestly, like, we really appreciate it, and it's kind of cool because basically, like, you've been there since day one, started at the bottom, and now we're like building it, and then we're raising it. So you guys have been like watching the whole thing, so that's really cool. So I'll let you guys have an awesome day. Peace.
