EDOCS - EDocs EDocs was started in 1997 by Kevin Laracey...

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EDocs EDocs was started in 1997 by Kevin Laracey, Kris Canekeratne, and Jim Moran as a software that facilitates Internet bill presentment and payment, a proposition to revolutionize online billing via the internet. They founded the company with their own personal savings, but in the spring of 1998, they met with Jonathan Guerster of Charles River Ventures (CRV)- one of the nation’s leading early-stage venture capital firms with a strong history of working with internet companies. Guerster presented the EDocs founders with a term sheet just hours after meeting, however, Laracey was certain that he could have a better deal on the table in a matter of days- if not hours. He was concerned the complex legal terminology in the term sheet and was also worried about the proposed control rights. The $4 million total investment which the deal offered seemed to be a sufficient amount of money for Laracey, however he desired greater control over the company and more favorable terms. In past deals, CRV has taken an equity stake of approximately 10-20%, on average. With a proposed equity stake of 38%, it seems like the terms put forth by CRV may be unfair.
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