Creative Chaos and RallyCry Ventures announce a $2.5m forgivable loan program for pre-product startups to assist with the COVID cash crunch
BOSTON, Aug. 18, 2020 /PRNewswire/ -- 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, has launched a MVP Financing Program to help founders build their ideas during these difficult times.
"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," said Umair Aziz, Managing Director at RallyCry Ventures. "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.
"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," said Shakir Husain, CEO of Creative Chaos.
Creative Chaos is accepting applications on their website from today at https://creativechaos.co/mvp
About Creative Chaos:
Creative Chaos has been delivering tech innovation to startups and enterprises for over 20 years. Driven by its mission of helping entrepreneurs build the future, the company offers its innovation delivery capabilities to clients across the world. Their core services include experience design, agile development and devOps. Creative Chaos is headquartered in San Francisco, CA with offices in Boston, MA.
About RallyCry Ventures:
RallyCry Ventures is an idea-stage VC. We invest in ideas and want to be the first investors in a startup before any outside capital has been raised. Our Rally to MVP process brings better capital, drives investor confidence, and delivers products to market, faster. We invest, solution and succeed as a team. We rally together. RallyCry Ventures is headquartered in Boston, MA.
Related Links:
Creative Chaos: www.creativechaos.co
MVP Financing Program: www.creativechaos.co/mvp
RallyCry Ventures: www.rallycry.vc
SOURCE Creative Chaos
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