“ Unfortunately, a few months before luck had started to turn against us. ”
Unfortunately, a few months before luck had started to turn against us. Our biggest investor got caught trying to purchase marijuana in Singapore and directly went to jail for this.
While it might be a minor offence, looking at it with our European eyes, it’s a very serious one in Singapore. We directly reached out to find out how he was doing, but also how it would impact his future as an investor in Open Wear.
Both he and his representatives confirmed that there would be no impact on his future investment in Open Wear. Something very crucial for us, as he committed to take up a big part of the round.
The closer we came to the final production and therefore financing deadline, the more we found out that it was very difficult to get a hard commitment to the investment. Which, unfortunately, this led to a final no, with less than two weeks to go.
All of a sudden, we were facing an almost impossible challenge to fill a huge gap in our funding round, causing us to cancel the entire round in September.
In the weeks after we went back to the drawing board, trying to figure out how to shape the future of Open Wear. Meanwhile, we kept talking to several other options in the market. As of October, we decided to pick up jobs next to Open Wear, to be able to have the most time we could get to find a solution.