Walid and Sokratis at TrustedPlaces have written a nice blog diary post about the process they went through leading up to getting their initial round of funding.

I do remember being there when they saw the money in the bank account and what a sense of relief and excitement they had in their little faces

What’s interesting to note is how long the process can actually take from the point you “need funding” and the point you may actually get it. Lots of discussions, sharing documents, and negotiations – all contribute to you needing to leave a time buffer in your planning. Once the angel investors are on board though, then it’s all worth it due to the expertise and help they can bring you once they become part of your team.

There’s also no hard and fast rule to all of this. Some people raise money quicker than others, some don’t raise anything, some raise more than others, some go straight to VC, some have big difficulties in agreeing a final fee / terms. Every situation is unique but the more you do, the more you learn. Some people might even enjoy the process!!!