A Comprehensive Guide to Secure Angel Investors

With a plethora of funding options like venture capital, crowdfunding, loans, and grants, it's challenging to determine the best path forward. 

Amidst these options, angel investors emerge as a critical source of early-stage capital. But what are angel investors, and how can they become the catalyst that propels your startup from concept to thriving business?

These individuals not only provide the necessary financial backing but also bring invaluable expertise, mentorship, and industry connections. Learning how to secure angel investors can set your startup on a trajectory of success. 

For a deeper understanding of how angel investors differ from other funding sources, explore our guide on Angel Investors vs. Venture Capitalists.

In this comprehensive guide, we'll demystify angel investing and offer actionable insights that go beyond the basics. We'll get into the psychology of angel investors, examine international practices, and present practical strategies to empower your entrepreneurial journey. 

You'll be equipped with the knowledge and tools to effectively engage and secure funding from angel investors.

Understanding Angel Investors

Who Are Angel Investors?

Angel investors are high-net-worth individuals who provide financial support to startups and small businesses. They do so typically in exchange for ownership equity or convertible debt. 

Operating independently or as part of a group, these investors use their personal funds to back promising ventures during their early stages. Access to traditional funding sources like banks or venture capital firms is limited during the early stages.

The term "angel" originated from Broadway theater, where affluent individuals funded theatrical productions that otherwise struggled financially. Similarly, in business, angel investors are seen as saviors who believe in the potential of a startup before it demonstrates substantial revenue or profitability.

They serve as a bridge between self-funding (from friends, family, or personal savings) and larger-scale investments from venture capitalists or institutional investors. 

By accepting the higher risks associated with early-stage companies, angel investors enable entrepreneurs to develop prototypes, conduct market research, and build a foundation for future growth.

Beyond providing capital, angel investors often bring a wealth of experience, industry knowledge, and valuable contacts. Their mentorship can be instrumental in steering startups through the challenges of initial growth phases. 

This combination of financial support and strategic guidance distinguishes angel investors from other funding sources.

Different Types of Angel Investors

Recognizing the various types of angel investors helps you tailor your approach when seeking funding. Angel investors vary based on their investment capacity, involvement level, and strategic interests.

Individual Angels

Individual angels are solo investors who utilize their personal wealth to invest in startups that align with their interests or expertise. They may be entrepreneurs themselves, retired executives, or professionals with surplus capital seeking new opportunities. 

Individual angels often invest in industries they are familiar with, allowing them to contribute not just money but also valuable insights and advice.

Example: An experienced software engineer might invest in tech startups developing innovative software solutions, leveraging their knowledge to mentor the founding team.

Angel Groups

Angel groups, or networks, consist of multiple angel investors pooling their resources to make larger investments. Collaborating allows them to diversify their portfolios and share due diligence responsibilities. 

Angel groups often have a formal structure, with membership criteria and regular meetings to review potential investment opportunities.

For instance, Tech Coast Angels in Southern California is one of the largest and most active angel groups in the United States. They've invested over $200 million in more than 300 companies, providing not just capital but also mentorship and access to a vast network.

Super Angels

Super angels, also known as micro-VCs, are high-net-worth individuals who invest significant amounts, often in multiple startups simultaneously. They operate similarly to venture capitalists but invest their own money rather than managing funds from limited partners. 

Super angels tend to be more sophisticated investors with extensive experience in the startup ecosystem.

A notable super angel is Ron Conway, known as the "Godfather of Silicon Valley," who has invested in over 600 startups, including Google, PayPal, and Airbnb. His extensive portfolio and influence make him a sought-after investor.

Corporate Angels

Corporate angels are former business executives who invest using funds gained from their severance packages or savings. They may seek to play an active role in the company, sometimes even taking on executive positions. 

Their experience in corporate management can be invaluable, but they might also bring more structured processes and expectations.

Example: A former CFO might invest in a fintech startup, offering capital and expertise in financial management and compliance.

Entrepreneurial Angels

Entrepreneurial angels are successful entrepreneurs who have sold their businesses and are looking to invest in new ventures. They bring a hands-on approach, sharing their firsthand experience in building and scaling companies. 

Often, entrepreneurial angels serve as mentors and provide strategic guidance rooted in their own entrepreneurial journeys.

An example is Marc Cuban, a high-profile entrepreneur who, after selling his company Broadcast.com to Yahoo, invested in several startups and even participates in the TV show "Shark Tank," funding aspiring entrepreneurs.

Motivations Behind Angel Investing

To effectively engage angel investors, understand their psychology and motivations. Knowing why angels invest helps entrepreneurs tailor their pitches and build meaningful relationships.

• Financial Returns: Despite the high risks, angel investors are attracted by the potential for significant financial gains. A successful exit—through an acquisition or IPO—can yield substantial returns on their investment. Angels typically look for startups with scalable business models and high growth potential.
• Passion for Innovation: Many angels are enthusiasts of innovation and cutting-edge technologies. They invest in startups pushing boundaries, redefining industries, or solving complex problems. This passion drives them to support ventures that align with their interests and beliefs about the future.
• Desire to Mentor: Angel investors often have extensive business experience. They find personal fulfillment in mentoring new entrepreneurs, sharing their knowledge, and contributing to the success of the next generation. This mentorship can include strategic advice, operational guidance, and personal development.

Factors Driving Investments

• Market Potential: Angels assess the size and growth trajectory of the market. A startup operating in a large or rapidly expanding market offers greater potential for scalability and significant returns.
• Personal Interests: Investors are more likely to fund startups aligning with their interests. An investor with a background in healthcare technology may prefer to invest in med-tech startups.
• Societal Impact: Some angel investors are motivated by the desire to make a positive societal difference. They may focus on startups addressing environmental issues, social challenges, or improving quality of life. Impact investing combines financial return with social good.

Understanding these motivations allows entrepreneurs to craft pitches that resonate with potential investors, highlighting aspects of their startup that align with the investor's goals and values.

Angel Investors vs. Venture Capitalists

For entrepreneurs, distinguishing between angel investors and venture capitalists is essential. While both provide capital to startups, their approaches, expectations, and involvement levels differ significantly.

What Do Angel Investors Do?

Angel investors provide critical early-stage funding to startups, often stepping in when other sources of capital are unavailable. They bridge the gap between self-funding or initial seed capital and larger-scale investments from venture capitalists or banks. 

By assuming higher risks, they make it possible for startups to progress toward growth and success.

Beyond writing a check, angel investors often play multiple roles:

• Mentorship and Guidance: They offer advice based on their experience, helping founders navigate challenges, avoid pitfalls, and make strategic decisions.
• Industry Expertise: Angels with specific industry backgrounds provide valuable insights into market trends, customer behavior, and competitive landscapes.
• Networking and Introductions: They can open doors to potential customers, partners, suppliers, or additional investors, leveraging their professional networks.
• Credibility and Validation: Having an angel investor onboard enhances a startup's credibility, signaling that experienced individuals believe in its potential.
• Active Involvement: Some angels take on advisory or board roles, contributing to governance and strategic planning.

Startups survive and thrive during their most vulnerable stages thanks to the financial support and additional contributions provided by angel investors. 

Their involvement significantly increases the likelihood of a startup achieving key milestones like product development, market entry, or securing subsequent funding rounds.

Benefits and Risks of Angel Investing

Advantages for Startups

• Access to Capital: Angel investors provide the funds that enable startups to turn ideas into reality. This capital can be used for product development, marketing, hiring key personnel, and other essential operations.
• Flexible Terms: Compared to traditional lenders, angels may offer more favorable terms. They're often open to negotiating equity stakes, valuation, and investment structure to accommodate the startup's needs.
• Mentorship and Expertise: Angels often have extensive business experience and are willing to share their knowledge. Their guidance can help founders make informed decisions, refine strategies, and avoid costly mistakes.
• Networking Opportunities: Through their established networks, angel investors can introduce startups to potential customers, partners, suppliers, and future investors, accelerating growth.
• Credibility Boost: Securing funding from a reputable angel investor enhances the startup's credibility, attracting additional investors, customers, and top talent.
• No Repayment Obligations: Unlike loans, angel investments don't require monthly repayments. The capital is invested in exchange for equity, alleviating cash flow pressures.

Potential Drawbacks

• Equity Dilution: Accepting angel investment means giving up a portion of ownership. This dilution can become significant if multiple funding rounds are needed, potentially reducing the founders' control and share of future profits.
• Loss of Control: Investors may seek involvement in decision-making, leading to potential conflicts if visions or strategies diverge.
• Different Expectations: Misalignment of goals between founders and investors can create tension. An investor may push for rapid growth and an early exit, while the founder prefers sustainable, long-term development.
• Risk of Micromanagement: Some angels may become too involved, hindering the founders' ability to run the company effectively.
• Pressure for Returns: Investors expect a return on their investment, adding pressure on the startup to perform and meet milestones within specific timeframes.

Mitigating Risks

To address these drawbacks, entrepreneurs can:

• Communicate Expectations Clearly: Discuss goals, timelines, roles, and involvement levels from the outset to ensure mutual understanding.
• Define Agreements Well: Legal documents should outline terms, governance structures, and dispute resolution mechanisms. Engage experienced legal counsel.
• Choose Aligned Investors: Select angels whose visions and expectations align with yours. Conduct due diligence on potential investors.
• Set Boundaries: Establish agreed-upon boundaries regarding day-to-day operations versus strategic oversight.
• Maintain Regular Communication: Provide updates on progress and challenges, fostering trust and collaboration.

What Are the Benefits of Angel Investors?

• Financial Support: Provides capital without the burden of debt repayments.
• Expertise and Mentorship: Access to the investor's knowledge and experience.
• Network Access: Leverage the investor's connections for growth opportunities.
• Credibility Enhancement: Gains validation that can attract additional stakeholders.
• Strategic Partnership: Forms a collaborative relationship with someone invested in your success.

Case Studies

Success Story: Slack Technologies

Slack, the renowned collaboration platform, secured angel investment during its early stages. Before becoming a household name, Slack received funding from angels who believed in its vision to transform workplace communication.

• How Angels Helped:
  • Mentorship: Provided strategic guidance on product development and market positioning.
  • Networking: Introduced Slack to early adopters and key industry influencers.
  • Credibility: Their backing attracted further investment from venture capitalists.

Success Story: Uber

Uber, the global ride-sharing giant, received angel investments crucial to its initial growth.

• How Angels Helped:
  • Capital Injection: Provided funds to expand operations and develop the app.
  • Industry Connections: Assisted in navigating regulatory challenges and scaling internationally.

For a detailed exploration of the benefits and risks, refer to our article on Benefits and Risks of Angel Funding.

How Angel Investing Works

The Investment Process

Understanding the step-by-step process of angel investing prepares entrepreneurs for what to expect and how to navigate each stage effectively.

1. Preparation

• Develop a Business Plan: Craft a comprehensive plan detailing your value proposition, target market, competition, revenue models, and growth strategies.
• Create a Pitch Deck: Develop an engaging pitch deck that succinctly presents your business idea, market opportunity, team strengths, financial projections, and funding needs.
• Prepare Financial Projections: Provide realistic financial forecasts, including income statements, cash flow projections, and balance sheets for the next 3-5 years.
• Ensure Legal Compliance: Confirm your business is legally sound, with necessary registrations, licenses, and intellectual property protections.

2. Finding Investors

• Network: Attend industry events, conferences, and meetups to connect with potential investors.
• Use Online Platforms: Utilize platforms like AngelList, Gust, and SeedInvest to reach a wider audience.
• Seek Referrals: Leverage personal and professional networks for introductions to angel investors.
• Participate in Pitch Events: Engage in competitions and demo days where you can present your startup.

3. Pitching

• Customize Presentations: Tailor your pitch to each investor, highlighting aspects aligning with their interests.
• Tell a Compelling Story: Use narratives to engage investors, illustrating the problem you're solving and the impact of your solution.
• Provide Demonstrations: Showcase prototypes or demos to illustrate your product's potential.
• Prepare for Q&A: Anticipate questions to demonstrate expertise and preparedness.

4. Due Diligence

• Supply Documentation: Be ready with legal agreements, financial statements, customer contracts, and intellectual property filings.
• Maintain Transparency: Provide honest and accurate information to build trust.
• Be Receptive: Welcome feedback and questions, as due diligence is a two-way street.

5. Negotiation

• Discuss Valuation: Negotiate your company's valuation based on market standards and growth prospects.
• Outline Terms: Prepare term sheets covering equity percentage, investor rights, board representation, and other key terms.
• Seek Professional Advice: Engage legal and financial advisors to navigate negotiations.

6. Closing the Deal

• Finalize Legal Agreements: Complete contracts like the Shareholders' Agreement and Subscription Agreement.
• Transfer Funds: Arrange secure fund transfers, ensuring compliance with regulations.
• Onboard the Investor: Integrate the investor into your company's communication channels and governance structures.

Due Diligence

What Investors Look For

• Team Competence: Skills, experience, and cohesion of the founding team.
• Market Opportunity: Size and growth potential of the target market.
• Competitive Advantage: Unique selling propositions and intellectual property.
• Business Model Viability: Revenue streams and scalability.
• Financial Health: Current financial status and projections.
• Legal and Regulatory Compliance: Proper licensing and absence of legal disputes.

Preparing for Scrutiny

• Organize Documentation: Keep all necessary documents well-organized and up-to-date.
• Conduct a Self-Audit: Identify and address potential issues before investors find them.
• Demonstrate Professionalism: Present information clearly and accurately.

For detailed criteria, refer to our guide on Angel Investors' Expectations.

Terms and Agreements

Mastering the nuances of investment terms and effectively negotiating them can drive successful deals.

Common Terms

• Equity Percentage: Ownership stake the investor receives.
• Valuation Cap: Maximum price at which the investment converts to equity.
• Liquidation Preference: Order and amount investors receive during liquidation.
• Participation Rights: Rights to participate in future funding rounds.
• Protective Provisions: Rights allowing investors to veto certain actions.
• Board Representation: Whether the investor gets a seat on the board.

Protecting Interests

• Engage Legal Counsel: Use experienced attorneys for negotiations.
• Understand Implications: Fully comprehend each term's impact.
• Seek Fair Agreements: Aim for terms that foster a positive relationship.

Post-Investment Involvement

Roles of Angels

• Active Mentoring: Regular meetings and hands-on assistance.
• Strategic Advising: High-level guidance on business strategy.
• Passive Investment: Minimal involvement, focusing on performance monitoring.

Building Relationships

• Communicate Regularly: Establish a schedule for updates.
• Set Clear Expectations: Define involvement levels to prevent misunderstandings.
• Leverage Expertise: Seek advice where the investor can add value.
• Show Appreciation: Acknowledge contributions and celebrate milestones together.

How Do Angel Investors Work?

Angel investors operate by providing capital and support to startups in exchange for equity. They typically invest in early-stage companies with high growth potential but limited access to traditional funding. Here's how they work:

• Sourcing Deals: Identifying opportunities through networks, referrals, events, and online platforms.
• Evaluating Opportunities: Assessing startups based on the team, market potential, business model, and alignment with their interests.
• Risk Assessment: Diversifying their portfolios to mitigate high risks associated with early-stage investments.
• Negotiating Terms: Balancing desire for returns with protective measures against risks.
• Adding Value: Offering mentorship, strategic advice, and leveraging networks.
• Exit Strategy: Seeking returns through acquisitions, mergers, or IPOs, typically over 5-10 years.

Learn how angel investors operate to align your approaches to meet investors' expectations. You’ll foster mutually beneficial relationships.

Finding and Connecting with Angel Investors

Identifying and connecting with the right angel investors is an important step in securing funding. It requires strategic planning, networking, and leveraging various platforms.

Networking Opportunities

Building relationships in person is often one of the most effective ways to connect with potential angel investors.

Industry Events

• Conferences: Attend industry-specific conferences where investors are present.
• Seminars and Workshops: Participate in events attracting entrepreneurs and investors.
• Trade Shows: Exhibit your product to gain visibility.

Networking Groups

• Entrepreneur Meetups: Join local groups to network with peers and investors.
• Professional Associations: Engage with industry associations hosting investor events.
• Alumni Networks: Leverage connections from your alma mater.

Incubators and Accelerators

• Programs: Apply to incubators and accelerators offering mentoring and investor connections.
• Benefits: Demo days provide exposure to investors.

Online Platforms

Online platforms are powerful tools for connecting with angel investors globally.

Websites and Platforms

• AngelList: A leading platform where startups connect with investors and recruit team members.
• Gust: Offers tools for managing investor relations and accessing a vast network.
• SeedInvest: Focuses on equity crowdfunding, allowing investment from accredited and non-accredited investors.

Descriptions

• AngelList: Facilitates funding rounds and offers syndicates for larger investments.
• Gust: Provides educational resources and templates for fundraising.
• SeedInvest: Vets startups before listing, providing credibility.

For a comprehensive guide, explore our article on Platforms to Find Angel Investors.

How Do You Find Angel Investors?

Practical steps to connect with investors:

• Use Personal Networks:
  • Friends and Family: Early investors often come from your immediate circle.
  • Professional Contacts: Reach out to colleagues, mentors, or clients.
• Attend Investor Pitch Events:
  • Startup Competitions: Participate in events where prizes include funding.
  • Investor Meetups: Engage in events designed for pitching to investors.
• Utilize Online Platforms:
  • Create a Compelling Profile: Ensure your online presence reflects your value proposition.
  • Engage on Social Media: Share updates and connect with influencers.
• Public Relations Efforts:
  • Media Coverage: Secure features in relevant publications.
  • Thought Leadership: Publish content showcasing your expertise.

International Perspectives

Considering international angel investors opens up new opportunities.

Global Practices

• Variations Across Regions:
  • Investment Trends: Different regions focus on specific industries.
  • Regulatory Environments: Legal regulations affect investment structures.
• Examples:
  • Asia: Growth in tech and e-commerce investments.
  • Europe: Networks facilitating cross-border investments.

Cultural Nuances

• Understanding Etiquette:
  • Communication Styles: Adapt to high-context or low-context cultures.
  • Business Formalities: Respect local customs and practices.

Cultural Considerations

Tailoring Approaches:

• Adjust Pitches:
  • Language and Localization: Translate materials if necessary.
  • Cultural References: Be mindful of local values.
• Be Aware of Business Norms:
  • Negotiation Styles: Understand whether competitive or collaborative approaches are preferred.
  • Decision-Making Processes: Some cultures involve collective decisions.

By adapting your approach to accommodate international and cultural differences, you can effectively engage with angel investors worldwide.

Strategies to Attract Angel Investors

Attracting angel investors requires strategic planning and understanding what resonates with them.

Personalize Your Pitch

• Research Investors: Understand their background, previous investments, and interests.
• Align Visions: Highlight how your startup aligns with their investment thesis.
• Customize Communication: Tailor emails and presentations to reflect their preferences.

Demonstrate Traction and Market Validation

• Proof of Concept: Showcase prototypes and customer testimonials.
• Key Metrics: Present data on user acquisition and revenue growth.
• Market Demand: Provide evidence like surveys or pre-orders.

Showcase a Strong Team

• Expertise: Highlight team members' relevant backgrounds.
• Complementary Skills: Emphasize how the team works together.
• Commitment: Demonstrate dedication to executing the plan.

Highlight Your Unique Value Proposition

• Differentiation: Articulate how you stand out from competitors.
• Protectable Advantages: Discuss patents or proprietary technologies.

Prepare for Objections

• Risk Mitigation: Address potential concerns proactively.
• Competitive Analysis: Be ready to discuss competitors.

Use Social Proof

• Media Mentions: Share positive coverage.
• Partnerships: Highlight collaborations.

Create a Sense of Urgency

• Limited Availability: Communicate that the funding round is filling up.
• Upcoming Milestones: Explain how timely investment aligns with growth phases.

For more techniques and insights, explore our article on Strategies to Attract Angel Investors.

Crafting the Perfect Pitch

Create a pitch that captures an angel investor's attention by being clear and persuasive.

The Importance of a Compelling Pitch

• First Impressions Matter:
  • Attention-Grabbing Opening: Start with a compelling statement.
  • Clarity: Communicate your value proposition quickly.
• Storytelling:
  • Narrative Arc: Use storytelling to make your pitch memorable.
  • Problem and Solution: Clearly outline the problem and your solution.
  • Emotional Connection: Engage investors emotionally.
• Clarity:
  • Avoid Jargon: Use accessible language.
  • Structured Flow: Organize logically.
• Visual Aids:
  • Engaging Slides: Use visuals to support key points.
  • Demonstrations: Provide live demos if possible.

Personalization Techniques

• Understand Investor Backgrounds: Research their investments and interests.
• Highlight Mutual Connections: Build rapport through shared acquaintances.
• Address Specific Interests: Emphasize aspects aligning with their focus.
• Customize Follow-Up: Send personalized messages referencing your conversation.

For detailed guidelines, refer to our guide on Pitching to Angel Investors.

Building Long-Term Relationships with Angel Investors

Securing investment is just the beginning. Cultivating a strong relationship provides ongoing benefits.

The Value of Relationships

• Ongoing Support:
  • Strategic Advice: Continuous guidance as your business evolves.
  • Access to Resources: Additional support like technology or human capital.
• Future Funding Rounds:
  • Reinvestment: Satisfied investors may invest again.
  • Introductions: Facilitate connections to new investors.
• Advocacy:
  • Brand Ambassadors: Promote your company within their networks.
  • Influence: Their endorsement impacts customers and partners.

Maintaining Engagement

• Regular Updates:
  • Scheduled Reports: Provide consistent updates.
  • Transparency: Be open about successes and setbacks.
• Involve Investors in Successes:
  • Celebrations: Invite them to events.
  • Acknowledgment: Recognize their contributions.
• Seek Their Input:
  • Advisory Roles: Formalize their involvement.
  • Feedback Loops: Regularly ask for their opinions.
• Respect Their Time:
  • Efficient Communication: Be concise.
  • Set Boundaries: Clarify expectations.
• Personal Connections:
  • Relationship-Building Activities: Engage in informal meetings.
  • Share Success Stories: Keep them emotionally invested.
• Align Goals:
  • Revisit Objectives: Ensure ongoing alignment.
  • Adaptability: Adjust strategies based on feedback.

Refer to our article on Building Relationships with Angel Investors for more strategies.

Conclusion

Securing angel investment isn't just about obtaining capital; it's about forming strategic partnerships that can propel your startup to new heights. 

Apply the insights and strategies from this guide to confidently operate within the sphere of angel investing.

Ready to take the next step? Discover how we can support your funding journey. Our expertise in startup financing empowers entrepreneurs with the knowledge and resources needed to succeed. Contact us today to explore how we can help accelerate your startup's growth.

Key Takeaways:

• Understand Motivations: Grasp investors' motivations to tailor your approach.
• Strategic Engagement: Use networking and personalized pitches.
• Build Relationships: Foster partnerships for ongoing support.
• Adapt Internationally: Respect cultural differences when engaging globally.
• Prepare Thoroughly: Be well-prepared with your business plan and pitch.

Frequently Asked Questions (FAQ)

1. Who Are Angel Investors?

Angel investors are affluent individuals who provide capital to startups in exchange for equity. They often offer mentorship and industry connections, investing personal funds during early stages when startups need support to develop and grow.

2. What Is the Difference Between Angel Investors and Venture Capitalists?

Angel investors use personal funds to invest in early-stage startups, often taking a hands-on approach. Venture capitalists manage pooled funds from institutions and high-net-worth entities, investing larger amounts in businesses seeking to scale. VCs have more formal processes and may impose stricter terms.

3. What Is Angel Investing?

Angel investing involves individuals providing financial backing to startups in exchange for equity or convertible debt. Angels invest at early stages, accepting higher risks for the potential of significant returns if the startup succeeds.

4. How Much Do Angel Investors Typically Invest?

Angel investments typically range from $25,000 to $500,000 per startup, though amounts can vary widely. Some may invest more, especially super angels or through angel groups.

5. Do Angel Investors Require Equity?

Yes, most angel investors receive equity in exchange for their investment, becoming partial owners with a potential say in business decisions.

Key Takeaways

• Understand Angel Investors: They are high-net-worth individuals providing early-stage funding and mentorship to startups.
• Know Their Motivations: Financial returns, passion for innovation, and desire to mentor drive angel investors.
• Differentiate from Venture Capitalists: Angels invest personal funds in early stages; VCs manage pooled funds for scaling businesses.
• Prepare Thoroughly: Craft a strong business plan, pitch deck, and financial projections to attract investors.
• Network Strategically: Utilize events, online platforms, and personal networks to find potential angel investors.
• Personalize Your Pitch: Tailor presentations to align with investors' interests and backgrounds.
• Build Relationships: Foster long-term partnerships with regular communication and involvement.
• Mitigate Risks: Clearly define agreements and choose investors aligned with your vision.
• Leverage Their Expertise: Use investors' mentorship and networks to accelerate growth.
• Maintain Flexibility: Be adaptable to cultural nuances when engaging with international investors.