What this teaches
Three years after the unusual angel round, Fishkin reports real numbers: profit-sharing distributions actually paid to investors, growth against plan, and honest assessment of the model's tradeoffs.
Why it matters
The rare follow-through: not just an alternative funding structure announced, but its measured results.
Key lessons
- Profit-sharing structures can genuinely return investor capital without an exit
- Transparent annual updates build investor trust cheaply
- Alternative structures trade growth-capital access for control; see the bill in year 3
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