Supplement | HBS Case Collection | January 2013 (Revised March 2013)

MuMaté (B-1): Confidential for Maxwell

by Thomas R. Eisenmann and Alex Godden


MuMaté, a fictional cult beverage company, requires capital to fund national expansion. Its cofounders, who have bootstrapped to this point, are now negotiating with venture capital firms to raise a $3 million funding round. The case describes MuMaté's inception, early history, business model, and factors that have fueled its rapid recent growth. As the case ends, the cofounders are debating whether to raise funds from VCs, angels, or asset-based lenders. The cofounders share their concerns about valuation and whether investors will seek to change the company's strategy and organizational culture.

Keywords: negotiation; Venture Capital; Expansion; Negotiation; Valuation; Entrepreneurship; Food and Beverage Industry;


Eisenmann, Thomas R., and Alex Godden. "MuMaté (B-1): Confidential for Maxwell." Harvard Business School Supplement 813-149, January 2013. (Revised March 2013.)