If you ask, you'll find that there are few on HN louder and more obnoxious about skipping external funding than me. We bootstrapped in 2005. Not getting funding: best thing that ever happened to us.
But it's one thing to have it in for all seed funding programs (I'm with you on that!) and another to call one specific one "muggers" because you particularly don't like their terms. At least, not with terms like these.
Finally, just out of curiosity: is your $162k debt financing secured solely with your corporation? You didn't have to provide any collateral, or any personal guarantees? Obviously: I don't think you could pull that off in the US. Unless your revenues are way higher than I assume they are (my current assumption is already pretty high).
But it's one thing to have it in for all seed funding programs (I'm with you on that!) and another to call one specific one "muggers" because you particularly don't like their terms. At least, not with terms like these.
Finally, just out of curiosity: is your $162k debt financing secured solely with your corporation? You didn't have to provide any collateral, or any personal guarantees? Obviously: I don't think you could pull that off in the US. Unless your revenues are way higher than I assume they are (my current assumption is already pretty high).