Venture Lane Studio - Fundraising ABC's - Jan 2022
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Fundraising ABC’s: How to raise a seed round for B2B SaaS Overview of fundraising basics, a 3-step how-to guide on seed round raising tactics, and pitch tips/resources
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Venture Lane Studio - Fundraising ABC's - Jan 2022
- 1. Fundraising ABC’s How to raise a seed round D AV I D C H A N G @ C H A N G D S davidchang.me/startup-tips
- 2. Fundraising Basics How to Raise a Round Pitch
- 10. • Active VC List, DocSend • Investors meeting during COVID-19 • Plan for longer runway • Valuations hit 20-30%
- 11. Venture capital stages Growth Equity Early Stage Angel Friends & Family
- 12. How the VC game works Skewed return distribution VCs must swing for the fences
- 13. Raising a Round
- 14. How Much to Raise • Basic financial model of cost drivers and revenue • Forecast monthly for 2 years • Fundraise rule of thumb: 12-18 months’ cash
- 15. Use of Proceeds • Build product • Grow team • Marketing • Customer acquisition • Working capital
- 16. Milestones See techcrunch.com/2015/06/24/running-out-of-money-isnt-a-milestone Team Product Development Market Demand Product / Market Fit Business Model Execution
- 17. Fundraising Basics How to Raise a Round Pitch
- 21. Target investors using 6 filters
- 22. Stage
- 23. Stage Location
- 28. Social / Trust Your ideal investor meets 6 filters Thesis Business Model Industry Location Stage
- 29. Tools to build the pipeline
- 30. bit.ly/boston-area-investors-firms University Focused Corporate VC Angel Groups Seed Stage Growth Stage Early Stage VC Tech VC Healthcare, Biotech, Energy Boston-area Investors
- 32. “Looking for feedback on the idea” “Who’s knowledgeable in this space?” “I’m not raising right now” “If you want money, ask for advice…”
- 33. Improves hit rate by 10x Doesn’t start the clock Creates trend from data points Why not just ask for money?
- 34. Don’t make knee-jerk changes Incorporate feedback Refine pitch Spot consistent themes
- 35. When to stop fishing?
- 36. C Create FOMO
- 37. Land the anchor investor “I’m closing a round” “Can I hold a space for you?”
- 38. Finish strong Full throttle to avoid mid-flight stall Leverage current investors to pull in new ones “Oversubscribe” optics
- 39. Aim at a tight target Break down barriers Create FOMO The ABC’s
- 40. Structure Equity
- 41. • Board seat or 2 • Option pool • Liquidation preference • Control over sale, new options • Debt that becomes preferred equity when you raise it • No valuation, but the “cap” is a ceiling • Interest accrues, rate <10% • Conversion discount Equity
- 42. • Not done until money is in the bank Key terms ❑ Board composition ❑ Option pool ❑ Voting rights ❑ Founder vesting ❑ Change of control ❑ Redemption rights ❑ Information rights ❑ Anti-dilution
- 43. Seed A B $15 $6 $1 $30 $12 $5 Valuation & Dilution ? Dilution: what’s your end stake? Valuation ($M) ? Prep Target Socialize Ignite Close
- 44. Valuation & Dilution 37% See ownyourventure.com See dlopuch.github.io/venture-dealr Raise $1M on $5M pre 34% Raise $1.5M on $5M pre 33% Raise $1M on $3M pre Dilution: what’s your end stake? Valuation ($M) Seed A B $15 $6 $1 $30 $12 $5 Prep Target Socialize Ignite Close
- 45. How long does it take? • Longer than you expect • 3-6 months • Speed limited by access to investors • Your ability to find them • Calendar availability (surprisingly hard) How soon to start, how long it takes, general timeline you can expect, how to reduce time between the initial outreach and closing a deal?
- 46. Choose your investors carefully What characteristics to look for in a venture partner?
- 50. 1 Paragraph 1 Page 1 Deck 1 Follow-up Deck
- 51. Adapt content to the venue Home Office Coffee Shop
- 52. Don’t overreact to feedback Incorporate feedback Double down on consistent themes Avoid whiplash changes
- 53. Don’t be sloppy and miss details Typoos capitalization & punctuation, Font & sizes Alignment Color Design (icons, photography, clip art)
- 54. Typical Parts Intro Problem Solution Market Opportunity Product Go-to- Market Business Model Competition Traction Team Ask Appendix
- 62. bit.ly/startresources davidchang.me/startup-tips Marketing Press / Media Freelancers Agencies National Tech Journalists Boston Tech Journalists Legal Legal Templates Accounting Recruiters Real Estate Co-working Brokers Events Event Spaces Startup Events Listings Startup Community Groups Speakers/Mentors (WIP) Boston Women Leaders Investors Guides Lists Materials / Templates University Entrepreneurship Resources Competitions Student Groups Startup Resources General Guides Development Web Dev Shops Mobile App Dev Shops Tech Talent / Advisors Mobile App Development Tools Design / UX Graphic Design Resources Full-time Freelancers Agencies Product Pros Emerging Stars
- 63. Fundraising ABC’s Q&A D AV I D C H A N G @ C H A N G D S davidchang.me/startup-tips