Jason Yeh
@jayyeh
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I help founders understand how to set up & launch highly effective fundraise processes Prev: @greycroftvc @harvardhbs Podcast: @fundedpod Now: @adamantfounders
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Joined January 2009
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1) Great founders with great fundraising skills
2) Bad founders with great fundraising skills
3) Great founders with bad fundraising skills
1's and 2's get funded. 3's do not, and it hurts to see.
That's the problem i'm trying to solve.
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The VC slowdown is real
But 400+ brave VCs still invested over $1M in seed deals last month
If you're raising soon, maybe start with them?
To help, I made a list of 418 investors who led round over $1M
If you want it
1. Comment "Nov Leads"
2. RT + Follow so I can DM it
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YC-backed founder to me:
“The bar for being a good investor is really low. As long as you do no harm, you’re in the top 10%”
Think about that for a sec…
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I see hundreds of deals every year
In the past 2 yrs, 99% of the deals I've seen <$2MM have been done on POST-money cap SAFEs
But 99% of founders don’t know how these work (& they pay for this ignorance)
Read on for more + the excel model that clarifies things 👇
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They said VC would be DEAD in 2023
☠️
Nope. VC investment in SaaS is making a real comeback
...starting with this list of 142 funds that have made a SaaS investment since January
If you want the list
1. Comment + LIke
2. RT + Follow so I can DM it
(thx for the RT love🙏)
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Hot take about Y Combinator:
Many of their startups will get left high and dry after the initial hype. If you're not in the top 5% of YC with explosive growth, you may struggle more than if you hadn't been in YC
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Just my regularly scheduled reminder:
The standard YC issued post-money SAFE has anti-dilution embedded in it
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I once was told by a VC that my goal of helping founders become great at fundraising was a waste. Great founders are already great at fundraising was the message
I don’t agree at all.
Thoughts? Would love to hear from the VC crowd...
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Founders: Supercharge your Fundraise 🔋
5 areas of focus you need to conquer:
1. Narrative
2. Outreach Strategy
3. Fundraising Tools
4. Founder Mindset
5. Investor Psychology
Here's a cheatsheet to get you started
For the full PDF:
1. Like
2. Comment
3. Follow (so I can DM)
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Want my investor outreach pack including email templates, outreach playbook, and 14k+ investor names sorted by category for free? Just:
1. Retweet this
2. Comment "Sweet!" below
And I will DM it to you
(so many hours of internet research and testing went into this!)
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Derp.
I've got more gray hairs just hearing about some of these raises...
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Fun fact: Founders who excel at fundraising are also fantastic at recruiting top talent
Thought on why that is?
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"Where can I find ACTIVE investors?"
My team found details for 696 investors who led seed rounds >$1M from Aug-Oct
Over $3.76B invested in these early-stage deals
If you want the list:
1. Comment "Summer Leads"+like
2. RT+Follow so I can DM it
thx for the RT love 🙏
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An angel investment of mine (1st check in) just secured a a tier 1 VC lead for their pre-seed. Founder has about $100k-150k of allocation that he'd like to use to bring on diverse angels
Who should I send to?
Bonus points if they're excited by nerd culture + metaverse 👾
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I love seeing founders who start B2C and use that experience to find a much stronger B2B pain point to solve
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@nickgraynews
It all started with putting yourself out there. Why wouldn’t it continue that way??
Let’s gooooo! Excited to see this.
Go to a sticker arcade in harajuku and post the pics pls!!
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Discovered today in therapy...
My company is the source of my biggest:
- happiness and anxiety
- joy and frustration
- pride and insecurity
😐 just me?
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I developed my approach to fundraising via yrs as a VC / VC-backed founder
But brilliant peers like
@dunkhippo33
+
@macconwell
helped me REFINE things w/ their content
Here are 8 of my fav fundraising tweets from 🍔 & 🦛
(p.s. they're speaking at my free workshop on Aug 16!)
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Back in my content investing days, I got sucked into the world of
@VGHS
while diligencing
@rocketjumptweet
Such a brilliant show
A combo of Harry Potter, saved by the bell, and the old cartoon series Beverly Hills Teens set in a world in the not so distant future where video…
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Remember that most pass reasons are made up excuses
The real reason is almost always simple but hard for VCs to say
It’s “we didn’t get excited”
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Big news: I'm excited to announce I'm partnering with
@gaganbiyani
+
@wes_kao
to bring my course Fundraise with Confidence (FWC) to the platform
Part of my commitment to the partnership is to begin building in public...so here goes
🧵on why FWC + Maven👇
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Raise your hand if you're a VC at a US-based fund and are LATAM-curious 🖐
Maybe looking for a way to expand your reach in the region via quality friends?
Something is coming together in November down south so tag yourself or others that should be looped in
excited for this
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Insights from a deck review this morning:
-Don’t clutter a team slide with advisors especially ones that won’t have name recognition from 90% of readers
-If your deck says you solve multiple problems, you’re probably confusing investors and showing a lack of focus....
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For all startups that aspire to be venture-backed, but ESPECIALLY CONSUMER…
If you don’t have a unique insight you’re dead in the water
If you can’t lean across the table and have a secret to tell a VC of why you’ll win, you’re dead
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Many of you tried to raise in Nov/Dec and ran into the holiday fundraising wall
That’s a bummer, but not the end of your story. Here’s how I’d advise you to regroup in January
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IMO, the most misleading and damaging feedback investors give founders is also the most common
"You're too early"
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The biggest fundraising challenge is that 80% of founders shouldn’t be trying to raise from VCs
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634 people signed up for my workshop on fundraising w/ SAFEs this morning
My biggest takeaway?
60 min is not even close to enough time to fully clarify the wild world of SAFEs
The discussions were overflowing and the chat was full of q's we didn't get to
Here's how it went👇
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Even with a killer founder, investors will pass.
Even with an amazing team, investors will pass.
Even with a beautiful product, investors will pass.
Even with fantastic numbers, investors will pass.
Your story is not for everyone, nor should it be.
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As I go through my network to invite VCs for the next set of fireside chats, i realize how male dominated my network is. It's annoying
Who are some of the best (both emerging and established) female VCs out there?
Don't need intros but would love more awareness!
Tag below!
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I've watched an awesome founder grind over the last 2 months trying to get a round done
Advised where I could. Helped her with comms & strategy. I could feel the stress even at arms length
Found out today that it looks like she did it
This game is not for the faint of heart😮💨
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The SAFE has been a godsend for founders since YC released it in 2014
It's quick, easy, and standardized. All great things
But SAFEs have RISKS - especially when stacked📚
Join me at 11am tmrw for a free workshop on using SAFEs (stacked or otherwise)
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For those that have read
@samcorcos
's "Secret Master Plan" for
@levels
, I think you'll enjoy this as much as I enjoyed making it (A LOT)
Mindblowing
@FundedPod
conversation about how he raised his monster $12MM round from
@jeff_jordan
and
@a16z
🤯
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I was recently reminded that a couple people I hired at
@greycroftvc
are now running some of the biggest VC firms in the world
Some thoughts:
- pat on the back for my eye for talent 🙋♂️
- relationships matter and are built over time
- what the hell happened to me? 😭
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Worst pass when I was fundraising? A ghosting style pass from a relatively good VC friend
Just a friendly note to say…it happens to everyone
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Most people in the world have never experienced what it's like to generate revenue off of something they've built
Taking an idea, bringing it to life, and seeing people purchase is a feeling like no other
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Founders,
Right after you close your round, everyone from your OG investors to the VCs who missed the boat will all be completely captivated by you. And guess what? It's time to make the most of it
Here are four killer ways to do just that:
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Who's investing in Asian startups?
My team found 154 investors / VCs who led seed rounds totaling over $784M across India, Singapore, China, Australia, and beyond (since 6/1)
If you want the list:
1. Comment + Like
2. RT + Follow so I can DM it
(thx for the RT love🙏)
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Unpopular opinion: founders shouldn't start monthly newsletters keeping prospective investors up to date
Why?
It's a tool that only benefits investors
(thread ↓ )
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A common mistake entrepreneurs make is trying to jam every element of their sell into the pitch deck
The deck should be tip of the iceberg. It shares enough to get an investor excited to learn more
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I just got the best news. Unexpected and huge relief. End of a crazy saga for me…
Anyway, I think I’m about to go on a heater in life
Give me something to bet on!!
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I’m giving up the lease to my awesome 2BR, Dog friendly, dinner party dream house!!
I was crazy lucky to rent it b/c of my connections (story below...) so now maybe someone can get lucky from being connected to me!
The story:
In April, I was looking for a modern, dog friendly…
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the more time i spend interacting with VCs the more I realize...
being a good investor is just finding the least awkward way to frequently "catch up"
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Skepticism in pitch meetings doesn't mean an investor isn't interested. It's actually the opposite
Strong pushback is many times a sign of real interest
Think about it.. what's the point of pushing back hard on a business you're not interested in? Just to be a dick?
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Wow tons of interest
Going down the list of retweets to send! Pls be patient. It's a manual process
thanks for spreading the word!
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PSA: just because you are running a great business and need money to grow does not mean...
1) You will be able to attract VC dollars
2) You are a fit for VC investment
3) You will be happy with VC investors and/or VC investment is the right path for you
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Last week I put out a tweet talking about how bummed I was that I didn't have a bigger network of female VCs.
The post exploded and I had over 130 female VCs shared with me in the comments... so I put together a spreadsheet with their name, fund, region and socials.
But first,…
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Fundraising rollercoaster:
• Struggles creating your pitch🥺
• Early positive feedback👍
• Early passes🤷♀️
• Receiving interest from multiple firms🤑
• More rejection / doubting anyone will ever invest🤢
• Receiving your 1st term sheet🎉
*must be this resilient to ride 🫡*
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Theory of Relativity for Startups:
A startup will seemingly be moving at light speed from an outsider's perspective and simultaneously feel like it's crawling for its founders 🤦🏻
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Fundraising requires so many favors and asks. Whenever possible, make it as easy as possible for someone to help you
Take as much off their plate as possible
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I had a very satisfying convo today with a 29 yr old VC yelling at him to leave and start something
I wish there weren't so much perceived cachet in VC. We'd have more good founders out there building shit
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Founders who have spent yrs building network & credibility raise the fastest
If that's not you, start with an "awareness campaign"
Create surface area on the internet for investors to more easily discover more abt you + your co
You need to quickly build comfort and familiarity
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Yes and no.
Here's my rewrite: If you're a CEO who can't raise capital, go learn. It's a teachable skill.
If you can’t raise capital, you shouldn’t be CEO. Hard truth.
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After 10 live cohorts of FWC, 227 founders coached, and over $311M raised, I’ve decided to shut down Fundraise with Confidence.
It was a difficult decision, one of the hardest I’ve ever made, but for so many reasons… it needed to be done
…the biggest one being
Now we can…
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There's a baller consumer dinner happening tonight in LA w/ a group of all-star consumer startup founders (from seed to big exits) & a few investors (A16Z et al)
Founder organizing is a friend. Says a founder spot + investor spot just opened up
Interested? reply & i can connect
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All the pitch & deck strategies I believe in lead back to what I call "the nod along effect"
What is it? ( thread ↓ )
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Many decks I see use overly complex words & terms to explain concepts
That doesn't impress investors.. instead
1. Focus on simplicity
2. Show don't tell
3. Pitch the circle not the equation
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While building your startup, stay connected to the people who love and support you
Making time for that will help you maintain energy for the tough times …like fundraising
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I’ve been optimistic 3 months after every unexpected shock to the system that we were in a startup funding recovery
Every time I started seeing activity pick back up, something crazy happened…
Even tho we averted utter catastrophe with this last one, the impacts will…
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If you struggle to refine your story into 10-12 slides, I'd bet you're a solution looking for a problem
Disagree? Post your deck and prove me wrong
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Sorting through an investor list is one way to start fundraise prep
But also work on another entry point - your supporter list
In other words, create a list of who you know who might connect you to investors of any kind
Then mine the list of investors they're connected to...
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I've had founders tell me they’re great at winning over a room in person but struggle on Zoom. They often ask for tips on being more compelling on video
My 1st rec? Better AV + lighting👀
Any quick takes from VCs / founders out there? What makes a someone captivating over Zoom?
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21/ For the nerds out there, this diagram lays out the legal language + math that predicates the anti-dilutive properties of post-$ SAFEs
The important equation to remember is SAFE Amount / Safe Price = Note Shares
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Stacking SAFEs while fundraising...
B/c of a wildly changing market the last 2 yrs, I've flip-flopped btwn hating & loving the strategy
On Dec 20th I'm hosting a workshop on fundraising w/ SAFEs to cover
• the history
• stacking them (why/why not)
• how to in today's market
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Fun fact: Founders who excel at fundraising are also fantastic at recruiting top talent
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Let me tell you a secret
VCs don’t know what pre-seed, seed, and series A mean right now either
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The more time I spend with VCs the more I realize...
being a good investor is just finding the least awkward way to say "we should catch up" over and over again.. until you die
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In fundraising, more money isn't always better
Accepting more money than you need at a higher valuation to reach the next milestone can quickly become a burden instead of a blessing
Don't let money blind you. Focus on what you need to get to target milestones
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How well do you know the way a SAFE works?
Do you understand when a discount comes into play and when the cap comes into play?
Cheat image for yall
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Absolutely zero startups NEED to raise money to make meaningful progress
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If you're struggling to generate FOMO (Fear Of Missing Out) around your fundraise - you're already behind.
Heres what you need to know about investor FOMO and how it can save your fundraise:
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First weekend fostering this cutie was pretty awesome
I’ve called her Olive 🫒
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The LAX dilemma..
Do i spend an extra $20 on Uber Black curbside pickup to avoid shuttling to the UberX pickup lot and save 25 min?
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474 founders have registered for my free 3-day Fundraising Workshop that starts tomorrow
Why so much interest?
VC luminaries
@dunkhippo33
+
@MacConwell
are joining me to share solutions to a widespread founder problem
👇
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If you knew it would take you 100 no's to get a term sheet, wouldn't you be excited to get your first?
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So impressed w/ Ryan and his team
You’d understand if a known quantity in tech like Ryan w/ 250k followers just coasted on that name when starting a fund like so many new VCs w/ much less clout do
Not him. He’s out here constantly shipping adding value to the ecosystem. Bravo
New from
@weekendfund
:
Open Market Maps, a collaborative project mapping emerging opportunities in tech.
Our first map: Vertical Labor Marketplaces
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@avnibarman_
this is cool. i want my niece and nephew to develop a habit like that to get over any weird feelings of asking for what you want and not sweating rejection...
good stuff and thx for sharing
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If you ask me for an intro, you better have a forwardable email ready.
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Because I readily share help for free online, some people think:
1. I work for them
2. I should be 100% immediately responsive
3. Everything I do should be free
When I indicate otherwise, some people get really pissed
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Shouldn't I be able to help GPs raise $$ too??
I think I can
I'm going to start with one very specific pain point, the LP target list
If you're an emerging manager or solo GP raising <$100MM and want our team's help, we're going to work with 5 design partners at a fraction…
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Hey B2B startup
If you're trying to raise with 1 or 2 customers, VCs will be skeptical of your initial data
If you don't show the process you used to close, then the assumption will be they are friends & favor deals or the result of some other very non-repeatable behavior
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On a partnership call yesterday, I was told my newsletter content was amazing and then asked if I outsource it...
I think I should take that as a compliment?
Everything that says it's by me...is 100% by me. Crazy inefficient, but i love it
🫶
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Over the weekend as the startup world edged close to disaster, I unplugged and drove to SF to see my niece Lana's 1st ever play
Her roles included: a pizza shop worker, a gallbladder, and a zombie (😂not kidding)
it's a stark contrast to the feelings abt today's market ...
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How do you make your deck work in each of these vastly different scenarios:
- 30 sec VC flip thru
- the "can you take a look" expert opinion
- jr associate diligence pass
- final partner meeting
...in just 10 core slides?
Appendix. Can't stress it enough.
The Appendix
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I'm looking for landing page designers who can work directly in
@framer
More looking for functional designers who know about conversion than visual designers since they'll be working within an existing design language
anyone have any recs? would love overseas recs as i'm a…
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5 recently announced fundraises (co's and funds) + my guess at their unique insight/pitch
1)
@NWischoff
closed $20MM to do B2B software at seed / pre-seed for her firm
@WischoffVC
There will always be room for microfunds w/ differentiated dealflow. I'm sure Nichole showed that
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If the plan was to launch a fundraise next week, hold off for a sec
Everyone will be too busy waiting to see the final details of the SVB saga
Fingers crossed for a white knight🎠
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few things:
-didn't expect this to go viral😱
-yes i am trying to grow my audience so still going through RTs - i hope everyone agrees it's a fair tradeoff
-i'm trying to msg people as we speak! i messed up by not using an automated tool
-i will get through it all
thx everyone!
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Excited to say I just closed my 4th post-money cap SAFE. Across all 4, I've now raised $5.4MM over the last 2 years!
And I got a burning man ticket 🕺🏻
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Conversion rates at every stage of the fundraise process
To start:
1) Conversion from intro request to intro being made - 50%
(if you're being aggressive with your asks, it should be around this mark)
next,
2) Intro to first meeting scheduled...
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Last year I wrote 36 essays on fundraising. 1 every week for 9 months.
When you write weekly, 𝐦𝐨𝐬𝐭 𝐨𝐟 𝐰𝐡𝐚𝐭 𝐲𝐨𝐮 𝐩𝐫𝐨𝐝𝐮𝐜𝐞 𝐢𝐬 𝗷𝘂𝘀𝘁 𝐚𝐯𝐞𝐫𝐚𝐠𝐞
Here are the 6 magical concepts from my essays that helped founders raise >$100MM in 2021 (true story) 👇 🧵
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