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How much of a networking does one have to do to achieve such a number? And is your product past MVP?

by ewuhic 5y ago

deleted 5y ago
[deleted]
ryanSrich 5y ago
My co-founder and I ran a startup before this, which was also VC-backed, so we had around 6+ years of networking built up from that. You meet hundreds of VCs along the way. So it was never an issue of finding investment for this new venture. It was finding the right investors. We raised our pre-seed round in 2020 without anything, just a pitch deck, and fully remote. We didn't meet our investors in person until several months after closing on the round. We raised our Seed this June based on having roughly 100 companies using our product, a good percentage paying us. So while I wouldn't say we raised our Seed round with PMF, we were (and are) showing signs of PMF. So yeah, our product is a bit past the MVP stage, but not by much. We still have bugs that come up almost every day, and we fix them as fast as we can. However, the product has matured greatly in the last six months.
- ewuhic 5y ago
  And what does the "right innvestors" mean in this context, if, I assume, the thickness of the wallet is not an issue here?
  - ryanSrich 5y ago
    It’s a few things. - positive reputation. Other founders enjoyed their experience. - provide value through their network. This is the foundation YC built themselves on. Investors that introduce you to paying customers, other founders, other investors, etc. - leave you alone and only help when you ask for it. These are the best types of investors. They provide advice only when you ask. Those are the most important things.
vmception 5y ago
you have to look like money in the environment you are raising capital in, in which case the networking is more fruitful and your company can be more flimsy. if you have a different physical look or unfamiliar background, the metrics for your existing company are way more important and the bar is much much higher and the multiples investors accept are way way lower. or just do a crypto version, which is much more inclusive, global, faster, and leapfrogs this rodeo.

How much of a networking does one have to do to achieve such a number? And is your product past MVP?

by ewuhic 5y ago

How much of a networking does one have to do to achieve such a number? And is your product past MVP?

deleted 5y ago

[deleted]

ryanSrich 5y ago

My co-founder and I ran a startup before this, which was also VC-backed, so we had around 6+ years of networking built up from that. You meet hundreds of VCs along the way. So it was never an issue of finding investment for this new venture. It was finding the right investors. We raised our pre-seed round in 2020 without anything, just a pitch deck, and fully remote. We didn't meet our investors in person until several months after closing on the round. We raised our Seed this June based on having roughly 100 companies using our product, a good percentage paying us. So while I wouldn't say we raised our Seed round with PMF, we were (and are) showing signs of PMF. So yeah, our product is a bit past the MVP stage, but not by much. We still have bugs that come up almost every day, and we fix them as fast as we can. However, the product has matured greatly in the last six months.

ewuhic 5y ago
And what does the "right innvestors" mean in this context, if, I assume, the thickness of the wallet is not an issue here?
- ryanSrich 5y ago
  It’s a few things. - positive reputation. Other founders enjoyed their experience. - provide value through their network. This is the foundation YC built themselves on. Investors that introduce you to paying customers, other founders, other investors, etc. - leave you alone and only help when you ask for it. These are the best types of investors. They provide advice only when you ask. Those are the most important things.

vmception 5y ago

you have to look like money in the environment you are raising capital in, in which case the networking is more fruitful and your company can be more flimsy. if you have a different physical look or unfamiliar background, the metrics for your existing company are way more important and the bar is much much higher and the multiples investors accept are way way lower. or just do a crypto version, which is much more inclusive, global, faster, and leapfrogs this rodeo.