Key Learnings in Failing Fund Raising

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Presentation I made at Failcon France to publicly share how we failed fund raising in France!

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Key Learnings in Failing Fund Raising

  1. 1. Failure  in   fundraising  
  2. 2. Hello   •  Cédric  Giorgi   •  Cookening  Co-­‐Founder   •  Previously  at  Scoop.it  (Goojet),  Seesmic,   Techcrunch  France   •  Also  involved  in  LeWeb,  Startup  Assembly,  La   French  Touch  Conference   •  Founder  of  French  Startupers  FB  Group   @cgiorgi   cedric@cookening.com  
  3. 3. Learning  1.  There  is  no   Rule  in  Fundraising,  only   specific  cases.  
  4. 4. Cookening  Timeline   •  May  2012  -­‐  Dev  is  starAng   •  November  2012  -­‐  Private  Alpha  is  launched  
  5. 5. Cookening  Timeline   •  May  2012  -­‐  Dev  is  starOng   •  November  2012  -­‐  Private  Alpha  is  launched   •  December  2012  -­‐  A  VC  is  calling   •  December  2012  -­‐  Let’s  start  to  think  about   raising  funds  
  6. 6. Learning  2.  The  US  and   France  have  nothing  in   common.  Really.   Nothing.  
  7. 7. Cookening  Timeline   •  May  2012  -­‐  Dev  is  starOng   •  November  2012  -­‐  Private  Alpha  is  launched   •  December  2012  -­‐  A  VC  is  calling   •  December  2012  -­‐  Let’s  start  to  think  about   raising  funds   •  January  2013  -­‐  We’re  meeAng  with  a  dozen   French  VC  funds  
  8. 8. Learning  3.  It’s  not   because  a  VC  is  calling   that  you’re  ready  for   fundraising  
  9. 9. Cookening  Timeline   •  November  2012  -­‐  Private  Alpha  is  launched   •  December  2012  -­‐  A  VC  is  calling   •  January  2013  -­‐  We’re  meeOng  with  a  dozen   French  VC  funds   •  May  2013  -­‐  Cookening  Public  Launch  
  10. 10. Learning  4.  Timing,   Timing  is  key.  
  11. 11. Cookening  Timeline   •  November  2012  -­‐  Private  Alpha  is  launched   •  December  2012  -­‐  A  VC  is  calling   •  January  2013  -­‐  We’re  meeOng  with  a  dozen   French  VC  funds   •  May  2013  -­‐  Cookening  Public  Launch   •  June  2013  -­‐  Update  sent  to  Investors  
  12. 12. Cookening  Timeline   •  November  2012  -­‐  Private  Alpha  is  launched   •  December  2012  -­‐  A  VC  is  calling   •  January  2013  -­‐  We’re  meeOng  with  a  dozen   French  VC  funds   •  May  2013  -­‐  Cookening  Public  Launch   •  June  2013  -­‐  Update  sent  to  Investors   •  September  2013  -­‐  We  really  need  to  raise   now  
  13. 13. Learning  5.  When  you  try   to  raise  funds  when  you   really  need  them,  it   might  be  too  late.  
  14. 14. Cookening  Timeline   •  November  2012  -­‐  Private  Alpha  is  launched   •  December  2012  -­‐  A  VC  is  calling   •  January  2013  -­‐  We’re  meeOng  with  a  dozen   French  VC  funds   •  May  2013  -­‐  Cookening  Public  Launch   •  June  2013  -­‐  Update  sent  to  Investors   •  September  2013  -­‐  We  really  need  to  raise  now   •  October  2013  -­‐  MeeAngs,  meeAngs  
  15. 15. Cookening  Timeline   •  November  2012  -­‐  Private  Alpha  is  launched   •  December  2012  -­‐  A  VC  is  calling   •  January  2013  -­‐  We’re  meeOng  with  a  dozen   French  VC  funds   •  May  2013  -­‐  Cookening  Public  Launch   •  June  2013  -­‐  Update  sent  to  Investors   •  September  2013  -­‐  We  really  need  to  raise  now   •  October  2013  -­‐  MeeOngs,  meeOngs   •  December  2013  -­‐  Last  VC  said  no.  
  16. 16. Learning  6.  You  might   have  a  kick-­‐ass  team,  a   kick-­‐ass  product,  you   need  a  big  market.  
  17. 17. Learning  7.  Do  not  focus   on  one  specific  VC  
  18. 18. Learning  8.  Look  for  VCs   that  do  invest  in   companies  like  yours  
  19. 19. Cookening  Timeline   •  January  2013  -­‐  We’re  meeOng  with  a  dozen   French  VC  funds   •  May  2013  -­‐  Cookening  Public  Launch   •  June  2013  -­‐  Update  sent  to  Investors   •  September  2013  -­‐  We  really  need  to  raise  now   •  December  2013  -­‐  Last  VC  said  no.   •  January  2014  -­‐  Let’s  look  for  a  round  with  BAs  
  20. 20. Learning  9.  BAs  and  VCs   really  don’t  think  the   same  way.  
  21. 21. Cookening  Timeline   •  January  2013  -­‐  We’re  meeOng  with  a  dozen   French  VC  funds   •  May  2013  -­‐  Cookening  Public  Launch   •  June  2013  -­‐  Update  sent  to  Investors   •  September  2013  -­‐  We  really  need  to  raise  now   •  December  2013  -­‐  Last  VC  said  no.   •  January  2014  -­‐  Let’s  look  for  a  round  with  Bas   •  February  2014  -­‐  Ok  let’s  do  not  raise  at  all  
  22. 22. Learning  10.  SomeAmes   it’s  beer  not  to  raise   than  bad  raising.  
  23. 23. Also…   •  We  didn’t  want  to  move  to  the  US.   •  We  didn’t  want  to  /  couldn’t  pivot.   •  We  certainly  focused  too  much  on  wrong   things   •  We  were  too  long  to  launch   •  Careful  with  sexy  ideas…   •  Being  the  X  for  Z  is  a  dangerous  pitch  
  24. 24. Now  ?  
  25. 25. Thanks!   Check  Cookening,  we  have  awesome  meals  to   aaend  in  France  and  in  30  countries   cedric@cookening.com   @cgiorgi  

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