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Fundraising 101

  1. Tristan Pollock EIR &Venture Partner Fundraising 101 TWEET ME! @pollock
  2. How We Raised $10M
  3. THE DECK [1]
  4. 3 TYPES OF DECKS 1. Demo Day or Pitch Event • 2 minutes • 5-6 slides 2. Email • High level • 8-10 slides • Warning: This will get forwarded 3. Investor Meeting • 10-20 slides • Use an appendix
  5. ALL DECKS SHOULD BE 1. Visual • Show, not tell. Don’t make people read. 2. Simple • A slide should be understood in 1-3 seconds. 3. Sweet • Add contact info so people can give you $$$
  6. YOUR STORY [2]
  7. TELL ‘EM It’sYOUR story. You know your biz the best.
  8. DOs DON’Ts 1. Create slides first 2. Be a one-pitch pony 3. Forget the 20-1 rule 1. Tell a strategic story 2. Know your secret sauce 3. Pass the 60-second test
  9. PITCH = DECK + STORY 1. Grab your audience’s attention 2. So simple a caveman could understand 3. Keep energy high with easter eggs 4. Be confident and guiding, but listen and observe 5. Only use the time you need 6. End on a high note. 7. Don’t share everything.Your job is to get people excited. [3]
  10. 9 STEPS TO PITCH 1. Talk, don’t pitch 2. Know who you are talking to 3. State what you do simply 4. Traction, traction, traction 5. Product benefits 6. Business model 7. Team 8. Summary 9. Call to Action
  12. Retail space on demand.
  13. TEAM Give me an idea of your ability to deliver as a team and surround yourself with amazing talent. Note: There is no “right” order of slides. It depends on your story.
  14. TRACTION Show me that it works.
  15. $0 $150 $300 $450 $600 March Apr May June July Aug Sept Oct Nov Dec Key Storefront seed projections Storefront 2013 performance Airbnb: first 9 months $4.5M GMV 2,000 Bookings GMV: Gross merchandise volume (000’s) launched NYC launched website holiday 2013 9-Month Performance
  16. Thomas Korte Founder, AngelPad Shelby Clark Founder, RelayRides Yulie Kim VP of Product, One Kings Lane Robert Stephens Founder, Geek Squad CTO, Best Buy Dev Tandon Founder, Etsy Wholesale Laurie Miller Head of Retail, Nike Apple, JC Penney Advisors
  17. VISION Small visions don’t get funded. Big visions need a small start.
  18. “Airbnb of Retail” World’s largest marketplace connecting merchants of all sizes with the best retail space
  19. MARKET & COMPS Show me you understand your market and competition. How will you win?
  20. $17B Rent Payment Total Short-term Market $30B Store Logistics $102B Merchandise Sales $149B
  21. 5M Spaces (booths, malls, stores) 25M Merchants (1-100 employees) 16M rentals Short-term Rental Market
  22. PROBLEM Convince me that this is a BIG problem and market. I need to FEEL the Pain.
  23. MILESTONES Show me you have metrics and goals for the company and yourself
  24. $0 $4 $7 $11 $14 $37M GMV $4.7M Revenue 2014 Roadmap 20142013 10totalcities 8,350listings 6,727bookings $4M GMV GMV (MM’s)
  25. GO-TO-MARKET Show me you are thinking deeply about customer acquisition.What’s your beach head?
  26. City Launch Playbook 0 4 8 12 16Weeks Launch 300spaces 1,000merchants Launch 300spaces 1,000merchants Launch 300spaces 1,000merchants Steady State 25%merchantsbook $1MGMV Space Onboarding Community Manager *support services include marketing, SEM, and growth/BD, and VAs 8 weeks 16 weeks Merchant Onboarding
  27. SOLUTION How does your product solve the problem in a unique/ different way.
  28. SpacesMerchants Network of verified merchants and spaces
  29. REVENUE Show me you are thinking about building a real business.
  30. Building a 100-year company Network Marketplace Stage 3: Analytics & Data 2013 2014 Platform 2015 Q1 Analytics & Data 2015 Q4 Implications: • Dynamic pricing for space • Predictive modeling for location selection and merchandising • Optimal distribution channels for products Focus: • Offline data via Consumer app, POS, Bank accounts Risk Reduction: • Financial and concentration risk Product augmentation through pareto risk diminishment Roadmap:
  31. THE ASK Show me you have a clear plan for what do do with investor money.
  32. 10 FUN-DRAISING PRINCIPLES 1. It’s a Full-Time job. 2. A compressed timeline isVERY important. 3. Pitch over 100 investors. 4. You’ll close < 10% of the investors you talk to. 5. FOMO. 6. Traction over all. Grow fast or die. 7. Create urgency. 8. The fundraising environment is always changing (e.g. Q1 to Q2; geography). 9. Don’t over optimize valuation. 10. It’s not real until money is in the bank.
  33. MY GIFT TOYOU 1. Pitch Deck Guidelines • 2. Silicon Valley Etiquette • 3. Fundraising Timeline • 4. 500 Startups Decks • + EARLY ACCESS TO