Key Learnings in Failing Fund Raising

1. Failure in fundraising

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. Learning 1. There is no Rule in Fundraising, only speciﬁc cases.

4. Cookening Timeline •  May 2012 -‐ Dev is starAng •  November 2012 -‐ Private Alpha is launched

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. Learning 2. The US and France have nothing in common. Really. Nothing.

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. Learning 3. It’s not because a VC is calling that you’re ready for fundraising

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. Learning 4. Timing, Timing is key.

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. 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. Learning 5. When you try to raise funds when you really need them, it might be too late.

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. 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. Learning 6. You might have a kick-‐ass team, a kick-‐ass product, you need a big market.

17. Learning 7. Do not focus on one speciﬁc VC

18. Learning 8. Look for VCs that do invest in companies like yours

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. Learning 9. BAs and VCs really don’t think the same way.

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. Learning 10. SomeAmes it’s beer not to raise than bad raising.

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. Now ?

25. Thanks! Check Cookening, we have awesome meals to aaend in France and in 30 countries cedric@cookening.com @cgiorgi