Mike Katchen describes how Wealthsimple raised $2 million in their seed round over 2.5 weeks from 15 investors. Some key tips included finding a lead investor early who can help attract other investors, considering investors from outside just the tech industry, creating a concise investment deck, setting a deadline to close the funding round quickly, and potentially investing some of your own money if possible which shows commitment. The majority of funding decisions are based on who else is investing rather than just the business plan or team.