To date, I haven’t met a single one in all my buyers in particular person
I used to be a first-time CEO who had simply completed Techstars with my co-founders when the pandemic hit final March. I bear in mind sitting alone in my basement room in Boulder, Colorado, in sweatpants, whereas connecting with my advisers. They confirmed my largest worry: I had simply three months of runway left within the financial institution.
It was each founder’s nightmare round that point: I’d be compelled to fundraise amid a worldwide pandemic.
After all, enterprise capital buyers weren’t taking in-person conferences then, which meant pitching over Zoom. Versus late-night drinks, espresso chats whereas strolling alongside the Embarcadero in San Francisco, and Sand Hill boardroom conferences (environments the place I assumed I might excel), I used to be caught in a basement.
Whether or not I requested mates, mentors or Google, nobody appeared to have any good suggestions for connecting with buyers nearly. However I discovered as I went, adopting new know-how to help within the VC fundraising course of, and we have been capable of shut a $2.1 million seed round in August. Phew.
Whereas we would have thought digital fundraising would not possible when the world shut down one yr in the past, I don’t suppose anybody believes that anymore. Not solely is it extra environment friendly — no costly journeys to San Francisco or bother becoming investor conferences into someday — digital fundraising helps democratize entry to enterprise capital.
Founders can elevate cash from buyers primarily based anyplace on the earth, and buyers can think about startups from anyplace, too. My buyers as we speak are from California, Colorado, New York, Massachusetts, Illinois and the U.Ok. And up to now, I haven’t met a single one in all them in particular person.