Understanding how venture capitalists approach fundraising can often feel like a mystery. However, investors must carefully consider their go-to-market strategy for raising funds, just as they do when helping their portfolio companies find their market fit.
Throughout this season of Build Mode, we’ve delved into how founders should tackle marketing. This week, we’re shifting our focus to how VCs position themselves as trustworthy partners for founders and as valuable investments for LPs.
Isabelle Johannessen sat down with Leslie Feinzaig from Graham & Walker and Ross Fubini from XYZ Ventures to discuss their experiences in raising their initial funds and how it has given them a deeper understanding of the challenges founders face during fundraising.
Feinzaig entered the world of venture capital with limited industry connections. “It involved hundreds of pitches and was primarily funded by individuals. We ended up with 105 LPs,” she shared. “Without a proven track record, investors are essentially betting on you. It’s like raising a massive angel round without a lead investor.”
With her outsider perspective, Feinzaig has positioned herself as the go-to person for founders to consult before meeting with their board to strategize and practice.
Similarly, Fubini advises the leadership teams he works with to carefully evaluate potential partners based on three key criteria: the individual, the firm, and the terms of the partnership.
“You will be working with this person for a long time. It’s important to consider factors like their personality, trustworthiness, and ability to close deals. It all comes down to the human element,” he explained.
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Both VCs highlighted the shift from the recent bear market of 2022-23, where VCs held all the power, to the current environment where founders have more leverage. They emphasized the importance of selecting the right VCs as a result.
Fubini described this change as “exciting,” noting that both parties still need to conduct due diligence to ensure compatibility but can now move more swiftly compared to cautious bear markets. “It’s a fun and joyful process,” he remarked.
Feinzaig and Fubini offer practical advice for VCs looking for innovative ways to attract founder interest and for founders seeking the best options for their cap tables.
While traditional methods like pitch decks and cold emails may have lost some effectiveness, building genuine relationships and demonstrating execution prowess remain essential strategies for attracting the right people to collaborate with, from both perspectives.
New episodes of Build Mode are released every Thursday. Subscribe to the podcast or watch on YouTube. Isabelle Johannessen hosts the show, which is produced and edited by Maggie Nye. Audience development is led by Morgan Little. Special thanks to the Foundry and Cheddar video teams.
