Fundraising is all about speed. The faster you move, the more chances to close the round. Blake Berg is a master of building momentum. He made 35+ calls in <2 weeks to raise $100k pre-seed for his startup.
Blake is building StockSwap, a fantasy stock investing game. I think it’s probably the most fun and safe way to learn about trading or level up your skills.
- Company name: StockSwap
- Round size: $100,000
- Stage: Pre-seed
- Date: September 2022
How long did it take you to raise the round?
6 fulltime weeks of focused fundraising
- 1 week to tweak the deck
- 1 week to build the target list of investors
- 2 weeks of outreach and pitching
- 2 weeks to close the round
How many investors did you talk to?
239 investors in my CRM. Warm intros to 10, cold emailed 50+. Converted into 35 calls. Only took 1 fund to raise the whole round.
What tools did you use?
- Crunchbase to find investors (mostly locally in St. Louis)
- LinkedIn and personal connections to find intros.
- Hunter to find investor emails
- Excel to track progress
- DropBox to send due diligence docs
What was the hardest thing in your fundraising?
- Some firms have longer due diligence processes than others resulting in a lot of waiting around.
- Not enough warm intros, lots of cold emails. Timing wasn’t great because of the summer market, so response rates were low.
Fundraising advice/hacks for founders?
Many pitches to advisors/friendlies before investor pitches. Attending funding panels and being aggressive with your approach afterward to fund managers.
Indeed, brilliant execution can beat bad timing and market downturn. Thanks for reading!
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P.S: Blake spent one week building the target list of investors, Shizune can do it for you in <30 seconds. Check it out:
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