and recover from the whiplash of going from frothy markets with inflated multiples to frozen IPOs and increased rates, there’s a lot to consider in the world of fundraising.
When the market continued to stay soft, we found that family offices were still deploying capital as they were less valuation-sensitive. We quickly shifted our strategy and went after these types of investors instead to fill out more of the round. Still, even with all this, we were several million short of where we needed to be to close.
Putting in the work to understand what your business does and how you work shows these investors care, which can be helpful in a business sense and a personal sense—at the very least, they’ll stand by you when things get tough. Remember to also send company updates to prospective investors—everyone you ever spoke with for a round. These should include the most exciting updates every two to three months. This helps them stay on top of your progress and keeps you top of mind as they think about whether you are at the right stage for them to invest or if there’s anyone they can introduce you to.
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