Managing Partner at
@HashgraphVC shared his pre-revenue fundraising playbook.
If I had to raise pre revenue here's what I would do......
Lead with a sharp, almost contrarian insight.
Your unique point of view about the market is your most valuable asset pre revenue.
Investors fund "this person has seen something the market hasn't yet."
If your thesis could come out of any investor's own mouth, you have absolutely nothing.
"everyone believes X, but X is wrong, and here's why now is the moment."
At minimum, you need a landing page that converts cold traffic, a REAL waitlist with quality signups, signed LOIs or paid pilots, design partners who've committed engineering time, and best of all.......usage and retention from a live product.
Retention curves that flatten (people come back week after week) are the single most persuasive non revenue signal that exists.
Investors at this stage are betting on your rate of improvement and not necessarily your current state.
Show them where you were 8 weeks ago versus now.
Shipping speed, learning speed, how fast can you turn a customer conversation into a product change.
Two founders with identical products but different slopes get wildly different outcomes. FACT
Run a tight, compressed process to create competition. Don't drip out meetings over three months. Cluster them. Scarcity and FOMO are real fundraising mechanics......investors move quickest when they believe someone else is about to move before them.......aim to have multiple parties looking in the same two week window. (this must be genuine)
Show you do a lot with a little. Capital efficiency is itself a signal of judgment. "We built this and got these signals on $40k and two people"
A couple of these fork hard by sector......
deep tech / biotech raises almost entirely on team and technical de-risking.
Consumer raises on growth and retention curves,
B2B SaaS on pipeline and design partners.
Being pre revenue is difficult......but there are effective ways to approach it.