Technical Co-Founder CTO, my company is raising a Series-A we're doing great. I've come to realize that since we've been so successful, the people around me mostly cannot relate and can no longer offer me much advice. I don't know any other technical co-founder who has ever made it this far in the startup world and I'm realizing that I need to build a new community of peers that I can talk to who are going through the same things. I know tons of technical folks, but nobody in a similar spot and most of the tech people I know are actually pretty jaded — they say things like "I don't even take equity any more. I just take cash because options never turn out to be worth anything."
Where should I look?
Ideas I have:
-Reach out to our investors / advisors and ask for intros to other CTOs of companies that they have invested in that are in a similar spot.
-Referrals from my existing network
-Ask around at the local CTO roundtable that I attend
Curious of any other suggestions. When I google around about finding founders all the websites are about looking for a co-founder which I'm not. I'm looking for others who are experiencing similar success and growth.
I am currently raising for a seed round and have heard differing accounts on whether I need a full business plan (30+ page doc). Obviously I need a business model and strategy but is it ok to have that in summary within the pitch deck or is it required to have a huge business plan document as well? Just seems like busy work tbh.
After yesterday’s look into the somewhat lackluster pace of investment into e-commerce-focused startups this year, a few VCs sent in notes that added useful context. So this morning let’s discuss why the pace of e-commerce startup fundraising has been so milquetoast in 2020.
To frame the oddity of e-commerce startups not raising a flood of cash during what are historic boom times, we noted Walmart’s staggering online sales growth in Q2, which TechCrunch’s Sarah Perez broke out into a separate piece. Today, for a soupçon more, Target reported its Q2 earnings. Its results are similar to Walmart’s own, if even more extreme.
The American retailer reported that its “store comparable” sales were up 10.9% in the quarter, which was rather good. But Target also reported that its “digital comparable sales grew 195%,” which is staggering. Target’s revenue mix moved from 7.3% digital in its year-ago quarter to 17.2% in its most recent.
If you’ve been around the internet lately, you can’t help but trip over more data detailing this extraordinary moment in e-commerce history — there are years of change happening in just a quarter’s time. For a taste, former Andreessen denizen Benedict Evans has some great data on U.S. and U.K. e-commerce growth, and here’s yet another great chart to chew on. It goes on and on.
So the e-commerce boom is real, and the startup funding funk is as well, per the data we ingested yesterday via CB Insights. What gives? GGV’s Jeff Richards had an idea, and we chatted with Canaan’s Byron Ling as well. We’ve also done a little digging into some of the largest, recent e-commerce rounds to get some flavor on who is raising in the space. Ready?
Why e-commerce VC isn’t going straight up
If you recall, our thesis yesterday was that, perhaps, the kill zone theory often posited concerning Amazon meant that the e-commerce space is less investable than we’d otherwise imagine and that because some things are “sorted” to a degree, there is less green space available in the sector for startups to tackle.
Bits of that might be right.
Israeli startup Taranis is ready to bring drones and AI to Asia’s agritech scene after raising US$ 30 million in a series C round led by Vertex Growth and Orion Fund, a fund backed by Southeast Asian conglomerate Kuok Group and managed by K3 Ventures.
Read more here.
The post [Taranis in KrASIA] Taranis eyes Asia expansion after raising USD 30 million from Vertex, others appeared first on OurCrowd Blog.
Hey guys, My startup is in Canada and not to add too many details, but we’re raising a $ 3M round right now. We have about 1/6 committed. My partners are sold on working with a broker, who is recommending that we work with a transfer agent to make our investments RRSP and TFSA eligible (tax deferred vehicles in Canada). This broker is saying that he can raise $ 500k for us, but there’s no guarantee. He’s also saying most of his clients use a specific transfer agent platform that he recommends. The transfer agent wants $ 5k just to set up the account and the broker takes a considerable percentage of the funds raised. I’m not in charge of raising money as I am the product owner. It just seems like going with the broker and transfer agent adds an additional step. We have been bootstrapping for over a year and the transfer agent needs so much paperwork that we need to work with our lawyers to put that all together (even though we already paid for subscription documents, officers certificates, and more) so the legal bill is going to be substantial as well. All of this just to work with these two entities …
My question is if this is common for startups? I’m a first time founder so I could use some advice. I see many startups raise multi million rounds but do they need to jump through all these hoops and spend all this money with brokers and transfer agents prior to getting money into our bank account? This is adding like 6 weeks to our timing to this raise and it seems like an unnecessary step… can’t we just approach VCs and get money wired to use and knock on doors and start pitching? All feedback is appreciated because I’ve never raised money before but these guys have. Thanks in advance for the help