The way venture capitalists think about fundraising can be a black box. However, investors need to consider their go-to-market strategies for raising capital as much as they consider how their portfolio companies determine their market fit.
All season long at Build Mode, we've been looking at how founders should approach marketing, and this week we're looking at how VCs can market themselves as trusted partners to founders and valuable investments to LPs.
Isabelle Johannessen spoke to Leslie Finezaig of Graham & Walker and Ross Fubini of XYZ Ventures about raising her first fund and how that experience resonated with the founder's fundraising experience.
Mr. Finezaig entered venture capital with few connections in the industry. “We had hundreds of pitches, almost all from individuals. We ended up with 105 LPs,” she said. “If you don't have a track record, you're the one they're investing in. It's basically like raising a huge angel round with no leads.”
That outsider perspective has allowed her to position herself as the call founders make before meeting with the board to implement and discuss strategy.
Similarly, Fubini encourages the executives he works with to carefully consider who they partner with. His rubric follows three central principles: person, company, and terminology.
“You're going to be working with this person forever. So, are they fun? Are they trustworthy? Are they motivated to get the deal done? It's all about this person,” he said.
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Both VCs noted the change from the recent bear market of 2022-2023, when VCs held all the cards, to the current aggressive trading atmosphere where founders have a little more power. This makes choosing the right VC even more important, they say.
Mr Fubini called the change “thrilling”. That's because, while both sides still need to work hard and ensure alignment, “we can move much more quickly” than in a cautious bear market. “I think it’s fun and gratifying,” he said.
Both Feinzaig and Fubini are full of tactical advice for both venture capitalists looking for creative ways to get founders' attention and founders looking for the smartest choices for their cap table.
Pitch decks and cold emails may not have the power they once did, but building genuine relationships and proving them through execution remains the best strategy for attracting the kinds of people you want to work with, from both perspectives.
New episodes of Build Mode are released every Thursday. Subscribe to the podcast or watch it on YouTube. Isabel Johannessen is our host. Build Mode is produced and edited by Maggie Nye. Audience development is led by Morgan Little. And a special thanks to the Foundry and Cheddar video teams.