Everything I wish I had known about raising a seed round

  • There’s nothing magic to it, really.
  • First thing, pick a valuation for your company
    • This is basically your asking price
    • Do some market research into what other startups are getting
    • Manifold started on $10m, then went up the $15m
  • Then figure out how much you need for the next 12-18 months
    • Heuristic: $200k per FTE, hiring 6 = 1.2M Plus a bit more for overhead
  • Use an Angellist RUV to make things super easy
  • Ask for intros shamelessly
  • Fundraising is like interviewing for a job
    • Taking a bunch of calls, screening people, convincing them to come on
    • Schedule all your offers to come in at once (these are VCs)
    • Try getting your friends to invest first
  • Your memo = your resume
    • We spent a ton of time on this, and tried to make it really good (eg with embeds)
    • Very shareable document that we’ve used in a bunch of other contexts too