How many meetings do Web3 entrepreneurs need to have to raise money?

0x214

23-02-23 18:25

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MagnaToken CEOBruno Brasil Faviero

0x214, BlockBeats

Bruno Brasil Faviero, a former Y Combinator executive and founder and CEO of Magna, Magna closed a $15 million seed round on September 15, 2022 at a valuation of $70 million. The star-studded round, led by Tiger Global and Tusk Ventures, Shima Capital, Circle Ventures, Solana Ventures, Avalanche Labs, and Galaxy Labs all participated, as did individual investors from Coinbase, Messari, and others.

BlockBeats combs and compiles it as follows:

Founders, if you don't have a calendar as full as the one below during your fundraising (seed round and beyond), you may not have the results you want.

At the peak of my fundraising, I had more than 50 meetings a week, up to 18 in a single day. So I advise founders to focus on just one thing during the fundraising period. Give it your all or don't do it at all.

This applies to seed rounds and subsequent rounds of funding, but for pre-seeds, try to find strategic partners and strong believers, and then quietly go back to building. Venture capital inherently benefits from a slower, less competitive process.

We had 120 participants in our most recent round, so I would estimate that we've talked to over 300 investors just for the seed round. The schedule for each week of that month looks like the picture below.

It was so much fun! I can no longer recall having had any great adventures in the Madeira Dunes. I miss the good old days so much!

If I tell you that 100% of the gaps in this schedule are filled by impromptu phone calls, follow-up meetings, or mandatory activities (like washing, bathing, or eating), believe me, I'm telling the truth.

But, that's how we raised $16 million.

In fact, many of the founders I spoke with had only two to four meetings a week during their fundraising sessions and were able to put those meetings off for two months. Well, these numbers or this density aren't enough.

最后，到底为什么要开这么多会？我认为通过成倍激励信徒会为大多数创始人带来更多效益，而不是试图去覆盖和扭转那些「不买帐的人」。如果有些人就是「不明白」，请不要再浪费你的时间了。但是，如果你发现有人对未来的愿景与自己保持一致，千万不要轻视这个机会。