What’s the secret to securing VC funding?
Last week, I attended ‘100 Female Founders – HealthTech Innovators Meetup’, an event focused on fundraising and go-to-market strategies.
The panel brought together VC and Innovate UK experts, to answer the questions keeping founders up at night.
Here are my top takeaways from the illuminating discussion (see speaker and organiser details below).
- Not every VC or grant provider is the same. Find one that fits you. Ask how they work and what they look for. Talk to founders in their portfolio about their experience.
- There’s no ‘one size fits all’. Successful applicants might simply have an idea on paper or they might be generating revenue already.
- Assume the person reading your grant application or pitch deck knows nothing. Strike the right balance between layman’s terms and technical language
- Your reader may be on their 50th application of the week. Clarity and easy reading is key.
- Use AI to be faster and more efficient – for searching, summarising and comparing – not to do everything for you or to replace you.
- On that note, make sure you have an AI strategy and a Net Zero strategy. These are increasingly expected – even if it’s a work in progress.
- Don’t be a founder when you’re raising money – think like an investor. Lead with the financial opportunity, not the product.
- Show how you bring value to the full ecosystem of stakeholders, not the just end user.
- Community is critical. Your network is often a leading indicator of how good you are at fundraising (and a good circle will support your mental health too!).
- If you’re not currently VC backable, other funding models might work better. You may be able to find community sponsors instead.
- Tap into the momentum in women’s health. Build mutually beneficial relationships and communities.
- Partner with bigger organisations. Leverage their systems and reach to get your product to market.
- Use LinkedIn intentionally to raise visibility and seek out potential investors. LinkedIn offers access to a vast network of funders and professionals with money to invest who would have otherwise been difficult/impossible to find.
- Think globally. The optimal place to set up your business and/or sell your product might not be the place you’re in.
Need support drafting a clear and compelling proposition for funders, keeping your LinkedIn populated, or even seeking out the right contacts?
You know where to find me. Book a meeting here.
The expert panellists providing the above insights were:
- Janice Sanon, Senior Innovation & Growth Specialist, Innovate UK
- Estia Ryan, Investor & Head of Research, Eka Ventures
- Albert Azis-Clauson, General Partner and CEO, TRAMLINES
- Amandine Chaubet-Rochester, Head of Scale, Innovation Banking, Barclays UK
This event was organised by Barclays Innovation Hub in collaboration with Invest In Women Taskforce, Nexus and NXGN.
A special thanks to Leo Tyson from Nexus for organising!
