ITR #001: How to Plan - and Time - Your Fundraise (Part 1 of 2)

Welcome to the first edition of Into the Ring!

I’m Jorian Hoover, and I’m super excited to be writing to you today. If we’re connecting for the first time, or it’s been some time since we spoke, let me get you up to speed with who I am, how I can help, and what my goals are for Into the Ring.

I’m a startup fundraising coach, leveraging a decade of experience in leading fundraising for startups ranging from Pre-Seed to Series C, and learning from Harvard Business School, Owl Ventures, Microsoft and UNC Chapel Hill. Last year I finally created my own company with a mission to deliver unparalleled coaching and support for founders navigating the complexities of fundraising. To date, I’ve been grateful to work with over 30 founders who’ve raised $130M+ in capital. (You can learn more on my website and LinkedIn).

(Sound good? Book a call today to learn more about me, and how I can help.🤙 )

Now I’m ready to share what I’ve learned, and what I continue to learn, with y’all. Fundraising can be lonely and exhausting, but I’ve worked out some strategies and techniques that can simplify the process, build your confidence, and help you reach for - and smash - your fundraising goals.

Every other week, I’ll share a short essay packed full of actionable takeaways (no filler), some super-relevant resources, and a series of founder Q&As, asking (and answering!) the burning questions that every founder has, but doesn’t know who to ask (this one I am VERY excited about).

If that all sounds great to you, let’s dive right in. 👇

Your Six Step Fundraising Prep Sheet 📋

Fundraising isn’t an exact science. There are many variables that play into your unique fundraising journey: your experience, your personality, your appetite for risk, market or political forces beyond your control, even good old-fashioned luck - the list goes on. But a plan goes a long way towards making your fundraise a success, and a little easier on the nerves.

Today, I’m starting with a six step outline of everything you need to kickoff your fundraise. (In part two, I’ll break down a typical fundraising timeline and what you’ll need to do at each step, plus how your plan might look if you have more or less time, so don’t miss that.)

1. DEFINE your fundraising contours.

What? Fundraising contours are the fundamentals of your plan. In this step, you’ll determine how much you want to raise, what you'll use the funds for, what types of investors you want (angels, VCs, or a mix), what valuation you’re aiming for, and which terms/type of raise (SAFE, term sheet) are acceptable to you. If you haven’t talked with a startup fundraising lawyer, now is a good time to do so.

Why? Fundraising contours act as a guiding light during fundraising, setting the stage for other preparation efforts. Once your fundraising process has begun, it’s tough to do this research retrospectively.

2. CREATE compelling fundraising materials.

What? Consider these materials to be your copilot when talking to investors. Of course a polished pitch deck is critical, but depending on what stage you’re at, the list of additional materials you want in your data room varies. At the earliest stages, this list may include a product demo, team background, and a simple financial model. At later stages, investors expect more detailed financials, metrics, and cohort data.

Why? Your pitch deck is often the first impression for investors and other folks who’ll be helpful in your fundraise, from other founders to friends who can make valuable introductions. You only have one chance to nail it. Other data room materials are key to helping investors understand why you’re an exciting startup.

3. DEVELOP a robust investor list and reach out process.

What? I recommend building out a well-researched list of at least 75 investors (VCs and/or Angels) to draw from. If you’re an early-stage startup, increase your list to 150 investors. Research who the right person at each firm is, glean a nugget or two of personalization, and tier the firms based on your interest. Determine who in your network can introduce you (or if you’ll need to cold reach out), and starting warming up those intros.

Why? It is common to ‘run out’ of investors early into the fundraising process. Avoid this by having a deep bench to draw from, so that you can keep up momentum and maximize your leverage.

4. PREPARE for investor conversations.

What? Set aside time to practice your pitch and investor Q&A, and write down your answers. Rehearse the pitch on your own and with friendly founders/investors to boost your confidence before you step into the room with investors, and equip you for even the thorniest investor questions.

Why? Too many founders rush into investor meetings without having rehearsed beforehand. No one’s ever raised off materials alone - investors are often betting on the founder(s), so being prepped for these conversations is key.

5. FINALIZE your other initiatives.

What? Ensure you tackle any other initiatives related to your fundraise. These could range from applying to accelerator programs like Y Combinator, updating your LinkedIn profile and website, or getting your legal docs in order. Ensure no stone is left unturned before your first investor conversations.

Why? A fundraise can be unpredictable, and you’ll want to mitigate the impact of tangential stuff popping up at a crucial moment. The process itself unearths other initiatives, so give yourself the room to include those.

6. SET your investor kickoff date.

What? The date after which all your prep is done and you are ready to hold your initial investor conversations. In my experience, the best fundraises involve jamming dozens of investor meetings into a two-week kickoff period.

Why? You want your fundraise to feel like a fast-moving train, and having a packed initial meeting schedule adds to the momentum. Setting an internal date gives you a hook to hang everything on. Of course, timings can move, but having a provisional kickoff date set gives you something to work towards.

With this prep work in place, you’ll be feeling much more confident, and ready to build momentum in your fundraising process.

NEXT TIME: When you’ve listed out everything you need to do, you’ll need a preparation timeline and dependencies. In part two, I’ll help you lock down what you need to do and when, and how to work around less than optimal timings.

Need help now? Book a call with me to plot your route to fundraising success.👇

Your Exclusive Webinar Invitation 🧑‍💻

Fundraising isn’t for the faint-hearted. Fundraising fatigue, struggling to build an investor network from scratch, seeing your message get lost in the crowd - I’ve seen it all. The good news is that I’ve developed the strategies to help. 🆘

Join my latest webinar where I’ll share key insights from my experiences helping founders raise over $130M, and get the practical guidance you need to prepare a strong fundraise and maximize your success.

🗓 Wednesday, November 13.
⏰ 11am PST / 2pm EST / 7pm GMT. One hour.
📹 Zoom.

Every other week, I’ll be reaching out to my network to get their take on important questions on every aspect of fundraising. Got a question you’d like me to ask? Let me know. This week, some great advice on the power of an inspiring story. 💫

Q: What’s the best pitch advice you’ve ever received, and how did it help you?

Thanks for stepping Into the Ring 🙏

Thank you for reading today, and for your support. If you have any questions or feedback simply hit reply and let me know - I would love to hear from you. Your time and attention is precious, and my goal is to bring you only the most meaningful and actionable fundraising insights. 💡

📩 If you were forwarded this newsletter, you can subscribe here. Don’t forget - Part Two of how to prep and time your fundraise the week after next.

👉 Curious to work with me? You can learn more about what that looks like here.

➡️ I’m on Linkedin, sharing more insights from my work. Be sure to connect with me.