Key Learnings in Failing Fund Raising
•
26 gostaram•13,240 visualizações
This document outlines the fundraising timeline and lessons learned by the founders of Cookening, a startup company. It describes their efforts from 2012-2014 to raise funds from venture capital firms in France. Key events included launching their private alpha in November 2012, meeting with VCs starting in January 2013, and their public launch in May 2013. Despite ongoing meetings and updates, their last pitch to a VC in December 2013 was rejected. They then explored raising from business angels in early 2014 but ultimately decided not to raise funds at all. The document lists 10 lessons learned around timing, market fit, focusing too narrowly, and risks of pursuing the wrong fundraising opportunities.
Recomendados
Recomendados
Mais conteúdo relacionado
Semelhante a Key Learnings in Failing Fund Raising
Semelhante a Key Learnings in Failing Fund Raising (20)
Mais de Cedric Giorgi
Mais de Cedric Giorgi (16)
Último
Último (20)
Key Learnings in Failing Fund Raising
- 2. Hello • Cédric Giorgi • Cookening Co-‐Founder • Previously at Scoop.it (Goojet), Seesmic, Techcrunch France • Also involved in LeWeb, Startup Assembly, La French Touch Conference • Founder of French Startupers FB Group @cgiorgi cedric@cookening.com
- 4. Learning 1. There is no Rule in Fundraising, only specific cases.
- 5. Cookening Timeline • May 2012 -‐ Dev is starAng • November 2012 -‐ Private Alpha is launched
- 6. Cookening Timeline • May 2012 -‐ Dev is starOng • November 2012 -‐ Private Alpha is launched • December 2012 -‐ A VC is calling • December 2012 -‐ Let’s start to think about raising funds
- 7. Learning 2. The US and France have nothing in common. Really. Nothing.
- 8. Cookening Timeline • May 2012 -‐ Dev is starOng • November 2012 -‐ Private Alpha is launched • December 2012 -‐ A VC is calling • December 2012 -‐ Let’s start to think about raising funds • January 2013 -‐ We’re meeAng with a dozen French VC funds
- 9. Learning 3. It’s not because a VC is calling that you’re ready for fundraising
- 10. Cookening Timeline • November 2012 -‐ Private Alpha is launched • December 2012 -‐ A VC is calling • January 2013 -‐ We’re meeOng with a dozen French VC funds • May 2013 -‐ Cookening Public Launch
- 11. Learning 4. Timing, Timing is key.
- 12. Cookening Timeline • November 2012 -‐ Private Alpha is launched • December 2012 -‐ A VC is calling • January 2013 -‐ We’re meeOng with a dozen French VC funds • May 2013 -‐ Cookening Public Launch • June 2013 -‐ Update sent to Investors
- 13. Cookening Timeline • November 2012 -‐ Private Alpha is launched • December 2012 -‐ A VC is calling • January 2013 -‐ We’re meeOng with a dozen French VC funds • May 2013 -‐ Cookening Public Launch • June 2013 -‐ Update sent to Investors • September 2013 -‐ We really need to raise now
- 14. Learning 5. When you try to raise funds when you really need them, it might be too late.
- 15. Cookening Timeline • November 2012 -‐ Private Alpha is launched • December 2012 -‐ A VC is calling • January 2013 -‐ We’re meeOng with a dozen French VC funds • May 2013 -‐ Cookening Public Launch • June 2013 -‐ Update sent to Investors • September 2013 -‐ We really need to raise now • October 2013 -‐ MeeAngs, meeAngs
- 16. Cookening Timeline • November 2012 -‐ Private Alpha is launched • December 2012 -‐ A VC is calling • January 2013 -‐ We’re meeOng with a dozen French VC funds • May 2013 -‐ Cookening Public Launch • June 2013 -‐ Update sent to Investors • September 2013 -‐ We really need to raise now • October 2013 -‐ MeeOngs, meeOngs • December 2013 -‐ Last VC said no.
- 17. Learning 6. You might have a kick-‐ass team, a kick-‐ass product, you need a big market.
- 18. Learning 7. Do not focus on one specific VC
- 19. Learning 8. Look for VCs that do invest in companies like yours
- 20. Cookening Timeline • January 2013 -‐ We’re meeOng with a dozen French VC funds • May 2013 -‐ Cookening Public Launch • June 2013 -‐ Update sent to Investors • September 2013 -‐ We really need to raise now • December 2013 -‐ Last VC said no. • January 2014 -‐ Let’s look for a round with BAs
- 21. Learning 9. BAs and VCs really don’t think the same way.
- 22. Cookening Timeline • January 2013 -‐ We’re meeOng with a dozen French VC funds • May 2013 -‐ Cookening Public Launch • June 2013 -‐ Update sent to Investors • September 2013 -‐ We really need to raise now • December 2013 -‐ Last VC said no. • January 2014 -‐ Let’s look for a round with Bas • February 2014 -‐ Ok let’s do not raise at all
- 23. Learning 10. SomeAmes it’s beer not to raise than bad raising.
- 24. Also… • We didn’t want to move to the US. • We didn’t want to / couldn’t pivot. • We certainly focused too much on wrong things • We were too long to launch • Careful with sexy ideas… • Being the X for Z is a dangerous pitch
- 25. Now ?
- 26. Thanks! Check Cookening, we have awesome meals to aaend in France and in 30 countries cedric@cookening.com @cgiorgi