How to Raise Your First Fund

Keys:

Leverage your reputation and network to show early investors that you know enough people in the industry and have access to strong, proprietary deal flow.

Show any traction including previous investments or high-quality deals you scouted or helped investors close. Track key metrics and convert them into pitch decks.

Anchor your commitment to raising your first fund with a clear personal motivation. Why you want to raise a fund will help explain why you are the right person to raise a fund.

Surround yourself with great people building great things. The best teams bring together partners that may have very different backgrounds but aligned values.

Over the past decade, early-stage deal count and value has more than doubled. According to Crunchbase, the number of “Nano” and “Micro” VC funds have grown rapidly in the last 3–5 years, with 295 venture funds of $100M or less reported in 2018.

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Micro-vc investing

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Upfront Mark Suster VC funnel vc deal flow

Early Stage deals and Micro VC’s

Funding is becoming much more competitive and concentrated within fewer early stage companies.

If you do set a high valuation, consider how that affects your sales, hiring, and ability to raise the next round.

The sheer number of seed funds has increased 2400% to around 800 in total since 2003.