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Fundraising Panel at Female Founders Conference 2015
29 segments available
Fundraising Panel at Y Combinator Female Founders Conference 2015, comprised of: Danielle Morrill - Danielle is Cofounder & CEO of Mattermark, a San Francisco based startup focused on providing deal intelligence to investors, sales and business development professionals. Her company tracks the growth signals of more than one million technology companies, providing customers with insights into growth, share of voice and expansion revenue opportunity with prospective business partners. The company and its founding team are known for candidly sharing their startup adventures, which began in Y Combinator's Summer 2012 class. Mattermark has grown from 3 to 30 people over the past 18 months, raising more than $11 Million in seed and venture capital. The company most recently announced a $6.5 Million Series A led by Foundry Group, a financing which values the company at $25 Million. Nancy Hu - Nancy is the CEO and co-founder of Apptimize, enabling leading companies like Vevo, HotelTonight, and Strava to instantly update their native apps for mobile targeting, optimization, and A/B testing. Prior to Apptimize, Nancy led the GETCO (now KCG Holdings) FI Quantitative Strategies team in New York and Chicago. While studying Math with CS at MIT, Nancy was the MIT Varsity Fencing team captain. In 2015, Nancy was named to the Forbes "30 Under 30." Mathilde Collin - Mathilde is a founder and CEO of Front, a desktop application that empowers shared inboxes (e.g. contact@company.com, support@company.com, press@company.com) by introducing collaboration features. Susan Johnson - Susan Johnson, a marketing and media executive, was most recently the Entertainment Lead for Facebook. She focused on entertainment marketing for 3 years, creating effective, long-term strategies that created critical and foundational social programs for TV and film partners. Prior to Facebook, Susan was at Photobucket and Tripadvisor, where she oversaw key business development deals and expanded the revenue footprint for the west coast. A magna cum laude in Economics graduate from ASU (’03), Susan Lives in Manhattan Beach, with her husband, JR, and 2 daughters, Sloane (4 years old) and Blaire (1 year old). Maran Nelson - Maran is a founder of Clara Labs. Clara is a digital employee that schedules your meetings, getting you to the work that matters, faster.
Segments Timeline
The Reality of Fundraising
Danielle Morrill shares her personal journey of fundraising over three years, emphasizing the disparity between the polished narratives presented in the media and the real challenges faced by founders. She aims to normalize the struggles of fundraising and reassure others that it's okay for things not to appear perfect.
"wow this is awesome there are so many women in the audience and I am so happy to be here with you so um I'm Danielle as cat introduced and uh I want to talk to you a little bit about fundraising we're..."
From Application to Acceptance
Danielle recounts her experience applying to Y Combinator, highlighting the surprise of being accepted despite her initial doubts. She reflects on her background, including her previous role at Twilio, and the importance of having a supportive network that encouraged her to take the leap into entrepreneurship.
"that not everything actually looks as perfect as we make it look in the Press so I mentioned I've been fundraising for three years literally I have been fundraising non-stop for three years and this i..."
The First Million: A Double-Edged Sword
Morrill discusses the complexities of raising her first million dollars, revealing how initial funding felt easier due to personal connections. She emphasizes the importance of relationships in fundraising and the realization that investors were betting on her as a founder, not just the business.
"quickly I recruited my husband to be my co-founder so I basically proposed you know how they say being co-founders is like marriage I basically got to propose to my husband it was actually pretty cool..."
Lessons from Fundraising
Danielle shares valuable lessons learned during her fundraising journey, including the importance of understanding the venture capital landscape and the unexpected nature of meetings with potential investors. She reflects on how her perception of time spent with VCs evolved throughout the process.
"knew me and I didn't fully grasp this I mean people said the words but I didn't fully understand how powerful that was so the first million felt easy a couple funny stories out of the first million of..."
Navigating Challenges and Changes
Morrill candidly discusses the challenges her company faced, including the decision to pivot away from a business model that wasn't sustainable. She describes the emotional toll of letting go of team members and the introspection required to redefine her company's direction.
"keep doing that um but a couple cool things that happened one you don't have to take all your co-founders with you so I fundraised by myself as a woman I I'm sure that terrible things happen I've hear..."
Finding Product-Market Fit
Danielle reflects on the serendipity of finding product-market fit early in her journey with Mattermark. She contrasts the initial excitement of revenue generation with the realization that the business model needed to evolve to ensure long-term success.
"laugh so we had a good laugh about that and funny story you know he followed up a week later I have been warned by YC you know don't meet with these VCS during YC they're just unfortunately probably g..."
The Struggle for Sustainability
Morrill discusses the difficulties of maintaining a sustainable business model while selling to a niche market. She shares insights into the pressures of fundraising and the constant need to ensure financial stability amidst growth challenges.
"why combinator with was making money but we had a business that was all about gross merchandise value for those of you who are in e-commerce you know what I'm talking about basically we realized that ..."
The Journey to Series A
As Danielle approaches the end of 2013, she reflects on reaching $500k in annual recurring revenue and the decision to start thinking about raising a Series A. She highlights the importance of strategic planning and the ongoing challenges of navigating the startup landscape.
"let one of our co-founders go and had to do a lot of soul searching at that point you know I won't bore you because I like don't even really enjoy talking about my previous company that much anymore b..."
The Struggle of Startup Life
Danielle Morrill shares her early struggles with Mattermark, detailing how she and her team consolidated expenses, lived on a tight budget, and cooked their meals to survive. She emphasizes the psychological challenges of pretending to be a successful startup while facing financial constraints, highlighting the hustle required to find product-market fit.
"valley so we went and we rented the apartment that's on the top of the one rink on Hill Tower which is the tallest skyscraper in San Francisco we Consolidated all of our expenses we stopped paying our..."
Finding Product-Market Fit
Morrill discusses the importance of finding product-market fit early in the startup journey. She reflects on the challenges of having revenue that wasn't enough to scale and the pressure of fundraising while managing a small team. Her experience illustrates the delicate balance between growth and sustainability in a startup environment.
"were selling to VCS so we were selling to this niche market so I'm the whole time I'm trying to find money because every time I look at I use indan Euro and it has this great thing where it tells you ..."
The Pressure of Fundraising
As Mattermark approached the need for a Series A, Morrill recounts the stress of trying to raise funds while managing a growing team without a physical office. She shares her feelings of impostor syndrome and the challenges of convincing investors of their potential despite the chaos behind the scenes.
"build a team which slowly gotten up to about seven people just on Revenue so go home to my parents house in Seattle starting to build out the deck for the series a fund raise that we're going to try t..."
Navigating Investor Rejections
Morrill describes the difficult experience of facing multiple rejections while trying to raise a Series A for Mattermark. She emphasizes the importance of persistence in fundraising, sharing how they eventually secured funding from a customer-turned-investor, which helped build momentum for their fundraising efforts.
"fine we don't have an office anymore just you know work from your house it'll be fine fortunately this did work and we had they did trust us but it was a little bit weird in my head I felt like that y..."
The Unexpected Success of a Party Round
Morrill explains how Mattermark ended up raising a 'party round' of funding, which included multiple small investments rather than a single large one. She reflects on the challenges and benefits of this approach, noting that despite the difficulties, it ultimately led to a successful Series A announcement.
"kind of needed to either do one thing or another thing we need needed other fly or like question whether this was a venture backal company so we had very little money at this point and now we had payr..."
Lessons from Fundraising
In this segment, Morrill shares key lessons learned from her fundraising journey, including the importance of survival over perfection. She discusses the realities of startup life, the messiness behind the scenes, and the need to keep pushing forward despite setbacks and rejections.
"way so we raised our series a we announced a series a in December but you know what we could have called that a series B and every single one of those checks I like remember it like I think we've got ..."
The Reality of Startup Challenges
Morrill concludes her talk by emphasizing that the journey of fundraising is often fraught with challenges and uncertainties. She encourages aspiring founders to embrace the messiness of startup life and to maintain a positive mindset, even when faced with numerous rejections.
"last investor that we brought on so Brad Feld from Foundry group led our our series a and you might be wondering like what were the terms of these deals has she sold her whole company right like 155 i..."
Introducing the Panelists
Danielle Morrill invites fellow panelists to join her on stage, setting the stage for a discussion about their experiences with fundraising. Each panelist is introduced, highlighting their companies and the amounts they have raised, providing insights into the diverse experiences of female founders in the tech industry.
"we're doing um and now I would love to invite the panelists from the group to come up on stage we have Susan mati Nancy and Marin they've all raised they're all YC Founders and I wanted to ask them a ..."
The Daunting Fundraising Process
Nancy Hu reflects on the daunting nature of fundraising, emphasizing the importance of having a support system, such as a mentor or partner. She shares her experience of seeking advice from her husband and the significance of having someone to strategize with during the fundraising process. This segment underscores the emotional challenges of fundraising.
"date cool I'll start uh I'm Susan Johnson I'm the CEO and founder of women.com women.com is a women only question and advice platform we have raised 1.75 million dollar to date we did that about two w..."
Advice from Paul Graham
Nancy Hu recounts her conversation with Paul Graham, who reassured her about fundraising. She discusses the differences between raising seed and Series A funding, emphasizing the need for a shift in strategy. This segment provides insights into the mentorship and guidance received from Y Combinator's co-founder.
"yet I'm Nancy I'm the CEO of optimize we let mobile teams make instant updates to their native Android and iOS apps our series a investors are Costa NOA which is a fund in Palo Alto um we are 2 years ..."
Choosing Investors Wisely
The panelists discuss strategies for selecting investors to pitch. They emphasize the importance of targeting key individuals in the industry and leveraging connections. Marin Nelson shares her approach of pitching influential figures to gain credibility with other investors. This segment highlights the strategic aspect of fundraising.
"asking the best substitute for obviously not having a Founder partner uh would be finding a mentor someone who can be that safe zone for you that you can just go and unload to and you know fundraising..."
The Numbers Game in Fundraising
One panelist shares her perspective on fundraising as a numbers game, encouraging founders to seek as many meetings as possible. She explains that each 'no' brings them closer to a 'yes.' This segment emphasizes the importance of persistence and volume in the fundraising process.
"I I had to realized that I was completely wrong about a lot of the ideas I had for our seed so switching uh gears a little bit when you started getting advice how did you decide who to pitch there's l..."
Getting the First Meeting
The panelists discuss strategies for securing initial meetings with investors. Marin Nelson shares her experience of leveraging trusted connections to gain introductions. This segment highlights the significance of networking and building relationships in the fundraising journey.
"getting the nose because every no is going to get you to that yes and so if you have you know 100 investors that you send emails to and you get 75 back you'll get you know 40 meetings and and so on an..."
Believing in Your Vision
Maran Nelson emphasizes the importance of believing in one's product and having traction when fundraising. She discusses how confidence in their vision sets founders apart. This segment focuses on the mindset needed for successful fundraising.
"it does anyone else have thoughts on that first meeting and just and what worked well and what didn't work well or do you have other thoughts Marion yes I do I'm gonna keep going so just to make sure ..."
The Impact of Y Combinator
The panelists reflect on how being part of Y Combinator has influenced their fundraising experiences. They discuss the exposure, credibility, and momentum gained through the program, which helps them navigate the fundraising landscape more effectively. This segment highlights the advantages of being a YC founder.
"is just like icing on the cake so how did being part of YC help with the fund raise um especially if you've had the experience of fundraising without YC in the past um especially because I tried to ra..."
Mental State During Fundraising
Nancy Hu shares her mental approach during fundraising, advising founders to prioritize meetings with potential investors who are likely to provide funding. She discusses the importance of staying focused and not wasting time on unproductive conversations. This segment provides insights into the psychological aspects of fundraising.
"I'm I'm not sure if it's still allowed so how about in terms of preparation for fundraising just the process and maybe that first partner meeting how did YC help you guys with that uh I'll take a step..."
Closing Deals Efficiently
Nancy Hu explains her strategy for closing investment deals during meetings. She emphasizes the importance of recognizing when an investor is ready to commit and steering the conversation towards securing a financial commitment, ensuring that time is used effectively during the fundraising process.
"whole different process where you have to really get a relationship with a person and make sure that you educate your Advocate on the space and make them also feel comfortable that they can defend the..."
Managing Team Expectations During Fundraising
Maran Nelson discusses the importance of team communication during the fundraising process. He reflects on how transparency about both successes and setbacks can foster trust and engagement within a small team, especially during the high-stakes environment of raising capital.
"was a great overview and so beyond that what about the rest of the company and maybe um Marin maybe you can jump in like what do you say to your co-founders the other people that aren't in the meeting..."
The Importance of Sharing Bad News
Mathilde Collin shares her experience of communicating with her team during fundraising. She emphasizes the value of sharing both good and bad news with her team, particularly the impact of investor rejections, to maintain morale and keep everyone aligned on the fundraising journey.
"yet matild how big was your team while you were fundraising uh it was four of us so did you go back and tell them like every up and down and every detail or how did you communicate internally yeah so ..."
Choosing the Right Investors
The panel discusses the significance of selecting investors who align with the company's vision. They reflect on their experiences with press and public announcements, emphasizing that the focus should remain on the company's story rather than solely on investor relationships, highlighting the importance of narrative in fundraising.
"company really better mhm so you get the around get some PR you don't get PR like who announced and was it valuable or not I think that I'm I'm going to take this one just for our own perspective um w..."
The Value of Exposure for Startups
The panel concludes by discussing the benefits of maintaining visibility and communication as a startup. They agree that consistent exposure can be advantageous, encouraging startups to share their journey and updates regularly, rather than waiting for a 'perfect' moment to communicate.
"our product not our investors do anyone else have a different experience so I think we we chose to anate and like take FR vent B P the daily ET because I think like for us exposure was good to for the..."