key learnings in failing fund raising
Post on 17-Oct-2014
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Presentation I made at Failcon France to publicly share how we failed fund raising in France!TRANSCRIPT
Failure in fundraising
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 [email protected]
Learning 1. There is no Rule in Fundraising, only
specific cases.
Cookening Timeline
• May 2012 -‐ Dev is starAng • November 2012 -‐ Private Alpha is launched
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
Learning 2. The US and France have nothing in
common. Really. Nothing.
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
Learning 3. It’s not because a VC is calling that you’re ready for
fundraising
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
Learning 4. Timing, Timing is key.
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
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
Learning 5. When you try to raise funds when you really need them, it might be too late.
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
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.
Learning 6. You might have a kick-‐ass team, a kick-‐ass product, you need a big market.
Learning 7. Do not focus on one specific VC
Learning 8. Look for VCs that do invest in
companies like yours
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
Learning 9. BAs and VCs really don’t think the
same way.
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
Learning 10. SomeAmes it’s be\er not to raise than bad raising.
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
Now ?
Thanks!
Check Cookening, we have awesome meals to aaend in France and in 30 countries
@cgiorgi