Here’s the slide deck the Front team used to raise its $10 million Series A round in 2016. In this series A round the Front team managed to raise from Social Capital, Stuart Butterfield (Slack) and some other Angels.
It truly is one of the best decks I have seen in a long time. Everything from the flow, the design to the clarity is strong. To our delight, the founder Mathilde Collin has written a blog outlining some of her lessons raising.
Lessons learned on the process of raising Front Series-A
- Pick your board member carefully: I knew whoever would invest in our A round would become our first board member, and we’d have to work together for years. Considering you can’t really get rid of a board member, I felt it was important to start getting to know them early.
- Realise raising is a full-time process: I spent 90% of my days working on the deck, gathering data, making projections and constantly iterating based on investor feedback
- Talk to VCs but don’t waste your time: VCs live and die on information (about your company, your market, your competitors, etc.), so they will never run out of questions to ask. Know when to stop answering.
- The story you tell is the one they will dream/nightmare of: Choose carefully what metrics you talk about during those meetings. VCs will take note of everything you say and try to detect trends in your business. You want to decide which trends they get to detect.
- Be committed to raising, or don’t: Raise or don’t raise. But don’t “kind of raise”: the more condensed the process, the better outcome for your company.
- Capital efficient: They spent less than their ARR. Not all VCs want you to spend all your cash in 12 months.
- Upselling customers is good: Customers spend 50% more after 12 months (net of churn). This is good
- Know your acquisition channels: Organic growth is not good because you have no idea what channels are scalable.
- You need a financial model: Investors want to know how you will spend their money.
Slides to be added:
- Metrics are good: Add what is relevant to your startup: the average amount of time spent on the app per user and per day, the number of DAUs, the number of MAUs, the evolution of the DAU/MAU ratio etc.
- Know your customers: Invest time finding out who your typical buyer is. Without this, you can’t do outbound or paid effectively.
Pitch deck Front
Want to understand CAC/LTV calculations?
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