cover of episode Masterclass: Superhuman's Fundraising Playbook (with CEO Rahul Vohra)

Masterclass: Superhuman's Fundraising Playbook (with CEO Rahul Vohra)

2020/11/12
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David
波士顿大学电气和计算机工程系教授，专注于澄清5G技术与COVID-19之间的误信息。
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Rahul Vohra
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Rahul Vohra 认为初创公司融资的关键在于建立发展势头，即使是单人创始人也能做到。他分享了 Superhuman 的融资历程，强调了提前一轮融资、保持充足资金储备（四五年甚至更长）的重要性，这能让你在谈判中拥有主动权，获得更好的交易条件。他建议创始人应该优先投资于品牌建设和设计，以建立发展势头，并通过逐步融资和持续进步来建立发展势头。他还区分了两种类型的融资：被抢先融资和市场化融资，并建议创始人应该争取被抢先融资。此外，他还建议创始人应该在早期轮次中投入一部分资金，以表明对公司的承诺和信心，但少量投资对交易的经济或控制方面影响不大，真正的杠杆在于能否成为主导投资者。 David 则提出了一个问题：即使你认为可以建立非常大且有价值的企业，也可能存在不融资的合理理由，因为你不需要融资。他认为，即使非常成功的创始人，拥有董事会也能带来外部问责制、指导和良好的公司治理。没有董事会可能会影响公司发展，即使公司最终被收购。早期融资有助于向外界证明你的想法并非完全疯狂，专业投资者参与融资，可以向员工和潜在员工传递积极信号。 在融资过程中，创始人需要根据自身情况选择合适的投资者。Rahul Vohra 分享了 Superhuman 在不同阶段的融资经验，包括与传统风险投资公司和非传统投资者（如家族办公室）合作的经验。他强调了间隙融资的重要性，这是一种在正式融资轮次之间进行的融资，可以用来补充资金，保持发展势头，并奖励早期投资者，激励合作伙伴，吸引新投资者。他还建议创始人应该选择最适合你公司发展阶段的投资者，并根据自身情况选择合适的投资者。在与非传统投资者融资时，创始人应该主动提供条款清单，以确保对自身有利。 Rahul Vohra 还分享了他与 Todd Goldberg 共同创立的基金，旨在为早期阶段公司提供资金支持，并为创始人提供运营指导。他们寻求投资具有巨大潜力的公司，创始人需要具备创造产品和市场需求的能力。他们更倾向于在早期阶段从其他创始人或运营者那里融资，并通过团队合作和专注于核心领域来有效地平衡时间分配。

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Founders should not fundraise unless they see a path to growing into 10 times their valuation. Most software businesses can grow to $10 million in ARR, and a great founder can position such a business for a $100 million exit.

Shownotes Transcript

Superhuman CEO Rahul Vohra joins us for an absolute masterclass on startup fundraising that shatters much outdated traditional wisdom in the space. We cover why it's possible to build momentum and raise even as a solo founder, how you should think about syndicates vs. "brand name" VCs, and why you always want to be preempted and how to make that happen. This episode is a 100% must-listen for anyone raising money now, or planning to in the future. 

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Topics Covered:

  • How to run a successful fundraising process 

  • Why founders should think about raising money as "creating a market" for their company's equity

  • How to build fundraising momentum, and why you shouldn't be afraid of using outsourced design and development agencies

  • Preempted fundraises vs marketed fundraises: why you always want to be preempted, and how to orchestrate that happening

  • Non-obvious ways that founders should think about runway, amount to raise and raise-timing in order to always have leverage in fundraising conversations

  • Round construction 

  • The value of "brand name" investors vs. non-traditional capital, and why you actually want both at different times

  • Why founders might want to raise their first capital from other founders and operators (versus from funds)

  • Why founders should put some of their own capital into early rounds

  • How to use high-resolution financings (SAFEs and convertible debt) efficiently

  • The concept of "interstitial financings", where you raise convertible debt in-between rounds, and when & how to use them

  • Investing while also being a founder/operator 

  • Time/attention allocation and why it's now possible to do both effectively

  • Flexibility to build positions over time vs. traditional fund structures

  • Rahul's own angel fund with Todd Goldberg

  • Bonus! The origin story behind the Superhuman name

 

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