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How to Raise a Preseed Round, Featuring Ann Wehren Founder & CEO of In-seam
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Fundraising at the early stages is hard, and it’s been especially difficult over the last year or so – and even more so for a solo founder. This episode features Ann Wehren of In-seam, a private marketplace and sourcing toolkit for connectors whose relationships power the luxury fashion industry. She walks us through her step-by-step guide to raising a pre-seed round from VCs, from how she found warm intros, dealt with all the no’s, confirmed a lead investor and filled out her round. Note: this episode was recorded in November 2023.
Topics:
- How Ann launched her company with friends and family funding
- Why she decided to raise outside capital versus bootstrapping – and managing timing
- Why the financial models she built were critical in her decision-making
- How Ann prepared for the fundraising process as a solo founder
- How she built a list of 250 warm intros and how she sent them out
- How Ann managed the process (including the no’s) with investors to gauge interest
- How she secured the lead investor she wanted - not the first one that offered terms
- What Ann did to keep herself motivated through the process
- Resources Ann recommends:
- Class Rebel: Fundraising 101 ($99)
- Kelly Nyland’s How to Fundraise (free)
- Financial modeling help (hire someone if you don’t have the excel skills)
Music by Eino Toivanen, kongano.com
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