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Five tips on fundraising during Covid-19

 
 
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Tips and guidance from recent content created by Eagle Labs, with links to the original articles and videos if you want to learn more.

It's never too soon to prepare for funding

If you need to approach VCs or angels for funding, then start preparing now. The preparation process could take 12 months and it is vital that all your technology, market and growth milestones align if you are going to be successful. It's also more efficient to approach numerous investors at the same time so that all of your conversations with them are phased simultaneously.

Watch this short video for advice from Pahini Pandya and Pandu Raharja-Liu, co-founders of Panakeia, who have successfully raised seed funding and are looking at their next stage of growth and investment.

And in this additional video, Pandya and Raharja-Liu share more insight and experience on how your approach to funding should change as your startup grows.

Find the use case

When approaching a corporate partner for investment, the key is to identify exactly how it could use your product to help its customers. You've always got to ask yourself, what is the use case? Just as importantly, who is the right stakeholder to target within the organisation? That is often half the battle - targeting where to land your product.

Read more about the benefits of partnering with a strategic or a corporate investor, and what to consider when creating your pitch.

Double down on your team

Despite the current disruption, investors are still operating and once the dust settles they will be allocating more funds. So now is the time to double down on expanding your team. If you can show that not only are you surviving in this time but growing and thriving, it will make you an attractive investment opportunity.

Read this article to learn from the experiences of three founders who have been raising funding during the pandemic, all working remotely and juggling the challenges of lockdown at the same time.

Generate revenue while trying to raise

It can be a challenge to generate revenue and carry out business as usual at the same time. But you can’t just drop everything to focus on fundraising, so plan for the disruption.

Watch this video of Chibeza Agley, CEO of Obrizum, sharing his funding journey, explaining why it was an “emotional rollercoaster”, and what he thinks are the pros and cons of equity funding.

Don’t expand internationally for the sake of it

The allure of Silicon Valley and VC money is strong but, before targeting it, really consider whether it works for your product. Many founders don’t realise that VC funds have a codified region. Also, before going international, ask yourself if you have first tapped all resources available in your country.

Watch this video of Silicon Valley veteran, CEO and founder of Commonwealth Ventures, Chris Neumann sharing his expertise on UK businesses seeking US investment and what they need to consider before taking the leap.

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