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VC shares 5 tips for startup founders who are ready to raise their Series A round

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Phil Boyer, partner at Crosslink Capital.

Now you’re ready for more capital to supercharge that growth — it’s time to raise a Series A round.

Phil Boyer, partner at Crosslink Capital, answered these questions and more as part of an event hosted by Flying Fish Partners called Road to Series A, a new virtual event series put on by the Seattle venture capital firm.

Boyer spoke with Lisa Nelson, the former managing director of Microsoft’s venture fund M12 who is now a venture partner at Flying Fish.

Here are tips from Boyer for founders that are looking to raise their Series A:.

It’s about the team: Some founders assume that once they hit $1 million in ARR there’s a “magic thing that happens where you raise a Series A.

Revenue can be a great data point, but he’s more interested in the leaders themselves and if they’re equipped to take the company from beta to a scalable business.

It’s also about the market: In addition to the quality of the founding team, Boyer prioritizes the size and opportunity of a market ahead of any metrics.

If it’s a deep infrastructure product for enterprise, for example, is the startup showing that it can land its first set of six-figure deals? .

Boyer says: “It’s showing that you have enough early proof to get someone to say, ‘if these folks execute on the product roadmap and on professionalizing their sales and marketing team, I can see this company getting to $100 million in ARR within the markets they are going after.

“It’s a very simple thing to do and it’s important,” Boyer said.

“Be straightforward and have high integrity in what you’re showing investors,” he said.

On advisory boards: It can be a “strong weapon” for early-stage companies to have a group of advisors, Boyer said.

“That is absolutely worth it if you’re able to get that kind of insight for cutting an options deal with that person to add them on as an advisor,” he said.

It’s totally fine to start a conversation with an associate — they are the ones often driving the due diligence process anyways, Boyer said.

“I don’t think it’s smart to ignore an associate or push them aside as not important,” he said.


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