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Gabriel Weinberg on raising VC money  

Great article by Gabriel. It claims to be really long, and it is quite long, but it's also extremely concise, and well worth your time.

Here's the super-short ultra-summary - basically just the headlines:

  • The funding process is not to be taken lightly.
  • Save up good news for the middle of the process.
  • People would talk to me because of traction and track record.
  • We probably could have raised earlier.
  • There are a lot of VCs.
  • Your VC is essentially buying in as a co-founder.
  • It's good to know people ahead of time.
  • To blast or not to blast.
  • Don't pitch ideal VCs first because you'll mess them up.
  • Get your story straight.
  • It's awkward to pitch people you know, but give them the real pitch.
  • Use AngelList.
  • Intro channel breakdown.
  • Getting to the right partner initially really really matters.
  • Often times the right partner is unclear without talking to someone else.
  • Having a good network to get intros really matters.
  • A warm intro >> cold intro.
  • Principal intro is OK if not right partner intro.
  • I never walked through my 6 slides.
  • I got very few NOs.
  • Having multiple term sheets really matters.
  • Blasting matters to align time-lines.
  • VCs really do take vacations in August.
  • Some partners I really liked.
  • I did not push for a bidding war.
  • I focused on what value the VC would bring.
  • I did reference checks.
  • I didn't travel much.
  • Having a mentor really helped.
  • Congratulations.

Go read it now.

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