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#4 Lessons from Raising $22 Million & Failing (Shruti Shah, Founder of Move Loot)
“We raised our seed round of $2.8M in 2 1/2 weeks”
Sounds sexy, right?
One of the saddest things I see from some founders is an excessive focus on fundraising as their “saving grace”. Yet, they have no traction or lack a clear path forward to generate traction.
Many founders are wasting their time finding investors because A. They haven't de-risked the investment through traction or B. They aren't VC-backable.
Even the best founders and teams fail but they had traction where investors were willing to take the risk like Shruti Shah.
-Her company was generating $30K MRR when they raised a seed of $2.8M in 2.5 weeks.
-A Chinese billionaire CAME TO HER to offer $11M for Series A.
-She went through YC.
Did checks guarantee success? Nope.
Shruti spills the tea and more importantly her lessons from scaling and failing:
-Dangers of growth for growth's sake.
-Pivoting away from the original model to raise more capital that decreased revenue nearly 7X.
-What led to growing a team 3X & laying off 1/2 a month later.
-Why she’s creating a founder-friendly fund around alternative financing.
About Shruti Shah
She is an advisor, investor, consultant, and coach who works closely with early-stage startup founders as they work to scale their businesses. She's in the process of launching a new fund that has developed a new model to fund startups. She was most recently an Entrepreneur in Residence at Silicon Valley Bank where she worked with the early-stage practice team on strategic partnerships. She was previously the co-founder and COO of Y Combinator-backed Move Loot, an online full-service marketplace for buying and selling used furniture, where she led the national expansion and general business operations. Over the course of three years, she and her co-founding team raised $22 million dollars to scale the business across the United States. Move Loot was featured in numerous publications including Forbes, TechCrunch, Bloomberg Business Week, CNN, TIME, Fortune, and more.
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By Get Sh!t Done
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“We raised our seed round of $2.8M in 2 1/2 weeks”
Sounds sexy, right?
One of the saddest things I see from some founders is an excessive focus on fundraising as their “saving grace”. Yet, they have no traction or lack a clear path forward to generate traction.
Many founders are wasting their time finding investors because A. They haven't de-risked the investment through traction or B. They aren't VC-backable.
Even the best founders and teams fail but they had traction where investors were willing to take the risk like Shruti Shah.
-Her company was generating $30K MRR when they raised a seed of $2.8M in 2.5 weeks.
-A Chinese billionaire CAME TO HER to offer $11M for Series A.
-She went through YC.
Did checks guarantee success? Nope.
Shruti spills the tea and more importantly her lessons from scaling and failing:
-Dangers of growth for growth's sake.
-Pivoting away from the original model to raise more capital that decreased revenue nearly 7X.
-What led to growing a team 3X & laying off 1/2 a month later.
-Why she’s creating a founder-friendly fund around alternative financing.
About Shruti Shah
She is an advisor, investor, consultant, and coach who works closely with early-stage startup founders as they work to scale their businesses. She's in the process of launching a new fund that has developed a new model to fund startups. She was most recently an Entrepreneur in Residence at Silicon Valley Bank where she worked with the early-stage practice team on strategic partnerships. She was previously the co-founder and COO of Y Combinator-backed Move Loot, an online full-service marketplace for buying and selling used furniture, where she led the national expansion and general business operations. Over the course of three years, she and her co-founding team raised $22 million dollars to scale the business across the United States. Move Loot was featured in numerous publications including Forbes, TechCrunch, Bloomberg Business Week, CNN, TIME, Fortune, and more.
Subscribe & Rate Now. #getsshitdonepodcast
Learn More About the Get Sh!t Done Accelerator: shegetsshitdone.com/accelerator
Join Our Traction Membership Community Waitlist: https://bit.ly/3giCEkC
Have feedback, a show topic you want us to cover, or just want to say hi: [email protected]
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