Behind the Raise

In this episode of Behind the Raise, Martin is joined by Tariq Esmail, VP of Sales at DealMaker, for a conversation on what is changing across private capital markets and online capital raising.

Together, they explore how issuers can approach direct-to-investor fundraising, what separates successful raises from underperforming campaigns, and why owning your investor audience can become a long-term strategic advantage. Tariq also shares insights from the front lines at DealMaker, including the rise of self-hosted capital raises, the importance of issuer commitment, and where private markets may be heading next.

Is your capital raise struggling because of the marketing, the offer, or the positioning?

In this episode of Behind the Raise, Martin is joined by VirtualAd’s Brendan Manley to break down one of the biggest questions issuers face when conversions slow down: is the marketing not working, or is the offer itself not converting?

They discuss how to diagnose performance across the funnel, from ad engagement and landing page conversion to booked meetings, investor follow-up, and bottom-of-funnel sales conversations. Brendan shares how issuers can use data to understand where investor interest is dropping off, why the first few weeks of a raise are so important, and how marketing benchmarks can help separate creative issues from deeper offer or positioning problems.

From minimum investment strategy and pricing psychology to urgency, incentives, trust, testing, and the importance of validating positioning before scaling, this episode gives founders a practical framework for understanding what is really holding a raise back — and what can actually be fixed through marketing.

Why do retail investors actually say yes?

In this solo episode of Behind the Raise, Martin breaks down the psychology behind retail capital decisions and why successful raises need to speak to more than just the numbers. He explains the two major investor mindsets founders need to build for: emotionally led investors who connect with the mission first, and analytical investors who need the financial substance to confirm the opportunity.

Martin walks through the three key stages of the investor journey — curiosity, trust, and conviction — and why the first 48 hours after someone enters your funnel are often the most important window for conversion. From pattern interrupts and founder trust to social proof, urgency, identity, and milestone-driven momentum, this episode gives founders a practical look at how retail investors move from initial interest to investment decision.

If you’re planning a raise or currently in market, this episode is a reminder that investors are not all making the same kind of decision. The raises that win are built with both a compelling story and the substance to back it up.

What happens after an investor opts in, but before they actually invest?

In this episode of Behind the Raise, Martin is joined by VirtualAd’s CRM and Automation Manager, Randy Jones, to break down the middle of funnel and why marketing automation is one of the most overlooked pieces of a successful capital raise.

They discuss what MOFU actually means, how issuers can use automation to educate, nurture, and re-engage investors, and why founders need to think about the investor journey from the prospect’s point of view. Randy shares how email sequences, behavioral triggers, CRM systems, SMS, webinars, and investor follow-up flows can help move people from curiosity to confidence without rushing the sale.

From choosing the right automation platform to avoiding overcomplicated funnels, improving deliverability, building investor referral sequences, and creating educational email courses, this episode gives issuers a practical look at how to turn middle-of-funnel attention into stronger investor relationships and more informed investment decisions.

What makes an investor ad actually stop the scroll and move someone further down the funnel? In this episode of Behind the Raise, Martin is joined by VirtualAd’s Head of Design, Danielle Fobert, to break down the design strategy and psychology behind creative that converts. They discuss why investor ads should not be treated like mini pitch decks, how the hook-story-offer framework helps structure high-performing creative, and why founders need to focus on curiosity, clarity, and emotional connection before overwhelming audiences with information. Danielle shares what she sees working across static ads and video, including bold numbers, pattern interrupts, founder-led content, strong opinions, simple messaging, and the power of using real faces to build trust. From “ugly ads” that perform to AI-assisted creative, founder videos, and the importance of testing one clear message at a time, this episode gives issuers a practical look at how to create investor-facing ads that earn attention and drive action.

Getting plenty of leads but no actual investors? In this episode of Behind the Raise, Martin and Brendan break down one of the most frustrating problems in an online capital raise: when interest is building, the funnel looks active, but investment conversions are not happening. They explain why issuers should not automatically blame the ads or traffic source, and instead need to diagnose the full investor journey step by step. From traffic quality and landing page performance to email automations, meeting show rates, lead source quality, and bottom-of-funnel follow-up, this episode walks through how to identify where the real drop-off is happening. Martin and Brendan also discuss the importance of tracking, benchmarks, testing windows, lead segmentation, investor surveys, and knowing when the issue may be the offer itself. If your raise is generating attention but not capital, this episode gives you a practical framework for finding the leak in the funnel and fixing it before scaling further. 

What separates a raise that gains momentum from one that struggles to get off the ground? In this episode of Behind the Raise, Martin and Brendan break down the five core components every founder needs to nail before launching a successful online capital raise: a clear and investable offer, founder and leadership visibility, a real marketing engine, smart planning around funding, budgeting, and cash flow, and strong momentum and social proof. They explain why having a great company is not the same as having a clear investment offer, how founders can turn complex products into simple investor narratives, and why leadership involvement is critical for building trust. From creating founder-led content to planning marketing budgets, managing investor relations capacity, and showing proof that the opportunity is gaining traction, this episode gives founders a practical framework for understanding what needs to be in place before they go to market.

Raising money costs money — but how much, and where does it actually go? In this episode, Martin and Brendan break down the true cost of running an evergreen capital raise, from pre-launch legal and platform fees to the ad spend that drives investors through the door.

They cover what it really takes to "prime the pump" (think $20K–$50K+ before you raise a cent), why your minimum viable marketing budget runs ~20% of a crowdfund target versus 8–12% for accredited Reg D raises, and the single biggest misconception founders have: that you need the full marketing budget sitting in the bank on day one (you don't).

You'll also hear why compressing your timeline almost always raises your cost of capital, how to think about the critical first three months to break-even, and the second- and third-order costs — staffing, shiny-object channels, wasted ad spend — that quietly burn cash mid-raise.

A practical, numbers-forward conversation for any founder weighing whether this method is worth the spend.

Think you can just set up your offering documents and watch the money roll in? Think again. Successful online capital raises require active founder involvement, and in this episode, we reveal exactly what that looks like. Martin and Brendan outline the four essential pillars of founder leadership: narrative leadership (crafting the "why" behind your raise), content creation and evangelization (becoming the face of your company), decisive operations (making quick decisions in a fast-moving campaign), and strategic planning (budgeting and cash flow management). We share real examples of founders who excel at evangelizing their mission, discuss why investors bet on people not just products, and explain how authentic founder content outperforms generic marketing by 90%. From filming video ads to leading webinars, learn what successful founders do differently and why your personal involvement is non-negotiable for fundraising success.

Before you launch your capital raise, ask yourself: are you truly ready? In this essential episode, Martin and Brendan break down the five critical factors that determine fundraising readiness. We dive deep into capital requirements (expect $100-200K in upfront costs), validation strategies including "testing the waters" campaigns, and how to assess your offer strength using VirtualAd's Capital Conversion Framework. Learn about the importance of community readiness, brand awareness, and why having a tangible product beats just having an idea. We share real examples from client raises, discuss the difference between Reg CF and Reg D approaches, and provide actionable advice on cash flow planning during those crucial first 3-6 months. This episode is your roadmap to determine if you're ready to commit to a serious online capital raising campaign.