In this episode of Fundraising Demystified, I sit down with Ben Chiang, the former head of Uber China and founder of Forma (acquired by Snap- yes, from Snapchat), to unpack his journey through hypergrowth, high-stakes fundraising, and strategic exits. Ben shares the realities behind building in chaotic markets, the truth about investor dynamics post-exit, and how founders can stay sane while chasing scale.

We dive into the underrated benefits of QSBS (Qualified Small Business Stock), why consumer startups have it tougher than ever, and the unique marketing challenges of building AI products in today’s crowded landscape. Great watch if you’re curious about any aspect of building and exiting in tech.

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We talk:

00:00: From Zero to 50 Million Weekly Rides: Uber China’s Blitzscale Playbook

02:48: Why Market Fit Is Make or Break

06:07: Timing, Relationships & the Hidden Rules of Fundraising

08:58: Forma’s Acquisition by Snap: Behind the Deal

11:57: Luck, Credit, and the Realities of Startup Success

15:00: Negotiating from Leverage vs. Desperation

26:13: Founders vs. Investors: What Changes After an Exit

28:08: QSBS: The Most Underrated Tax Benefit in Startups

30:27: How Stock Market Volatility Affects Founders

32:11: Leaving Snap: Rediscovering Purpose

33:43: The Messy Reality of Building and Marketing AI Products

37:14: Fundraising Now vs. Then: What’s Actually Changed?

40:57: Herd Mentality and the Modern VC Landscape

44:07: What It Takes to Enjoy the Founder Journey

47:00: Final Advice: Know What You Want

ABOUT BEN CHIANG

Ben Chiang is a veteran operator and founder best known for launching Uber in China and later founding Forma, a startup acquired by Snap. His experience spans scaling platforms in hypercompetitive markets, navigating complex acquisitions, and now building across multiple AI content ventures.
Get in touch with Ben:

LinkedIn: https://www.linkedin.com/in/benjaminchiang/

Twitter: https://x.com/ben_chiang

ABOUT JASON

Jason Kirby is the co-founder of Thunder VC. He is a serial entrepreneur with 4 multi-million exits and decades of experience in fundraising and business building. He has coached hundreds of entrepreneurs in his career on fundraising, investing, capital strategy, and business development.

You can reach out to Jason through:

Email: [email protected]

LinkedIn: https://www.linkedin.com/in/jasonrkirby/

ABOUT FUNDRAISING DEMYSTIFIED 

Our goal is simple: to equip you with the knowledge, inspiration, and guidance to navigate the labyrinthine world of fundraising. Whether you're a budding entrepreneur seeking seed funding or an established founder looking to scale your business, this podcast will provide you with the tools you need to conquer the fundraising landscape.

Thank you for being a loyal subscriber to Fundraising Demystified. We appreciate your support and are excited to continue bringing you more inspiring stories from successful founders.