Funded | How They Raised Millions

In this episode, Ron Belldegrun, co-founder of ByHeart, shares how he raised over $300 million to transform the infant formula industry with cutting-edge science and a vertically integrated supply chain. Ron dives into his experience navigating the fundraising landscape, balancing the expectations of consumer and life science investors, and winning support for a mission-driven product in a highly regulated space. He talks candidly about the challenges of pitching a long-term vision, securing buy-in from top investors, and the critical role his existing investors played in scaling ByHeart’s groundbreaking approach. If you’re curious about how to raise significant capital while staying true to your mission and values, this is a must-listen.

In this episode of The Backchannel, we dive into a personal story that brings three critical fundraising lessons to life. Learn why early-stage fundraising is truly a numbers game, how your conviction in your vision can withstand rejection, and why giving value before seeking it can build powerful, reciprocal relationships. We’ll also explore how investor psychology plays a role in deal-making and how to use it to your advantage.

In this episode of The Backchannel, we explore why making in-person connections can be a game-changer for founders. Recorded on location in Austin, Texas, Jason shares insights sparked by his own travel experiences, focusing on why meeting face-to-face can have a major impact on relationship-building, especially when it comes to securing investments.

In this episode of The Backchannel, we're dropping a quick but essential take on balancing brilliance and likability and how both play into the fundraising game. We revisit a core concept from a past episode: time given – time to interest. If your brilliance gets investors hooked fast, you don’t need as much relationship-building. But if it takes longer to spark that interest, likability becomes your best tool for buying more time. We also talk about how being difficult, even if you’re brilliant, can close doors.

In this episode, Curtis Northcutt, MIT PhD and founder of CleanLab, shares his compelling journey from rural Kentucky to raising $25 million from Menlo Ventures and Bain Capital.

Curtis reflects on the challenges of growing up with limited opportunities, the loneliness of dreaming big in a small town, and how those experiences ignited his drive to build something meaningful.

He also dives into the complexities of raising capital during a downturn, balancing investor relationships, and making tough decisions about dilution.

With a mix of personal stories, sharp insights, and practical advice, this episode offers a behind-the-scenes look at what it takes to build a startup from scratch and scale it with purpose.

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