Fun Raising

Turner Novak | Banana Capital


Listen Later

Turner Novak is one of the most unique voices you'll hear in early-stage VC. As a solo GP at Banana Capital writing $100K-$250K checks, he operates more like a founder than a traditional fund partner, and that perspective shapes everything he says. He's built an audience of nearly 200,000 followers across social platforms, and he actively uses that distribution to help portfolio founders get in front of customers, recruits, and co-investors. His advice throughout this episode has a practical, ground-level quality that's rare when VCs talk about fundraising.

On the process of getting in the room, Turner is clear-eyed: VCs aren't ignoring cold outreach because they dislike founders, they're ignoring it because they simply can't process everything that comes in. His advice is to stop thinking about warm intros as a "nice to have" and start thinking about them as table stakes. The best intro you can get, he explains, is from a former boss who is already putting their own money into your round and vouching for you personally. Everything else is competing against that benchmark, and founders should build their outreach strategy accordingly.

Perhaps the most useful part of the episode comes when Turner breaks down what happens after you think a VC is interested. He's direct about the 1% conversion rate reality, the signals that tell you someone is truly out (like a refusal to book a follow-up call on the spot), and how to keep momentum alive between meetings by sharing real updates rather than vague "just checking in" messages. He also covers what investors actually need to see during diligence, what post-close relationships should realistically look like, and the single biggest mistake founders make after the money hits the bank.

...more
View all episodesView all episodes
Download on the App Store

Fun RaisingBy Mat Vogels