In this episode of Funded Futures, host Emily Macfarlane sits down with Warwick Donaldson, founder and managing director of CapXcentric, to unpack the truth behind capital raising in Australia.

Warwick has supported over 160 startup raises worth more than $400 million, and his reputation as a fierce advocate for founders comes from telling them what they need to hear, not what they want to hear.

This conversation dives deep into what really makes a founder investable, beyond the pitch deck. From reflecting on personal purpose before chasing investors, to the emotional psychology of rejection, Warwick shares a no-nonsense playbook for raising capital the right way.

He also opens up about his own entrepreneurial journey, his decision not to scale CapXcentric, and how prioritising mental health, boundaries and authenticity has made him a better advisor and leader.

In this episode, we discuss:

• Why most founders raise capital too early—and what to do instead

• The importance of self-reflection before a raise (personal, business, and investor)

• Why investor-pleasing kills authenticity and credibility

• How rejection sensitivity and psychology shape founder behaviour

• The bias in investor decision-making and the emotional side of venture capital

• Why warm introductions still matter more than ever in 2025

• How to build resilience and maintain perspective when raising capital

Whether you’re preparing for your first raise or navigating your next one, Warwick’s practical and candid advice will reshape how you approach investors and yourself.