Hey there,

I am going to dive into fundraising in today’s newsletter but first a big thank you to the early adopters of The Founder Protocol program. If you’re a Founder who wants more help getting to your first $1M you can get access at the bottom of this email. 

Now to fundraising… 

I have been seeing from the inside many fundraising processes. At Algolia, at Terality (my own startup), at poolside, and helping many founders. 

The more the founders have hot CVs, the better. You can raise money based on your CVs and a good powerpoint. But that’s an exception. Don’t count on that if you are not operating in this world of VC-backed startups for many years. Why? Because people don’t know you and don’t have a chance to get the backchannels feedback they need to sign you a check based on your resumé. And even in that case, it does not make everything, and even in that case, you need more than a strong conviction in what you are doing. I have seen founders doing everything right: clean deck, solid product, intro’d to "friendly" VCs.

But pitch after pitch fell flat.

The problem? They were only selling their own conviction , not proof.

And I see too many founders still stuck in that same loop today.

If you're a technical or product-first founder, chances are you’ve poured everything into your build. Maybe you're even live, with some early traction. But when it’s time to raise, everything suddenly feels fuzzy: What do investors actually want to see? What’s the real reason they’re not saying yes?

Here’s what most won’t tell you:

In Seed and Pre-seed, VCs invest in potential but they also need precision. Sometimes unconsciously, but you’d be in a better position with real and strong metrics!

In today’s newsletter, we’ll break down exactly what that looks like:

• Why milestone-driven clarity is your secret weapon

• How to run a process that creates momentum, not burnout

• What fundable narratives really sound like at pre-seed and seed
  

Let’s unpack it.

Fundraising Is Sales, But With Higher Stakes

Founders love to say “I hate sales.” or “I’m building a PLG company”.

But fundraising is sales. The VC is the buyer. Your startup is the product. And your job? Reduce friction, build trust, and create urgency.

The mistake I see over and over?

Founders approaching fundraising like a demo, not a deal. They're only talking about features and future vision, when they should be talking about de-risking, milestones, and market pull.

To raise like a pro in very early stage, you need 3 things:
✔️ A clearly scoped capital plan tied to traction
✔️ A CRM-backed investor pipeline
✔️ A narrative that frames learning and milestones velocity, not just vision

Let’s walk through how to build each.

1. Milestones, Not Money

Most founders say, “We’re raising $800K to hire, market, and scale.”

Here’s how investors hear that: “We’re guessing at scale with your money.”

What works better instead is this:

“We need $800K to hit $50K MRR, sign 3 more logos in vertical X, and validate our mid-market expansion thesis.”

Every dollar has a job. Every milestone de-risks the next raise.

✔️ Action: Write out the 3 outcomes your raise should achieve. If they don’t map to PMF, growth, or expansion insight, start there.

2. Run a Process, Not a Parade

This is the part no one tells you:

Most founders don’t raise successfully because they never actually run a raise. They hop from intro to intro, hoping one hits.

Treat your raise like outbound pipeline:

• Create a CRM (Notion, Attio, Hubspot doesn’t matter)

• Tier your targets: A (ideal fit), B (decent fit), C (learning reps)

• Track every step: intro sent → meeting → follow-up → close/loss
  
  

Use the same follow-up discipline you would for enterprise sales. Fundraising is no different.

When VCs see you're organized and in motion, they move faster.

3. Turn Metrics into Narrative

You’ve got some traction. Great. But numbers without story = noise.

Here’s a fundable narrative structure:

“We believed X, tested Y, and saw Z. Now we’re focused on doubling down here.”

You’re not trying to prove certainty. You’re showing progress.

This frames you as a founder who is learning fast, shipping fast, and iterating with intent and NOT guessing.

✔️ Pro tip: Weave in customer quotes, objections you’ve overcome, and how feedback shaped your roadmap (both product and GTM). That’s what investors trust.