Five years ago, raising a Series A was simple. You built quietly, ran a tight process, and decent pitches got term sheets.
That era is over. Today, the bar is higher and the timelines are longer — the longest they’ve been in a decade.
For many early-stage teams, a poorly run Series A process can derail the business entirely.
So, what does a strong raise look like today? I’ve seen a few approaches work well – especially for companies operating in complex spaces. Here’s what I recommend.
Start early.
Five years ago: When VCs reached out, the advice was to ignore them, or say “we are heads down building.”
Now: When Tier 1 VCs reach out, take the meeting (preferably in-person). Treat it like an update on the business, not a pitch. If they ask how they can be helpful, be prepared with a specific ask. The investors who follow through — with introductions, feedback, or other small signals of effort — they’re usually the ones who’ll be willing to do the work to be on the cap table.
Network strategically.
Build a shared CRM – a live document your cap table and other stakeholders can see and contribute to. List out every fund you’d like to work with and add columns for each stakeholder to mark down the strength of their relationship with each target. You’d be surprised what peer pressure can do: as stakeholders see the work others are doing to add value, they usually feel pressured to do the same.
Once you see all available connections, how should you prioritize introductions? Typically, the most effective connections come from other founders – people who’ve made the same decisions and have credibility with the partner. Angel investors can be helpful too, along with other VCs — particularly if these stakeholders are close to your business.
Plan ahead.
Expect a two-week sprint, but first: recognize that it can take 3–4 weeks to land on VC calendars. During that timeframe, run mock pitch sessions with those closest to you (like your cap table). As you schedule VC meetings, start with the “non-Tier 1s” to polish your pitch and iron our any kinks in your delivery.
During the pitch.
Have someone in the room writing down every question that the VCs ask during and after the meeting. Have a team on standby to update (or redo) the deck as needed.
Should you set a valuation? It depends. In most cases, I recommend setting the amount you want to raise. If you don’t know your number, it could send a signal that you’re not running a tight ship and you don’t really know use of proceeds or understand what your runway should be. In rare cases (if you are receiving multiple inbounds for example), you can let the market decide.
Before leaving the meeting:
Be prepared with questions for the VCs:
– What is your internal process to get to a go- or no-go decision?
– What is your typical check size and target ownership?
– For the lead investor: Do you reserve any dollars for follow-ons? Do you take board seats?
Set expectations early. When VCs ask what’s next, be prepared with realistic responses:
– If just starting the process: “This week, we’re kicking off the process and still looking for the right firms to partner with.”
– If a few weeks in: “We are moving quickly with a few parties and close to choosing a lead.”
Lastly, if you like a particular VC, tell them. Remember, this is a two-way street. “We are looking to partner with firms that can be value add to what we are building. I’ve really enjoyed our conversations thus far and believe you could be a strategic add to our round.” From there, check in with VCs. Something simple, like: “We’re setting allocations soon and want to see where you are in your process.”
What do you think?
Does this align with your experiences, either as a VC or founder? I’d love to hear. Leave a comment below, or follow me on LinkedIn or X.
– Megan