Finding Your Tribe: The Power of Perseverance in Fundraising

Raising funds requires resilience, persistence, and a willingness to keep going through tough setbacks

Author

Steve Walsh
November 12, 2024

Hey Founders,

 

We all know the stories of startups raising funds in a flash, but for most early-stage founders, the journey to funding is rarely so quick. Unless you’re a Stanford grad, a Y Combinator alum, or can code like a wizard, raising funds requires resilience, persistence, and a willingness to keep going through tough setbacks.

 

Let me tell you about my friend Cristina, CEO & Co-Founder of Ediphi, whose journey reflects the reality of what it takes to succeed. Cristina embodies everything I look for in a founder. She bootstrapped Ediphi for three years, growing it to over $1.5M in revenue and reaching profitability. Her business was doubling year over year, with 43 university partnerships and over 15,000 students trained on her VR platform. Recognizing her accomplishments, she earned a spot in Techstars, one of the top accelerators in the world.

 

Even with her traction and impressive growth metrics, fundraising was anything but easy. Cristina faced countless rejections. She was told she was "too early," that her valuation was "too low," and even that she hadn’t found her product-market fit (despite her $1.5M in revenue!). But she didn’t give up. Over a challenging seven months, she met with 225 investors, searching for those who would believe in her vision.

 

Her persistence paid off. Cristina ultimately secured a stellar group of investors who valued her traction, dedication, and growth potential. Her round was oversubscribed, and she successfully raised $1.5M, backed by investors including the co-founders of TripAdvisor. Her journey is a testament to the power of perseverance, focus, and finding the right supporters—your tribe. Just like fine wine 🍷, good things take time.

 

So, if you’re struggling to close a round, remember Cristina’s story. Keep building, stay persistent, and know that each setback is bringing you closer to those who truly believe in you and your vision.

 

Until next time—keep building!

 

Cheers, 

 

Steve Walsh 

Founder, Hands On Angel