Fundraising is necessary to grow a startup, and it can be one of the most challenging tasks ever for any founder.
As founders of two of the most promising startups in the UAE, Bana Shomali, Founder of ServiceMarket and Imad Hammad, Founder of CarSwitch who raised over $10 million for both companies combined, have put together some tips, secrets and takeaways based on their experiences of fundraising, with insights from their early stage investor Glowfish Capital:
The online home services marketplace in the UAE ServiceMarket, has completed its fourth funding round last month, bringing the total funding since its inception to $8 million, while CarSwitch, the UAE’s first online marketplace for certified used cars, has raised $2.3 million since it was founded in 2016.
Here are 14 exclusive tips that startups’ founders should follow if they want to get funded:
Paint your vision with a good story
Make sure your pitch pack covers all your bases
You need to be clear on the following important things so that you can tackle any questions with solid, well-reasoned answers:
Avoid these common mistakes
While it is okay to make mistakes, and you will probably make dozens before you perfect your pitch, it is best to be mindful of the following:
Start meeting investors early and leverage your network
Another great reason to start early is that you don’t always know the investment cycles of your VCs, angels, etc., so discussing early helps you sync up and connect with them when it is relevant.