1. Fundraising
Takeshi Ebihara

2. What Investor look for Idea? Deck? Projection? Traction
Profit > Revenue > Users
Product
Capability
UI, Design
Team
Track record
Reason to do that
Space
Fund theme
Partner preference
Idea?
Deck?
Projection?

3. What VCs DO NOT like Niche Large enough, growing fast market
Complicated
Back to question “Is that really they need ?”
Luck of study
Learn market, learn from abroad
Monetization
No (late)
It’s not SV

4. What fundraising for Exit Series C Series B Series A Seed
For Liquidation
For Profit
Seed
Series A
Series B
Series C
Exit
for
Market share
For hiring
Build Business
For product dev.
Find mkt fit

5. for portfolio companies
Whom to be invested ?
Provide funding
Value add activity
for portfolio companies

6. Valuation
How much you need ?
How much they need ?

7. Valuation Pro forma cap table
Pre money
Seed round
Post funding
Founders/ angels
$10,000
80% VC
$100,000
20%
Valuation
$400,000
$500,000

8. Typical failure in fundraising

9. Fundraising of facebook
Valuation
Unit: mil $
Set IPO price
x2 than Series E
x5 than Series D
Lower that Series E
3m after IPO

10. DOWN ROUND is management’s sin.

11. Give share to right person Issue between founders..
in right timing.
Issue between founders..

13. Always Issuer’s responsibility

14. Thank you !