Founder Focus: a tech start-up that aims to disrupt the world of mobile advertising
MC: What’s your elevator pitch?
CM: Sliide is a mobile application that leverages the mobile phone lock screen to distribute curated content, relevant to its users… and what’s more, they reward their users in cash!
MC: When did you know you were ready to ask for investment?
CM: When the technology was fully working and we had beta tested with some reputable agencies.
MC: How have you been using the Match Capital platform to approach investors?
CM: For me, the Match Capital platform has been a useful tool in finding investment funds relevant to our industry in a time efficient way. I was quickly able to compile a list of funds to approach, see how I was connected to them, and work out the best way to approach them.
MC: What documentation have you been sending to investors?
CM: I have a short deck outlining the investment opportunity that I send accompanied with an investment one pager. The information was inline with the Highlights template that Match Capital gave me, and it worked well!
MC: How many slides did you choose to have in your investor deck?
CM: The overview was 8 slides and my pitch deck was 24 (lots of imagery as a result of the industry we operate in).
MC: Have you had any feedback for your deck?
CM: Yes, fortunately it was all very positive, this was probably as a result of being a part of the Accelerator Academy previously, a 12 week high growth training and mentoring programme for ambitious digital entrepreneurs looking to grow their business, through Training, Mentoring and Access to Capital.
MC: How many of your top Investor Matches did you contact?
CM: I contacted all the ones that were in London.
MC: Have you had any meetings with investors?
CM: Yes, plenty.
MC: What’s been the general outcome?
CM: The outcomes are one of three at the moment: commitment, due diligence or “too early for us”.
MC: Any positive outcomes?
CM: Yes, we have £200k committed of our £250k-£350k seed round, with a bunch of funds at the last stages of their DD.
MC: How long has it taken you to raise the £200k that you have secured so far (from initial email to money in the bank?).
CM: We stupidly started the round in August when no investors are around so I would say properly from the beginning of September (just over 2 months).
MC: What common questions have you been asked by VCs/investors?
CM: The repeated question every time we pitch is “How are you going to get users?” Other common questions include: “What’s your burn rate?” and “What’s stopping ‘insert large company here’ doing this?”
MC: What do you wish you hadn’t said?
CM: Quoting a post money valuation.
CM: You may want to raise more money, by only quoting a pre-money keeps this option open. Opening the round at a range also helps.
MC: What do you wish you had said, that you didn’t say?
CM: When told ‘It’s just so invasive’, I wish we had quoted a key stat from Amazon’s Kindle Fire lock screen advertising, demonstrating people preferred it to not having it at all.
MC: In your opinion, what are the “no-nos” worth bearing in mind when talking to investors?
CM: Always tell the truth!
MC: Have you got any advice for any subscribers who are preparing for an investor meeting?
CM: Contact everyone, get on their radar, even if it’s not for your current round you will have a track record with them for later rounds.
MC: What’s the biggest challenge you’ve faced along the way?
CM: Juggling making sure that the business is still making progress along with the investment side of things.