The pitch deck that helped a startup land $6 million from the founders of Dropbox, Yelp, Field, Yammer, and Gmail
Joshua Reeves is the CEO of a startup that raised a $6.1 million seed spherical from massive Silicon Valley names.
His listing of early buyers reads as a who’s who of Silicon Valley:
Yelp CEO Jeremy Stoppelman, Dropbox CEO Drew Houston, Yammer CEO David Sacks, Field CEO Aaron Levie, YouTube co-founder Jawed Karim, SurgarCRM CEO Larry Augustin, Zuora CEO and former Salesforce CMO Tien Tzou, Fb VP of Partnerships Dan Rose, Gmail creator Paul Buchheit, and extra …
Reeves can be an angel investor himself.
Reeves’ firm Gusto, which was previously known as ZenPayroll, started as a cloud-based funds device that makes it simpler for small companies to pay workers. We requested him how he bought such a rock star lineup to speculate.
Reeves says it took him two weeks to boost the $6.1 million spherical. Every day was filled with eight or 9 conferences. He began the method by reaching out to individuals he knew. It helped that he was going via Y Combinator, a notable startup accelerator program that has a powerful alumni community. Reeves additionally had connections from Stanford, the place he bought his electrical engineering diploma, and from Zazzle, a startup he joined as an early worker that now has a whole bunch of individuals.
Aaron Levie, for instance, was a previous contact. Field’s workplace was proper subsequent door to Zazzle’s. Levie invested in an organization known as Karma; now Karma’s CEO is considered one of Reeves’ buyers. Reeves additionally met Yelp CEO Jeremy Stoppelman via Levie.
As soon as Reeves discovered potential buyers, he nonetheless needed to promote them. Reeves and his co-founders have enticing backgrounds; they’ve every began firms earlier than and Reeves’ final firm was purchased. Reeves additionally used a compelling pitch deck to assist share his mission with buyers.
Click on right here to leap straight to pitch deck that helped Reeves increase the cash >
“I am an enormous fan of getting a deck,” says Reeves. “Particularly on the seed stage. It is the way you current your story. You wish to have a logical connection between totally different items of data.”
Reeves additionally requested buyers quite a lot of questions throughout the conferences. He says he interviewed them as a lot as they interviewed him to verify they’d be an excellent match for his firm.
Lastly, it is vital to have a product that solves a ache level buyers can relate to. ZenPayroll was a cloud-based payroll answer that was low cost for small companies to make use of and simpler to navigate than ADP or Paychex.
“The individuals we raised cash from invested as a result of they wish to vicariously repair this trade,” says Reeves. “You would inform which ones had skilled the payroll ache themselves. That is the center of why angels make investments even when they’re nonetheless doing their very own startups.”
So, how can different startups have the same success nabbing star angel buyers?
Reeves provides the next pitch deck to different entrepreneurs once they’re elevating their first spherical of financing. It is the template ZenPayroll used to boost $6.1 million.
“Every assembly is a chance to explain your imaginative and prescient, paint an image of the longer term, share your progress to date and the standard of your workforce,” he says.
Earlier than you create your startup’s pitch deck, here is a normal formatting tip:
Reeves recommends having a 2-5 phrase tagline in your firm and a powerful quote on the opening slide.
The imaginative and prescient ought to stand out on a slide of its personal. It is a very powerful message a younger startup can convey.
See the remainder of the story at Enterprise Insider