Fundraising

The latest benchmarks for US startup fundraising - from pre-seed through Series C. Data: nearly 1,500 rounds raised so far in 2025. Only includes software companies, but don’t worry - a deep tech version is coming soon. Rounds completed on SAFEs in the orange color tiers are split by total amount raised, since everyone has a slightly different definition of “pre-seed” and “seed on SAFEs”. Rounds on priced equity in the blue color tiers split by round names. Just primary rounds, no bridges or extensions or “Series A Jr” stuff going on. Couple things to keep in mind: 1) these are heavily influenced by SF and NY deals because…that’s where the most deals are happening! National figures take on the character of the most mature markets. 2) Actually fewer deals are happening these days but at robust valuations and round sizes. 3) Lots of AI up and down these figures. 4) These are just benchmarks. Each deal is different. You can have a high valuation and high dilution, or tiny dilution and a high val, or a hundred other ways. These are pretty expensive numbers, candidly. $20M post-money at Seed is pricey! But the underlying dynamic is not all rosy for founders. VCs are competing hard for certain deals but again the total number of rounds is falling. The venture tale of “haves and have nots” has never been more true. Share with a fundraising founder 🙏 #startups #founders #fundraising

This Danish foundation gives away $1.3 billion annually – and their secret isn't efficiency ratios, it's something far more radical: They implement nothing. Behind this Danish foundation's rapid rise is Ozempic – the blockbuster diabetes and weight-loss drug that's generated unprecedented profits for Novo Nordisk. The Novo Nordisk Foundation, which owns about a quarter of the pharmaceutical giant, has become one of the world's wealthiest charitable foundations with assets around $167 billion. Yet rather than hiring armies of staff like other major philanthropies, they've gone the opposite direction. In a recent interview, their Chief Scientific Officer for Health Flemming Konradsen revealed their secret to me: They don't implement – they only work through partners. Zero programs. Zero direct service delivery. The model: ➡️ Find what already works  ➡️ Partner with governments who own the strategy ➡️ Create sustainable markets, not dependency  ➡️ Stay for 15+ years, not 3-year cycles Example: Their school feeding programs create permanent markets for local farmers while training health workers and scaling AI solutions across continents. The hard part? Saying no to putting your name on things. Letting partners get the credit. Trusting that influence matters more than control. For development professionals: This approach creates new opportunities. These ultra-efficient funders skip the usual suspects and source partners who can be trusted with strategy, not just execution. They're looking for implementers who think like owners. If you can demonstrate government relationships, long-term thinking, and the ability to build sustainable systems (not just deliver projects), you become invaluable to this new breed of funders. What could your organization accomplish if it stopped trying to do everything itself? Disclaimer: I’ve edited this post as it’s been flagged that Novo Nordisk Foundation has 250 employees. #Philanthropy #Partnership #Foundation 📷 Novo Nordisk Foundation

Y Combinator is widely regarded as the most successful startup accelerator in the world and the top choice for world-class entrepreneurs. They've helped incubate more than 90 unicorns, 45% of their companies go on to raise a Series A (higher than the 33% average), and the combined market cap of their startups is currently over $600B. To honor the final day you can apply to Y Combinator’s first-ever Spring batch (i.e. X25), I teamed up with past collaborator Palle Broe on the most in-depth and intriguing analysis you’ll find anywhere of the world’s most successful startup incubator. Palle spent over 100 hours (!!!) digging through all available public data to pull back the magic that is YC—so that others can learn from their success. Key takeaways 1. YC has gone from being a Consumer investor to primarily a B2B investor. Consumer companies have resulted in over $200 billion of market cap, while B2B companies are currently privately valued at some $170 billion and are on the rise. 2. Based on batch profiles, founders are betting on AI (specifically, B2B AI) to be the next big thing. The most promising subcategories include “Engineering, Product, and Design,” Infrastructure, and Sales. 3. Solo founders are at a disadvantage. Although solo founders are encouraged, the data does show a steep decline in the number of them accepted to YC. 4. Success has so far been driven by U.S.-founded companies. More than 70% of the startups have been founded in the U.S., and to date, 99% of returns have come from the U.S. 5. The durability of YC companies is significantly higher than that of the average startup. More than 50% of companies are still alive after 10 years (vs. 30% average). 6. The chances of startup success are higher with YC. 45% secure Series A (vs. 33% average), 4% to 5% become a unicorn (vs. 2.5% average), and 10% achieve an exit. 7. The VC power law also exists at YC. Four companies account for more than 85% of YC’s returns to date: Airbnb, Coinbase, Reddit, and Instacart. 8. The investors in YC companies are the “crème de la crème.” Tier 1 VCs frequently invest in YC companies, and some have made several hundreds of investments. Here's the full post: https://lnkd.in/gR8mr5XT

The real gap between digital leaders and laggards isn’t just in technology—it's in mindset. The 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐃𝐢𝐯𝐢𝐝𝐞 isn’t about who has the best tools; it’s about who knows how to wield them. The difference between average and excellent isn’t in the number of systems implemented but in the strategic intent behind them. True digital transformation isn’t just an IT initiative—it’s a company-wide movement, a reimagining of what’s possible when leadership, innovation, and agility align. 𝐖𝐡𝐚𝐭 𝐀𝐯𝐞𝐫𝐚𝐠𝐞 𝐋𝐨𝐨𝐤𝐬 𝐋𝐢𝐤𝐞: • 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲-𝐅𝐨𝐜𝐮𝐬𝐞𝐝 𝐋𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩: CIOs and CTOs leading the charge, with an inward focus on IT infrastructure. • 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐎𝐯𝐞𝐫 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧: Tracking efficiency and business performance without a broader view towards future capabilities. • 𝐂𝐚𝐮𝐭𝐢𝐨𝐮𝐬 𝐏𝐫𝐨𝐠𝐫𝐞𝐬𝐬: Proceeding with digital steps without the urgency to outpace the evolving market demands. • 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐒𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲: Maintaining the status quo in operations, favoring predictability over agility. • 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝 𝐓𝐨𝐨𝐥 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧: Providing employees with collaboration tools without fostering a culture of digital innovation. • 𝐁𝐚𝐜𝐤𝐞𝐧𝐝 𝐏𝐫𝐢𝐨𝐫𝐢𝐭𝐢𝐳𝐚𝐭𝐢𝐨𝐧: Concentrating on backend upgrades before considering the customer-facing aspects of the business. • 𝐒𝐢𝐥𝐨𝐞𝐝 𝐃𝐚𝐭𝐚 𝐔𝐭𝐢𝐥𝐢𝐳𝐚𝐭𝐢𝐨𝐧: Using data for routine business operations rather than as a cornerstone for transformation and innovation. 𝐖𝐡𝐚𝐭 𝐄𝐱𝐜𝐞𝐥𝐥𝐞𝐧𝐭 𝐋𝐨𝐨𝐤𝐬 𝐋𝐢𝐤𝐞: • 𝐋𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐓𝐨𝐩: Transformation championed by CEOs, integrating digital priorities within the company’s vision. • 𝐂𝐨𝐦𝐦𝐢𝐭𝐦𝐞𝐧𝐭 𝐭𝐨 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧: Measuring success through the lens of innovation and digital proficiency. • 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐀𝐜𝐜𝐞𝐥𝐞𝐫𝐚𝐭𝐢𝐨𝐧: Not merely adapting but actively advancing digital initiatives, even in challenging economic climates. • 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐀𝐠𝐢𝐥𝐢𝐭𝐲: A culture that embraces operational efficiency as a path to competitive advantage. • 𝐏𝐞𝐨𝐩𝐥𝐞 𝐚𝐬 𝐏𝐫𝐢𝐨𝐫𝐢𝐭𝐲: Investing in employee engagement and digital literacy, recognizing that technology amplifies human potential. • 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫-𝐂𝐞𝐧𝐭𝐫𝐢𝐜 𝐄𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧: Prioritizing the customer experience with a strategy that adapts proactively to their needs and behaviors. • 𝐃𝐚𝐭𝐚-𝐃𝐫𝐢𝐯𝐞𝐧 𝐃𝐞𝐜𝐢𝐬𝐢𝐨𝐧𝐬: Leveraging AI and data analytics not only to inform decisions but to foster a culture of continuous improvement. 𝐅𝐮𝐥𝐥 𝐚𝐫𝐭𝐢𝐜𝐥𝐞: https://lnkd.in/eU_Cc3ga ******************************************* • Visit www.jeffwinterinsights.com for access to all my content and to stay current on Industry 4.0 and other cool tech trends • Ring the 🔔 for notifications!

If you're a founder trying to fundraise right now, it probably feels like the entire venture world has gone quiet. The response times are slow, OOOs are on and it’s easy to feel like you’re losing momentum. Don't stress. The summer slowdown is predictable, and it's not a setback, it's a gift of time if you use it well. I see this every year... The founders who scramble to send frantic emails in July/August are the same ones who struggle in the fall with an over-shopped deal and the fatigue of an endless fundraise. But the founders who use this quiet period for deep, focused preparation are the ones who run a crisp, successful process after Labor Day. The fundraising race is won in the prep lap. Here are a few things you can do right now to prep for a big fundraising push this fall: 1. Build a High-Fidelity Investor Pipeline. Go beyond a simple list of names. Create a comprehensive document that tracks every firm and partner, their specific thesis, your history with them (if any), your connections to them and crucially, the feedback they've given you in the past. This turns your outreach into a strategic campaign. 2. Assemble a "Push-Button" Data Room. Don't wait for an investor to ask. Build your data room now so it's ready to go at a moment's notice. This includes your customer contracts, cohort analyses, deck, references and financial model. A well-organized data room signals professionalism and creates momentum. 3. Craft a "Juicy" Forwardable Blurb. The best introductions are easy to forward. Write a tight, compelling, one-paragraph teaser. It must include a unique insight on the market, why your team is going to win and any key metrics. This makes it effortless for people like me to advocate on your behalf. 4. Pressure-Test Your Narrative. Use this time to pitch trusted advisors, mentors, and other founders. This isn't about memorizing a script, it's about finding the weak spots in your story. Ask them to be ruthless. The tough questions you answer now in a friendly setting will save you in a rapid fire partner meeting later. 5. Get Your "Diligence" in Order. This is the one everyone forgets. Talk to your lawyer now. Make sure your corporate governance is tight and your cap table is accurate (and clean). Uncovering a messy problems during late-stage diligence can kill a deal. Solving it now is a massive de-risking event. 6. "Warm Up" Your References. Your best customers are your most powerful asset. Don't wait until an investor asks for a reference call to talk to them. Re-engage with your top 3-5 champions now. Check in, share your progress, and get them excited about your vision. A reference who is prepped and genuinely enthusiastic is infinitely more impactful. The fall fundraising season will be here before you know it. The work you do in the quiet of August will determine the success you have in the chaos of the fall. We are prepping for our next fundraise as well so this is how I'm spending my time💥

Six weeks ago, I went underground. Not off the grid. Just deep into the private Discord servers where sneakerheads spot fakes before they hit the market. The Slack channels where CMOs trade budget hacks they’d never tweet. The WhatsApp threads where collectors swap intel like it’s insider trading. I was lurking. Reverse-engineering how trust gets built in dark social. It seems like increasingly, we're seeing public feeds are for performance. And private chats are for proof. Back in 2010, Bitly found 69% of social shares happened in DMs and emails. Today, it’s closer to 90%. These spaces aren't controlled by algorithms, they're ruled by humans. Want in? Here’s how AI can help you: 1. Find the watering holes without wasting 100 hours: Tools like SparkToro reveal where your audience actually talks and track how those spaces shift over time. 2. Decode the language in minutes, not months: Drop top conversations into Microsoft Copilot or Google Gemini and ask: “What slang, inside jokes, or recurring complaints stand out here?” A skincare brand did this and found its audience was skeptical of clinical claims—so they pivoted to raw, unfiltered before-and-afters. 3. Pre-test content before you post: Use Perplexity to analyze which links get shared most in those communities. Run your hooks through ChatGPT and ask: “Would this grab attention in a thread full of X jargon?” Last month, a supplement brand nailed this. They scanned 500-plus Reddit, Inc. threads on workout fatigue, discovered that everyone hated the term biohacking, and switched their messaging to old-school muscle science. Engagement tripled. Your move this week: 1) Pick one niche community, whether it’s Discord, Slack, or a tight-knit Substack. 2) Use AI to extract three insider phrases and identify one unaddressed gripe. 3) Draft content that speaks their language, not yours. High impact means going beyond being data-driven to being community-fluent. And fluency starts with listening smarter. AI can help. #hicm #DarkSocial #SocialListening #AI

Make your budget process smoother! Use my checklist based on my 15 years of experience. 🔗 Download it here: https://lnkd.in/edvf5exs Here is what is inside: 1️⃣ Preparation & Planning 🔲 Understand management's expectations concerning growth, strategy & profitability 🔲 Set clear financial goals and differentiate between short and long-term objectives 🔲 Establish a structured approach for managing the budget process (deadlines, owners) 🔲 Ensure that budgeting activities align with the organization’s overarching goals and priorities Tip: you can use ChatGPT to draft your budget instructions or budget memo. If you want to learn how to use ChatGPT for Finance, you can learn it here: https://lnkd.in/e8RGdYsK 2️⃣ Sales Planning 🔲 Choose an appropriate method for sales planning 🔲 Detail your budget sufficiently for effective analysis 🔲 Consider external factors like market trends, economic conditions impacting the business 🔲 Ensure accurate phasing of the sales plan 🔲 Conduct 'what-if' analysis to understand impacts on resources and profitability 3️⃣ Operational & Resource Planning 🔲 Plan for production, delivery, and workload 🔲 Account for direct headcounts & determine capacity 🔲 Determine material needs and plan for necessary investments 🔲 Collaborate with cross-functional teams to develop a comprehensive operational plan 4️⃣ Costing & Overhead Planning 🔲 Compute standard costs: direct labor, material costs, and manufacturing overhead allocation 🔲 Budget for individual departments and allocate overhead costs accordingly 5️⃣ Financial Statements & Reporting 🔲 Translate the budget into key financial statements: Income Statement, Balance Sheet, & Cash Flow 🔲 Establish a structured reporting process to communicate budget-related information to stakeholders 🔲 Create a visual budget performance dashboard to quickly assess the financial performance 6️⃣ Monitoring & Analysis 🔲 Regularly monitor and analyze budget variances to identify deviations 🔲 Perform sensitivity analysis to understand potential impacts on the budget 🔲 Leverage financial data analysis tools to identify trends, patterns, and opportunities for improvement 7️⃣ Communication & Collaboration 🔲 Foster open communication and shared financial goals in relationships, both internally and externally 🔲 Engage with stakeholders from different departments to gather valuable insights 🔲 Develop and communicate clear budgeting policies and procedures 8️⃣ Final Review & Implementation 🔲 Review the budget for any inconsistencies or errors 🔲 Communicate the finalized budget to all relevant departments and ensure its implementation 👉 Did I miss anything? Get this checklist to organize your budget process. Link below in comments.

Marketing brain is 24/7. Its a curse 😂 This question kept our marketing team up for months "How can we improve our sponsor experience?" One simple q during our all hands We all hyper focused on it It lived rent free in our heads Which is the beauty of marketing But also the curse haha Once you get INCEPTION, you cant shake an idea So we went to work thinking through everything we could to level up our sponsor experinece for all our brand partners who are often investing $ six figure amounts. The creative burden of this question led us to revamp our entire sponsor experience, starting with dashboards. This ended up being the biggest driver of sponsor NPS. Real time registration dashboards for sponsors. That we now run with this 4 step flow. Here's how it works 👇 Step 1: Real time registrant enrichment As attendees register, we automatically enrich each profile using Clay, Clearbit, and internal logic. This gives us a live data set with firmographics, technographics, company size, title level, and geography. Step 2: Sponsor facing filters Each sponsor can view the dashboard through their own lens: Want to break down VP+ titles in financial services? Filter. Want to see companies with 200 to 1,000 employees? Filter. Want to segment by RevOps tools in the stack? Filter. Step 3: Weekly summary reports Every Friday, sponsors receive an email with three key indicators: 1. New registrants 2. ICP match rates 3. RSVP velocity Step 4: Mid flight upgrade triggers If a spike in target accounts shows up two to three weeks before the event, we give sponsors the option to upgrade in real time. That might include adding things like: Extra 1:1 meeting rooms Booking a sponsored dinner slot Adding a breakout or session bump -- My final 0.02 for you The best marketing takes obsession When you obsess over the customer experience like this, you're bound to come up with at least a few winning ideas. Even if you have a few clunkers a long the way. So set a high standard for 10X ideas inside your org and give people the space to take big swings, not just small optimizations of your current state. Marketing brain is a beautiful thing (even if it drives us crazy along the way 😂)

Fundraising in India is a beautiful, brutal dance. After 15 years of knocking on doors, writing proposals, and building relationships in the charity space, I've learned that money follows trust, not just need. And trust is earned in whispers, not shouts. Most fundraisers think it's about the pitch. The perfect slide deck. The heart-wrenching story. The immaculate impact metrics. But that's just the costume you wear to the real party. The truth is messier. More human. More honest. First, nobody cares about your organization. They care about the problem you're solving. Stop talking about your NGO's journey and start talking about the journey of the people you serve. Your founder's story matters less than the story of the girl who can now read because of your work. Second, relationships outlast transactions. I've watched fundraisers chase cheques like they're chasing buses – desperate to catch the next one, forgetting that the real journey happens when you're walking together. The donor who gives you ₹10,000 today could give you ₹10 crores in a decade if you treat them like a partner, not an ATM. Third, most Indian donors don't want innovation. They want reliability. They've seen too many NGOs come and go, too many promises evaporate. They're tired of funding pilots that never take flight. Show them consistency before you show them creativity. Fourth, your finance team is your secret weapon. In a country where trust in institutions is fragile, your ability to account for every rupee isn't just good practice – it's your survival strategy. I've seen brilliant programs collapse because someone couldn't explain where the money went. Not because of corruption, but because of chaos. And finally, the hardest truth: fundraising isn't about money. It's about meaning. People don't give to causes; they give to become the person they want to be. The businessman who funds your education program isn't just building schools – he's rewriting his own story, becoming the hero his childhood self needed. I've sat across from millionaires and watched them cry when they talk about their mothers. I've seen corporate leaders who manage thousands of crores struggle to write a personal cheque for ₹5,000. I've witnessed wealthy donors argue over a ₹500 expense while approving ₹50 lakhs in the same meeting. Because money isn't rational. It's emotional. It's cultural. It's complicated. The fundraisers who thrive in India aren't the ones with the fanciest degrees or the most polished English. They're the ones who understand that in this country, giving is deeply personal, profoundly spiritual, and incredibly relational. So stop treating fundraising like a Western import that needs to be implemented. Start treating it like what it is – a conversation about values that's been happening on this soil for thousands of years. Because when you get it right, you're not just raising funds. You're raising hope.

From stadium to city garden. Circular innovation in Taipei. In Taipei, an abandoned sports stadium (baseball in the 1980s, later football; closed in 2008) was not demolished, but repurposed as a community garden. What they did: - 80-100 small plots, managed by local residents - Smart use of potted plants & soil boxes - Green paths with climbing aids - Programmes for seasonal plants, workshops for local residents. Why this works (circular & urban) - Repurposing ↓ material and demolition impact - Local production & skills↑ - Involvement in the living environment ↑ - Micro-farming as an entry point to a 'garden city' instead of more concrete - Soil is contained in portable boxes and pots which ensures soil health is manageable at a small scale - Smart use of what is already there: creating value without new construction. Urban renewal is not always about building more. Sometimes it is a matter of looking differently at what is already there.