Landing the Plane

An older woman wearing glasses and a red blazer sits at a white desk, reviewing and signing documents. A smartphone, glass of water, and office supplies are visible on the desk.

So now that you’ve mapped out your fundraising strategy, the big question is “how do you actually make it happen?” This is where we trade the ideal plan for the messy reality of raising capital.

The truth is: For every splashy press release announcing a $50-$200M Series A raised in 2 months, there are hundreds of founders quietly grinding though months of unanswered emails, polite “it’s too early for us” rejections, and endless “let’s keep in touch” conversations. In the current market, raising capital is harder than before, which means preparation and adaptability aren’t optional, they are your survival tools.

Here’s a realistic look at what you might encounter:

No fund is biting: You’re sending out decks and getting silence
No one wants to be the lead: Investors like your deal… but only if someone else takes the first leap by offering to lead it
No good offers: The terms you’re seeing don’t align with your company’s needs or values
Your favorite fund backs a competitor: And they are suddenly no longer an option
It’s taking forever: Weeks turn into months, milestones slip, and the runway keeps shrinking
You’re running out of time: The burn rate isn’t slowing, and the pressure is rising

Now here are some things to consider:

Create (and manage) “FOMO”
One of the most powerful dynamics in fundraising is when multiple funds are competing to join your round, and you can create FOMO (“Fear of Missing Out”) amongst funds. This doesn’t just make the process more exciting, but also gives you leverage.

FOMO usually happens if you’re in a space that is considered “hot” by VCs, but there’s also plenty of luck involved. Other ways that may help to create FOMO include:

Running a tight, time-bound fundraising process with a fixed deadline
Having a good VC outreach strategy and speaking to a many investors at once
Signaling momentum through new hires, key partnerships or hitting milestones early

Understand Syndication Dynamics
Many early-stage biotech deals are syndicated, meaning that multiple funds share the round. This can be great, as you have more champions around the table, but can also be difficult to navigate, as each investor will look to others for validation that this is a good deal indeed. The first “yes” is the hardest to get. In the current environment, you may need to be the side that proposes the terms of the deal, especially to get Angels excited about investing early. And the deal might need several sweeteners (e.g., if raising on a SAFE, set a reasonable cap, offer a discount or participation rights in the next round, etc.) to get a bite.

Keep the Logistics Clean
Have your data room ready, track your investor conversations, and follow up. A messy process may signal that you might run your company the same way, which can erode trust in you as a founder.

Celebrate Wins, however Small
Even if you haven’t closed yet, make sure you celebrate the small wins, such as landing a second meeting, receiving a soft commitment, or getting great feedback. Share your excitement with the team, as this can really give you the energy needed to keep pushing forward.

What To Do if It’s Not Working Out:
The fundraising journey can be really hard and discouraging. These are some tips in case things are not working out:

Build relationships with other founders: Discuss with other founders about what’s going on in the market, which can help you understand if it’s only you having difficulties raising, or if it’s a general market trend. This is very likely to help you normalize your lived experience, and help you take better decisions in the broader landscape
Rely on your support system: When things get tough, make sure you reach out to your support system. Fundraising is a tough journey, and it’s a good idea to ask for support sooner rather than later. Coming back from burnout is more difficult than taking a break earlier. Look for ways to make this journey more sustainable (see our tips on Mental Health, Section 1.5)
Have a clear timeline in mind: Until when can you fundraise realistically? When are you running out of money? What do you do then? Which legal and personal obligations do you have?
Partnering / Acquisition / Alternative Strategies: Who could you partner with? Is there an acquisition strategy? Or any alternative strategy that would allow you to continue?

Fundraising is equal parts art, process and resilience. Some days you may feel unstoppable. Other days, you’ll wonder if you should just call it quits. The trick is to keep moving, keep adapting, and keep enough gas in the tank for when the “yes” finally comes.

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