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How two, first-time, Gen-Z VCs raised a $1.625M fund
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Date: Thu, 27 May 2021 08:20:35 -0700
From: “Nick Frost (DocSend)”
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To: newslettors@gmail.com
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Subject: How two, first-time, Gen-Z VCs raised a $1.625M fund
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Read how Paige Doherty raised a $1.625M community-led fund using DocSend, l=
essons learned from scaling Twilio, and attend our webinar at 9am.
View in browser (https://i7.t.hubspotemail.net/e2t/sc2/MmZ-8yjYkzLW5SpRs87k=
QPlHW9bfWJ77D_gXVV_t64m5yQVVXdBzP8M04 )
Not subscribed? Sign (https://i7.t.hubspotemail.net/e2t/sc2/MmZ-8yjYkzLW5Sp=
Rs87kQPlHW9bfWJ77D_gXVV_t64m5yQVVXdBzP8N04 ) up here. (https://i7.t.hubspot=
email.net/e2t/sc2/MmZ-8yjYkzLW5SpRs87kQPlHW9bfWJ77D_gXVV_t64m5yQVVXdBzP8P04=
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bgv paige doherty newsletter v3 (https://i7.t.hubspotemail.net/e2t/sc2/MmZ-=
8yjYkzLW5SpRs87kQPlHW9bfWJ77D_gXVV_t64m5yQVVXdBzP8Q04 )
Hi there,
This week’s newsletter features an interview with Paige Doherty on how she =
used DocSend in her fundraising process to raise $1.625M for her first vent=
ure fund, Behind Genius Ventures. Also, read the story of a first-time, fem=
ale, solo founder raising a $5.1M seed round, our weekly fundraising market=
place update, and register for our webinar, co-hosted by Ladies Who Launch,=
going live at 9 am PT (https://i7.t.hubspotemail.net/e2t/sc2/MmZ-8yjYkzLW5=
SpRs87kQPlHW9bfWJ77D_gXVV_t64m5yQVVXdBzP8R04 ) .
Raising my first fund using DocSend
Paige Finn Doherty (https://i7.t.hubspotemail.net/e2t/sc2/MmZ-8yjYkzLW5SpRs=
87kQPlHW9bfWJ77D_gXVV_t64m5yQVVXdBzP8S04 ) is one of the founding partners =
of Behind Genius Ventures, an early-stage venture fund focused on investing=
in product-led growth companies. She=E2=80=99s also an author of an illust=
rated children=E2=80=99s book for adults on venture capital called Seed to =
Harvest.
Tell us a bit about yourself. What are your strengths and/or hidden talents=
as an emerging fund manager?
You could call me a =E2=80=9CGen Z VC,=E2=80=9D but you could also call me =
many other things. I=E2=80=99m 22, and my partner, Josh, is 24. We=E2=80=99=
ve done this ourselves so far: we raised our own fund on nights and weekend=
s and now we=E2=80=99re investors. You can add any adjective you want in fr=
ont of the word =E2=80=9Cinvestor=E2=80=9D and it will still probably hold =
true for me: Gen-Z, woman, state-school (since I went to San Diego State)..=
.
My strengths are my constant optimism, love of systems, curiosity, and my c=
ommunity. I build in public, which is the exact opposite of a hidden talent=
, but I believe the meta learnings from that process are truly an asymmetri=
cal edge on understanding content and community strategy and execution. Our=
fund is distribution-focused (https://i7.t.hubspotemail.net/e2t/sc2/MmZ-8y=
jYkzLW5SpRs87kQPlHW9bfWJ77D_gXVV_t64m5yQVVXdBzP8T04 ) , which means we help=
the founders we partner with on developing similar strategies and experime=
nts around building community and content strategies.
How did you present your fund and unique value prop in your pitch deck?
We focused heavily on Josh and me being GenZ community builders and content=
creators with differentiated deal flow driven by the online groups we=E2=
=80=99re a part of. We don=E2=80=99t lead deals so we can co-invest with fu=
nds as the market is so competitive right now. We=E2=80=99ve built strong r=
elationships with other emerging managers and downstream funds. We help our=
portfolio companies build and execute on content and community strategies =
post-investment. We=E2=80=99re also cooking up some secret community stuff =
I can=E2=80=99t talk about quite yet!
There=E2=80=99s a fantastic teardown of our deck coming from Eric Woo at Re=
vere soon!
How did you use DocSend during your raise? And what unique insight did it g=
ive you?
DocSend was a god-send. We raised $1.625M quite quickly (https://i7.t.hubsp=
otemail.net/e2t/sc2/MmZ-8yjYkzLW5SpRs87kQPlHW9bfWJ77D_gXVV_t64m5yQVVXdBzP8V=
04 ) . It was about a month and a half from our first DocSend deck upload t=
o our first close.
One great Zap I set up was whenever someone looked at the DocSend link that=
wasn=E2=80=99t in our CRM (Close) yet, I got a task assigned to me in Clos=
e to reach out to them. It would also let me know if someone was peeking at=
our deck throughout the weeks, directly in our CRM.
DocSend gave us a ton of visibility and flexibility into our fundraising pr=
ocess.
Did you update your pitch deck based on how LPs read it? If so, what kinds =
of changes did you make?
One of our advisors is Eric Bahn at Hustle Fund, and he sent over some fabu=
lous feedback via a Loom on our deck. He talked about the importance of hav=
ing your titles each be sentences, so your deck could read like a paragraph=
all the way through. Siraj Sirajuddin and Hunter Walk also provided deep t=
houghtful feedback on our first go.
After collecting that initial feedback and adjusting our deck, we uploaded =
it to DocSend and we were off to the races. My friend told me =E2=80=9Cjust=
don=E2=80=99t touch the deck for 30 days. Folks are going to invest in you=
both and the firm you=E2=80=99re building, not the incremental updates to =
the deck.=E2=80=9D I think she was right. We updated the deck only once or =
twice after that first round of feedback with new LPs and more direct messa=
ging we had honed over conversations with potential LPs — rather than agon=
izing over each word and slide through the entire process.
The most interesting DocSend insight was having insight on which slides inv=
estors were spending the most time on so I could calibrate what to focus on=
before calls. Some people wanted to talk about the funds we=E2=80=99d co-i=
nvested with, some about the content strategy I=E2=80=99ve built, some abou=
t why Josh and I were partnering up. Being able to provide information on t=
hose topics in advance in an email showed proactivity and also made the cal=
ls more focused.
For more insights on their community-led approach, read the full post here =
(https://i7.t.hubspotemail.net/e2t/sc2/MmZ-8yjYkzLW5SpRs87kQPlHW9bfWJ77D_gX=
VV_t64m5yQVVXdBzP8W04 ) .
Pitch Deck Interest Metrics Update
Investor interest is down with pitch deck interactions decreasing 3%, while=
Time Spent per deck is slightly down by 1.09%, and Founder Links Created f=
ell 17.88%. Founder activity is still up nearly 18% since the start of 2021=
. (retweet our tweet (https://i7.t.hubspotemail.net/e2t/sc2/MmZ-8yjYkzLW5Sp=
Rs87kQPlHW9bfWJ77D_gXVV_t64m5yQVVXdBzP8X04 ) )
Read our analysis of the top 3 live metrics (https://i7.t.hubspotemail.net/=
e2t/sc2/MmZ-8yjYkzLW5SpRs87kQPlHW9bfWJ77D_gXVV_t64m5yQVVXdBzP8Y04 ) for the=
startup fundraising market.
Recommended Reads
How I raised a $5.1M seed as a first-time, female, solo founder for a biote=
ch moonshot
There are few example of female solo founders=E2=80=8A who have successfull=
y raised large amounts from venture capitalists. In biotech and moonshot co=
mpanies, the numbers are especially disastrous. Celine Halioua shares her d=
etailed story of raising $5.1M.
Read the full post (https://i7.t.hubspotemail.net/e2t/sc2/MmZ-8yjYkzLW5SpRs=
87kQPlHW9bfWJ77D_gXVV_t64m5yQVVXdBzP8Z04 ) .
Counterintuitive Lessons on How to Get Better as You Scale
CEO and co-founder Jeff Lawson opens up about the peaks, valleys, and surpr=
ising lessons of Twilio’s 13-year journey=E2=80=94 from early product wins =
and go-to-market misses, to why you should use post-mortems when things are=
going well.
Read the full post (https://i7.t.hubspotemail.net/e2t/sc2/MmZ-8yjYkzLW5SpRs=
87kQPlHW9bfWJ77D_gXVV_t64m5yQVVXdBzP8-04 ) .
Join our webinar going live, today, at 9 am PT
Founder Stories: Overcoming gender and race bias when fundraising
Join us for a panel co-hosted by Ladies Who Launch with guest speakers Maxe=
me Tuchman, CEO & Co-Founder of Caribu, and Asya Bradley, COO & Co-Founder =
of First Boulevard, to hear their experiences in fundraising and their acti=
onable insights for underrepresented and unconnected founders looking to se=
cure startup funding.
Register to Attend
(https://i7.t.hubspotemail.net/e2t/sc2/MmZ-8yjYkzLW5SpRs87kQPlHW9bfWJ77D_gX=
VV_t64m5yQVVXdBzP8_04 )
Have a story or content suggestion? Learn how to become a Contributor (http=
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