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Phil Boyer, partner at Crosslink Capital. (Crosslink Photo)

Your startup just hit $1 million in annual recurring revenue. You’ve got product market fit. Now you’re ready for more capital to supercharge that growth — it’s time to raise a Series A round.


Phil Boyer康迪尔克隆资本的合作伙伴回答了这些问题,并更像是由叫做Road Toad A系列A,这是一个新的虚拟事件系列,由西雅图风险投资公司推出。博尔谈到了Lisa Nelson是Microsoft's Vinure Fund M12的前董事总经理,谁现在是飞鱼的风险伙伴。(Editor’s note: Flying Fish is hosting the event series in partnership with GeekWire)

Boyer加入了湾区的交叉链接,凭借RBC首都和信贷瑞士信贷。他专注于跨B2B软件主题的早期投资,如过程自动化和Devops,如上所述in a recent blog post


这是关于球亚博体育提现不出来队的:Some founders assume that once they hit $1 million in ARR there’s a “magic thing that happens where you raise a Series A.” That’s not how it works, Boyer said.

Revenue can be a great data point, but he’s more interested in the leaders themselves and if they’re equipped to take the company from beta to a scalable business. Boyer seeks founders who have past experience that provided unique insights into the problem they are tackling. He also looks at the first few hires to get an idea of the founder’s vision and his or her self-awareness to be able to fill gaps.

“Did the founders have this really compelling vision and view of the future that attracts really interesting people who are also dropping everything to go join forces?” he noted.

It’s also about the market:In addition to the quality of the founding team, Boyer prioritizes the size and opportunity of a market ahead of any metrics. That can come through in various ways depending on the type of business. If it’s a deep infrastructure product for enterprise, for example, is the startup showing that it can land its first set of six-figure deals? If it’s a company targeting SMBs, is there a huge addressable amount of customers to sell to?

Boyer says: “It’s showing that you have enough early proof to get someone to say, ‘if these folks execute on the product roadmap and on professionalizing their sales and marketing team, I can see this company getting to $100 million in ARR within the markets they are going after.’


练习你的球场 - 诚实:The easiest thing to do to get ahead and separate yourself from other startups is to refine your pitch and your story with friends, co-workers, advisors, family, etc. “It’s a very simple thing to do and it’s important,” Boyer said. “Investors are meeting with 10 other companies that day. You have to have signal through the noise.”

Be honest about your progress and your projections, Boyer added — investors are good at wading through the BS. And it will come back to bite you at some point in the process. “Be straightforward and have high integrity in what you’re showing investors,” he said.

关于咨询委员会:It can be a “strong weapon” for early-stage companies to have a group of advisors, Boyer said. But don’t just have one to have one — make sure the advisory board is made up of people that will actually add value. Boyer has seen some top-notch advisors who have daily touchpoints with a founding team. “That is absolutely worth it if you’re able to get that kind of insight for cutting an options deal with that person to add them on as an advisor,” he said.

不要折扣减少高级人:你不需要总经理或说话general partner to get the attention of a VC firm. It’s totally fine to start a conversation with an associate — they are the ones often driving the due diligence process anyways, Boyer said. “I don’t think it’s smart to ignore an associate or push them aside as not important,” he said. “I think they’re crucial.”

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