08/05/2022 - Allie Felix + Twos Joe
by Joe · 37 things on Twos
- Daughters name is Elle
- What is the minimum check size for you all to come in at?
- Does that leave us any room for friends and family
- What I see founders do well is a founder CRM
- Who you've reached out to
- Wish list
- 1st degree
- 2nd degree
- 3rd degree connections
- Not everyone is willing to put in the work on the cold-outreach front and being creative
- 2nd degree connections and looking to get warm intros
- Allie is offering to make intros to those 2nd degree investors
- Seed funds will not have enough allocation in this round
- Your hit rate is pretty good - I know founders who talk to 50 investors and don't get a hit
- I think how far you got along in the process with NEA bodes well for you
- Time-box for investor reach outs
- You have done the hardest part, so you need to keep the momentum
- We have a term sheet and we are looking to close out the round - use that as leverage and keep going so you can get back to building
- Do we want to prioritize friends and family and can they close out the round for us?
- What is the value of the friends and family vs another investor
- Do everything you can for the next two weeks and figure out where you net out and then decide whether we want to close out the round with friends and family or over-subscribe to the right partner
- Pre-seed consumer angels
- Angellist, twitter, who within your network knows the right person
- Jonathan Brook - Long journey ventures
- It may be a conflict with them as a firm to have a partner from NEA invest with us directly
- Strategy
- Who are pre-seed consumer institutions, do cold outreach, and get warm intros. Outside of the big guys. Specialized consumer firms.
- Investing out of their 1st fund (people that can do smaller check, smaller allocation)
- Who are the potential target angels, CEOs/Leaders who are investing in startups on side. Matt Redler did this.
- Smart consumer tech people in the twitter world that could be interesting fits
- Who are the potential friends and family and determine their value add
- August is a very hard time to talk to investors - they all go on vacation
- It is totally normal to ask what their process is
- Who are the other cool consumer companies that we look up to and who invested in them, crunch base
- ✓ Ryan Breslow's Book (Founder of Bolt) (45 min read) Book
- ✓ Return to Lakshmi “or else” 😅
- ✓ Send Allie the content of the warm intro email and then the personalized options