Less than Lunch club co-founder Vlad Novakovski got quite a few term seats from Lightspeed Ventures for seven days, but his startup wasn’t thinking about sourcing at the time. Why did this happen? Customer feedback and a growing, sticky product experience to back it up have made startups an investment opportunity. Lightspeed’s Nicole Quinn wasn’t missed.
This week, Novakovski and Quinn attended TechCrunch Live to give a breakdown of the Lunchclub Series A decks and details on how they were connected towards the beginning of the pandemic. Lunchclub is an AI-driven networking tool that virtually connects professionals from multiple industries and levels.
TechCrunch Live (formerly Extra Crunch Live) takes place every Wednesday at noon PDT / 3 pm EDT. Every week, the audience will hear behind-the-scenes stories and best practices from the founders and investors who led their rounds. In the second half, the founder of the audience will give a live pitch directly to the guests.
Check out the full recording of the episode at Live Pitch Off by watching some important lessons from the chat between Vlad and Nicole below.
Properly placed intros are very helpful
Early investor impacts can be of great help. Nicole Quinn discovered the lunch club through one of the company’s early investors early in the 2020 pandemic.
“I received an email from Greg Arrese, an angel investor at Lunchclub, saying,’Lunchclub has just begun a fireside chat,’” recalls Nicole. “These fireside chats really find product and market compatibility. That is, we have just launched them and thousands of people are participating in them.”
Initially, he participated in a fireside chat and contacted Vlad on Wednesday to learn more about the company, but the conversation grew rapidly and a term sheet was created on Monday, less than a week after the meeting.
Referrals from other founders to investors are often advertised as the best way to stand in front of VCs. In the case of Vlad, it was the investors who made the difference.
“As the founder … it’s [the] When seeding or pre-seeding, it’s a kind of value with a strong … angel investor network, “Vlad added.
Consumer feedback is everything
The founders work hard to solve the problem, but the real test is the customer himself. Novakovski’s Series A decks received customer feedback in the form of social media screenshots, but with limited data and case studies. This is the change he had previously wanted.
How Lunchclub landed a preemptive term sheet from Lightspeed – TechCrunch Source link How Lunchclub landed a preemptive term sheet from Lightspeed – TechCrunch
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