Funded | How They Raised Millions

In this episode, we'll talk about green flags—the little things founders say or do that quietly leave a strong impression on investors. I share a story about a first-time founder at one of our events who said two things that really stood out. They weren’t flashy, but they revealed a surprising level of maturity... and they’re the kind of signals that stick.

In this episode of The Backchannel, we break down a simple but powerful equation to help founders understand why some investor meetings turn into momentum—and others fall flat. We share a personal story that sparked the idea, then introduce the concept of Time Given (TG) minus Time to Interest (TTI) as a way to diagnose and improve your fundraising outcomes. If you're stuck wondering why some pitches connect and others don’t, this framework might give you a clearer path forward.

In this episode of The Backchannel, we start with a tweet from Peter Walker at Carta and dig into what it means when a big chunk of LPs in smaller funds are just regular individuals. If you’re raising a sub-$100M fund—or thinking about it—there’s some stuff here that might make you pause, maybe even rethink how you’re approaching your next raise. Founders should listen too, since this affects how and when capital actually makes its way into startups.

Is pre-seed fundraising harder than ever? In this episode of The Backchannel, we break down how expectations for early-stage startups have shifted. Investors now demand more proof—traction, paying customers, and even product builds—before writing checks. Why? A mix of AI-driven productivity, global talent access, and the lingering effects of the post-ZIRP investment climate. If you’re a founder navigating this new reality, this episode will help you understand what it takes to stand out. Learn how to adapt, leverage AI tools, and make progress without investor capital. Tune in to stay ahead of the curve.

Raising money isn’t just about convincing investors—it’s about surviving long enough to do it. Brian Sheng, founder of Aquaria, bootstrapped millions of his own dollars, ran relentless product-market fit experiments, and faced rejection after rejection before securing a $112M round to scale his breakthrough water technology. We dive into the toughest moments of his fundraising journey, the insight that finally got investors on board, and the mindset that kept him pushing forward. If you’re a founder struggling to raise capital, this episode is a must-listen.