Once you start your own business, the crucial question of “How do I fund my idea” will always be a hot topic. 🔥 Flemming Pinck, the Founder of Inferno Ragazzi and Co-Founder of Swan Beauty shared his insights, lessons, and learnings about fundraising. Recently, Flemming and his team of SWAN Beauty Tech closed the successful seed round of 1.45 million in capital. If you want to replay the Q&A, go to our Instagram channel.
If you prefer a written recap, here you go: 🗣 Don't ask for money, ask for advice If you ask for advice, you allow the investors to get the first touch-points, which naturally helps them to gain interest in your idea.
📈 Develop the first valuation with the Business Angels
Flemming and his Co-Founder did the first evaluation together with the Angels. Gaining external knowledge and perspective helps to make the evaluation stronger and more realistic.
🦄 Storytelling is key "It’s always about storytelling to the investor," says Flemming, "And you have to be proud of what you're doing," he adds. Presenting your story and idea with confidence is crucial when talking to investors.
🚀 Ready-made prototype is a game changer
Aside from having a good pitch, the prototype matters as well. It's as easy as that. Work hard to give your idea some proper tangibility — that makes getting the investors on your side easier. 💙 Personal fit is a crucial criterion
"All of our Angels bring more than just money to the table, which was always super important to us," says Flemming. Ask yourself if the person has the same vibe; do they believe in you and trust you?
💪 Keep going despite the roadblocks
Flemming and his team did over 400 pitches. They sucked at the beginning. They have mastered their craft of pitching over time. "Be confident: This is the future!" says Flemming.