The Lip Gloss Gap: Anna Priadka, Fiils

Fundraising has been a huge learning curve for me. Coming from an industry where I’d never spoken to an investor or put a pitch deck together was a huge challenge. I was fortunate enough to be accepted onto a business accelerator, which helped tremendously in preparing me for raising investment. Even then, it takes practice to perfect your pitch and I found just getting out there, speaking to as many investors as I possibly could was the best start. Over time, it has become much easier and less scary to pitch! I actually enjoy it now!

1. Make sure you know exactly how much you need to raise- then add an extra 10% on top of this to give you some buffer. Money runs out quicker than you think- so you need to raise to give yourself at least 12-14 months runway.
2. Know your cap table, make sure you understand what level of equity you’re giving away and how this looks like as you raise subsequent rounds.
3. Ensure you have at least 6 months of runway in the bank before you raise. It takes a lot longer than you think to close a first ticket- sometimes 3 months for the first one! So, ensuring your business has adequate runway to support you through the raise is crucial.
4. Sell yourself and your vision! Think of it as a pure sales pitch, especially for early-stage businesses where revenue isn’t huge. Shout about everything that makes your business so great and why they should invest in YOU too.
5. Don’t give up when you encounter rejection. I have spoken to hundreds of investors and out of hundreds, maybe one or two will eventually invest. It’s a numbers game, and a game of resilience. DON’T GIVE UP!
6. Speak to yourself positively, make sure you affirm to yourself what an amazing business you have, and investors are lucky to have the opportunity to invest in you and your business.