In this episode of Fundraising Demystified, I sit down with Ben Chiang, the former head of Uber China and founder of Forma (acquired by Snap- yes, from Snapchat), to unpack his journey through hypergrowth, high-stakes fundraising, and strategic exits. Ben shares the realities behind building in chaotic markets, the truth about investor dynamics post-exit, and how founders can stay sane while chasing scale.
We dive into the underrated benefits of QSBS (Qualified Small Business Stock), why consumer startups have it tougher than ever, and the unique marketing challenges of building AI products in today’s crowded landscape. Great watch if you’re curious about any aspect of building and exiting in tech.
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We talk:
00:00: From Zero to 50 Million Weekly Rides: Uber China’s Blitzscale Playbook
02:48: Why Market Fit Is Make or Break
06:07: Timing, Relationships & the Hidden Rules of Fundraising
08:58: Forma’s Acquisition by Snap: Behind the Deal
11:57: Luck, Credit, and the Realities of Startup Success
15:00: Negotiating from Leverage vs. Desperation
26:13: Founders vs. Investors: What Changes After an Exit
28:08: QSBS: The Most Underrated Tax Benefit in Startups
30:27: How Stock Market Volatility Affects Founders
32:11: Leaving Snap: Rediscovering Purpose
33:43: The Messy Reality of Building and Marketing AI Products
37:14: Fundraising Now vs. Then: What’s Actually Changed?
40:57: Herd Mentality and the Modern VC Landscape
44:07: What It Takes to Enjoy the Founder Journey
47:00: Final Advice: Know What You Want
ABOUT BEN CHIANG
Ben Chiang is a veteran operator and founder best known for launching Uber in China and later founding Forma, a startup acquired by Snap. His experience spans scaling platforms in hypercompetitive markets, navigating complex acquisitions, and now building across multiple AI content ventures.
Get in touch with Ben:
LinkedIn: https://www.linkedin.com/in/benjaminchiang/
Twitter: https://x.com/ben_chiang
ABOUT JASON
Jason Kirby is the co-founder of Thunder VC. He is a serial entrepreneur with 4 multi-million exits and decades of experience in fundraising and business building. He has coached hundreds of entrepreneurs in his career on fundraising, investing, capital strategy, and business development.
You can reach out to Jason through:
Email: j
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