With Sifted reporting that European startup funding plummeted by 40% in 2023, maintaining open and transparent communication with your investors is vital to maintain such an important relationship.
In this episode, I hear from Michelle Kennedy, co-founder and CEO of Peanut, one of the fastest-growing social media apps for women. Michelle launched Peanut in 2017 to help women combat the loneliness that comes with being a new mother. Peanut has raised over $23 million in funding since its inception.
Having raised an exceptional amount of funding, Michelle has brilliant insights to share on the most effective ways to communicate with investors.
Michelle's advice:
- Avoid outside investment for as long as you can
- When communicating with your investors approach them on an equal footing; it’s not necessarily the case of you only reporting the good news
- Use them for help and dispassionate advice - they should be people who understand crises and will be able to be objective
- They may be able to help you with introductions
- A quarterly meeting with investors is probably enough; if necessary you can have ad hoc calls in addition
- Structure your meetings with investors: they will need to see metrics and hear about targets and performance; they will also want to know about your plans for the next quarter
- Have your list of questions prepared and make sure you ask for what you need
- Be open about any failures
- Generally only the founder needs to be present at these meetings; they are investing in you because they believe in you, the founder, and the founder’s voice is crucial
- Always be confident when communicating with your investors
FF&M enables you to own your own PR. Recorded, edited & published by Juliet Fallowfield, 2023 MD & Founder of PR & Communications consultancy for startups Fallow, Field & Mason. Email us at hello@fallowfieldmason.com or DM us on instagram @fallowfieldmason.
Let us know how your start up journey is going or if you have any questions you would like us to discuss in future episodes.
FF&M recommends:
- LastPass the password-keeping site that syncs between devices.
- Google Workspace is brilliant for small businesses
- Buzzsprout podcast 'how to' & hosting directory
- Canva has proved invaluable for creating all the social media assets and audio bites.
MUSIC CREDIT Funk Game Loop by Kevin MacLeod. Link & Licence
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