When raising investment, it’s important to present prospective investors with your financial information as clearly as possible. This is where a data room comes into play.
In this episode, I speak to Laura Fullerton, the founder and CEO of Monk, creators of the world’s first smart ice bath and cold water therapy app. After discovering that ice baths helped her regain control of her physical and mental health, Laura launched Monk to make cold water therapy more accessible.
About to close a £2 million round, Laura breaks down what a data room is and what needs to be included in yours to successfully raise investment.
Laura’s advice:
- Setting up a virtual data room is a confidential and controlled way of sharing information with potential investors
- It’s efficient and helps them make a quick decision, which is what you want
- It’s a way to show you are competent and professional
- It can highlight your potential
- It’s an easy way for them to do due diligence
- Security is important and it’s wise to ask them to sign an NDA before having access to the data room
- Doc Set enables you to send them a tailored choice of links
- If you have your pitch deck on Doc Set you will have version control over it
- It also enables you to see which pages potential investors have been paying most attention to - so that you get a sense of what is important to them, and this will help you build a relationship with them
- Laura suggests you use Calendly
- Having a data room sets a professional tone; Laura has five sections in hers - business summary / financial model / product development folder / people and contracts / marketing and PR. This makes it easy for investors to understand your business
- You need to protect yourself from the wrong investors
- Interrogate them as to what value they can bring apart from capital; ask for specifics and don’t be satisfied with generalisations
- Remember that fund-raising never stops, even if it is just building relationships with people who may invest in the future
- Try to go to the right events where you will build relationships and friendships for the future - founders always need support
If you'd like to contact Laura you can find her @discovermonk on Instagram.
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.
- For contracts check out Law Depot.
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