Adam Neary, co-founder/CEO of New York startup Profitably, has a great post on their long and hard slog to raise money.Now, posts like that are dime a dozen, but Neary’s stands out for one reason: it names names, and says who is or isn’t up to snuff. Great stuff.
Here’s the report card:
- Founder Institute: (a Y Combinator-style incubator) “quite helpful with early-stage advice and not helpful at all during fund-raising.” “In our case … FI became a major scarlet letter to be overcome during funding, and that’s regrettable.”
- North Bridge Venture Partners: “We didn’t have enough progress at the time to get North Bridge beyond their initial $50k, and most investors with whom we spoke took that signal to be the kiss of death.”
- Founder Collective: “In fact, despite (Managing Partner) Eric (Paley)’s passing on Profitably, I continue to have tremendous respect for him and for the Founder Collective crew. They are the real deal, they’re respectful, and we would be very lucky to work with them in the future.”
- New York Angels: “NYA has a pretty spotty reputation among entrepreneurs” … “from my perspective, clearly the New York Angels process is broken. If you’re going to have a lengthy and involved process, it should be pass/fail at >=$250k. If you’re just going to screen opportunities and let individuals make their own call, it should take a week or less total”
- AngelList: “AngelList, in contrast, rules.”
- Open Angel Forum: “Open Angel Forum in NY … has a great reputation and rightly… unfortunately … a bit VC-heavy for our immediate needs.”
- General Assembly gets a wet kiss: “the GA team is well-connected. We were introduced to a ton of investors during our search, and they proved to be orders of magnitude more credible than the introductions we were fielding from other sources. … it was the community that the GA team put together that ended up making all the difference for us.”
- Our Tour Of General Assembly →
- Our Exclusive Q&A With AngelList Founder Naval Ravikant →
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