Pitch deck Comprehensive fundraising is just one aspect of the process, but for founders aiming to entice investors, it is the best way to communicate the progress and potential of their startup.
Deciders that decide on what to include in some slides can be the difference between a quick pass or a first check. As the venture capital market steadily boils down and investors are reviewing far more deals at various stages, the basics need to be reduced for their first look inside the company.
To see an insider in the process, I had a conversation with Pilot CEO Wasim Daher. Last month, his bookkeeping and financial tools startup wrapped up a $ 60 million Series C round led by Sequoia, bringing the company’s total funding north of $ 118 million. We discussed the various approaches they took to showcase the company’s pitch deck, which showed that they knew that potential investors were the most eager, something that shifted over time as the company moved towards new miles. Stoned.
Daher took me on a tour of his company’s CC pitch deck (embedded below) and described the decisions he and his team had taken the most time as they prepared the deck. During the discussion, he broke down some important questions asked by investors at each stage and touched on a number of evidence points that the Vice Chancellors have begun to pay more attention to.
“If series A was about, ‘Do you have the right material to do this job?” Then series B is about, ‘Is this really working?’
“If series A was about, ‘Do you have the right material to do this job?” After this, Series B is about, ‘Is it really working?’ “And then Series C is more like, ‘Well, show me that the core business is actually working and you’ve unlocked the actual drivers to allow the business to continue.”
What do investors want?
- Key investor questions: Is there any significant ability?
- Evidence to consider: Total Addressable Markets (TAM), Teams.
- Key investor questions: Is there evidence of product-market fit?
- Points to consider for additional evidence: Annual Recurring Revenue (ARR), cash burn.
- Key investor questions: Is the flywheel working? Will you be the market winner?
- Points to consider for additional evidence: ARR growth, net retention, market share.
Series c / d
- Key investor questions: Forcing unit economics?
- Points to consider for additional evidence: Gross Margin, Lifetime Value (LTV), Customer Acquisition Cost (CAC).
- Key investor questions: Will the business generate significant cash flow?
- Points to consider for additional evidence: Free cash flow (FCF), FCF margin, average selling price (ASP) growth, category expansion, earnings per share (EPS).
See the full pitch deck below from the pilot’s most recent offtake (with figures depicted for the actual financial matrix).