When it comes to To stabilize, the platform that helps hourly workers manage their income, maximize their income, and provide access to such things as benefits and financial services, the strength of the business is clear. But their quest for fundraising for founder and chief executive Adam Rosman took time to clearly define and communicate to each of them.
To date, Steady has raised less than $ 30 million with investors including Loeb.nyc, Recruit Strategic Partners, Propel Ventures and Flourish Ventures. In fact, Flourish’s Mmelin Shaw sits on the board, leading the company’s Series A round in 2018.
As a partner in a $ 500 million fintech fund, not only should fintech companies think about fundraising but what they must do to be successful is invaluable. Lucky for us, we had the chance to sit down with both Steady’s CEO Adam Rosman and Mmelin Shaw for a recent episode of Extra Crunch Live.
The pair were sufficiently indulgent to walk us through Steady’s Series A deck, stating the importance of highlighting the strength of the trade. They went into detail on how Steady was successful during that funding process and what the company did differently to be more effective.
Shaw and Roseman provided some great advice for the founders during the pitch deck teardown, with speakers giving their expert feedback on the deck presented by the audience. (If you want your pitch deck to appear in an episode of Extra Crunch Live, hit this link.)
Rosman shared that the best investors are those who not only understand the business but understand you as a founder and a person. He clarified that he and Shaw had plenty of time to get to know each other before the Series A deal.
“I’ve been part of businesses in the past as an entrepreneur and on boards where it’s the worst case, especially when they don’t understand your business,” Rosman said. “Flourish took the time to understand it and was more fully aligned through it. This makes for the best long-term partnership. “
While this is a cliché, it is true that investors often place bets on a team basis, not an idea or a product. But what really makes a great team or founder? According to Shaw, it is about vision and passion.
Shaw said, “In Adam’s case, what Steady has tried to do has a direction relationship.” “It is a big difference in terms of commitment because you have ups and downs. They bring experience to understand space, how to penetrate and scale and a deep understanding of fintech.