• Do not set terms prior to meeting VCs if it is over $1M. If you are only raising from angels, then it is fine. Set the terms with the VC and let them offer a term sheet. Only set terms with VCs if you have a lead.
• Don’t send VCs your deck before talking to them. Never give up more information than you have to.
• When pitching investor what is most important is your story and how you articulate it. Simple, powerful, and intentional.
• Raise the first portion of your target funding at a lower valuation from angels and then immediately after expect to raise the remaining portion from VCs. Recommend using Angel.co to raise an RUV from angels. An RUV allows you to raise from dozens of angel investors that will show up as one entity on the cap table.
• Start talking to investors before you raise to build the relationship. The investors might even ask to you to save a % of your raise for them.