What's the goal when working with us?
Starting a company is an intense process. We know it first hand having launched 9 companies with over $350MM raised, $100MM in exits, and $1 B IPO. One thing that experience has taught us is that it takes more than just money for founders to identify their early adopters, and gain the market traction they need to raise funding and accelerate the growth of their business. After we make an investment, our goal is the work with the founders to help you achieve the following:
- identify product-market fit
- gain early market traction,
- develop a scalable business model, and
- raise a larger round of funding at 3 times your valuation
Is StartFast just an accelerator program?
No StartFast is not an accelerator program. We are a pre-seed venture fund focused primarily on post-revenue SaaS, ecommerce, and IoT companies. We make 5 new investments each year and offer each of them a standard upfront deal. After our initial investment, our team and network will work directly with you to help your company grow as fast as possible. Most of our work is done together virtually with companies from anywhere in the world. We do ask for two one-week in person visits throughout the year as well so we can add as much value as possible and make key introductions.
What is the standard upfront deal?
We offer $50,ooo plus all of the benefits of working with StartFast and ask for 5% common stock in exchange. We will selectively lead or participate in follow-on funding rounds with check sizes ranging from $50,000 to $750,o00. Deal terms vary depending on the term sheet determined by the company and lead investor.
What types of companies does StartFast invest in?
We specialize in early-stage high growth tech start-ups. We are not industry specific but focus on post-revenue SaaS, ecommerce, and IoT companies. The most important success factors:
- A team of 2 or more co-founders
- Full-time committed co-founders
- A well defined market need
- A large addressable market
- The ability to develop a scalable business model
How do you choose which companies to invest in?
Please see our first blog post on this topic. After the initial cut, we are looking for ongoing communication showing your team’s ability to set targets and meet them. Big ideas without fully committed, execution-focused founders are not high on our list.
Does StartFast make follow-on investments in later rounds?
Most of our portfolio companies are likely to need additional funding beyond our first investment. After working with your team for a few months we will selectively make follow-on investments in companies raising new rounds of funding. Our typical check size is between $100,000 - $750,000 and depending on a multitude of factors we may either lead or simply follow in those fundraising rounds.
What sort of control am I giving up by granting equity to StartFast?
StartFast's initial investment is in exchange common stock. No special rights, no board seats – its your gig, so you run it.
What are your thoughts regarding single founders?
Building a high-growth startup is hard. Our preference is to work with high-performing teams that can manage the ups and downs of building a product and creating a viable business case. Try to find a co-founder who complements your strengths.
Do I need to send a business plan?
All we need is the online application which is available on our website