Founders - We wrote The Non-Obvious Fundraising Guide to share our highest-leverage learnings from our own fundraising experience as Founders & VCs. To accompany that, here is a pitch deck you can copy and customize. It is undesigned on purpose, as your design should be your own. Many of these slides share advice & examples. Your ideal output is ~15 great slides. Good luck! - NFX
FUNDAMENTALS:
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The Ladder of Proof: How VCs read your pitch deck
Here’s what you need to craft your perfect pitch story
3
Intro
Why are you the best team to do this?
What is the need?
What’s your product and vision? Is this the right time?
What’s the size of the opportunity?
How do you make money?
Cover page
Team
Problem/ Opportunity
Product, big vision�Why now?
Market size (TAM)
Business model
What’s your market validation? Numbers?
How are you defensible?
How are you different?
What’s your plan ahead?
Reminder of the strong points to remember
Traction
Metrics
Defensibility/ network effects
Competition
Roadmap�& Financials
Summary
Answers to tough questions/ deeper analysis
Appendix
How to use the rest of this deck:
Go deeper into each section of the pitch deck to:
Cover
5
Company name
Logo
1-liner
Mission
Product
Picture illustrating vision
VC’s mindset: Ladder of proof
Can Include
Good company name
Clarity of description �of business
6
Name
1-liner or mission
Template
7
Name
Template
Team
8
Founders + Founding team
Advisors + Investors
Logos from top companies/ universities
Relevant professional experience
VC’s mindset: Ladder of proof
Can Include
Strong network of advisors and investors
Relevant experience
Complemen-�ting skills
Ability to build product
Team worked together before
Previously worked in fast growing companies
Founder -Market fit
Diverse team
Team worked together before
Team build successful company before
Our team – Founders
9
Name #3
Coo
Name #2
CTO & president
Name #1�CEO
Logos (Company, school, military, other)
Logos (Company, school, military, other)
Logos (Company, school, military, other)
Logos (Company, school, military, other)
Logos (Company, school, military, other)
Logos (Company, school, military, other)
Template
10
Leadership & Vision
Other Key management
Name
Head of [X]
Name
Head of [X]
Name
Head of [X]
Name
Head of [X]
Name
Head of [X]
LOGO
Name #1, CEO
Name #2, CTO & president
Name #3, COO
Template
11
Co-Founding team of [Company]
Lead Investor
Selected Advisors
Logo
Logo
Name #1,
CEO
Name #2,
CTO & president
Name #3,
COO
Logo
Logo
Logo
Template
What is the need? This is the anchor to your story
12
VC’s mindset: Ladder of proof
Big market
There is a customer need
Need is significant - Not a vitamin or a “nice-to-have”
A few ways to tell the story:
You found a customer pain point and your solving for it
Solving for new customer pain point
Solving pain point in new geography
Making existing activity 10x easier
You found a way to benefit the customer and present them with a “gain creator”
New way to make money
Make more money than before
Making existing activity 10x bettter
You identified a big new opportunity
Current solutions are failing at meeting the customer expectations
13
What customers want/expect... | | …& what they get | |
Customer Need #1 | “Customer Quote #1” | | Pain point #1 |
Customer Need #2 | “Customer Quote #1 | | Pain point #2 |
Customer Need #3 | “Customer Quote #1 | | Pain point #3 |
Customer Need #4 | “Customer Quote #1 | | Pain point #4 |
Template
[THIS] customer segment has no good solution today
14
Customer segment #1
Stakeholder #3
[Focus] Customer segment #2
Logo
Logo
Logo
Logo
Logo
Logo
Logo
Logo
[Current available solution in market for segment]
[Current available solution in market for segment]
Unmet need
[Elaborate…]
[Current available solution in market for segment]
Template
It’s a massive opportunity
15
$XXBN
XX%
XX
Large market
Big margins
Reason #3
Template
We’ve seen the model work in other [Verticals/ Geographies]: select examples
16
name
Logo
Logo
Logo
Location
Founded in Year X
$$ in revenue in Year
$ round in Year
[description]
Location
Founded in Year X
$$ in revenue in Year
$ round in Year
[description]
Location
Founded in Year X
$$ in revenue in Year
$ round in Year
[description]
Template
Uber - Raised $200K, 2009
Source: Cirrusinsight
Example
Dropbox - Raised $1.2m, 2007
Source: Cirrusinsight
Example
Intercom - Raised $0.6m, 2012
Source: Cirrusinsight
Example
Solution
20
Your product demo/ description
Your customer segment focus: The white-hot-center
Unique insights
Solution benefits
Your vision
Can Include:
VC’s mindset: Ladder of proof
Not a feature for another platform/product
Fresh good idea
Unique insight
Idea can potentially create a fund returning exit
Big vision
Solution with a clear wedge
Precise and crisp description of solution
Our solution is a [description] and provides [Benefits] to the customer
21
Customer - Demand
Supply
$
$
Your company
[$]
[$]
[XX]
[XX]
Company does [XX]...
Product Screenshot/ demo...
Template
Our Solution
22
Company
Benefit #1
Benefit #3
Benefit #2
Company does [XX]...
Product Screenshot/ demo...
Template
Three-Sided Marketplace�Solution
23
We [X]
Side #1
Side #3
Side #2
Revenue source
Offering
Example customers
Example customers
Product
Revenue source
Offering
Revenue source
Offering
Template
Uber - Raised $200K, 2009
Source: Cirrusinsight
Example
Dropbox - Raised $1.2m, 2007
Source: Cirrusinsight
Example
Why now?
26
New trends in market
New technology
Success in other geography
TAM & Growth in size of market
VC’s mindset: Ladder of proof
Can Include:
No need for market education
Not late to the innovation game
Why now?
27
Trend #1
Trend #2
Trend #3
LOGO
Illustration
Template
Dropbox - Raised $1.2m, 2007
Source: Cirrusinsight
Example
How big is the market?
29
VC’s mindset: Ladder of proof
High growth market
Big enough TAM
Can be:
> Big market today: Include bottom up TAM calculation
> A niche behavior that is growing fast. Not a big market today, but can become one.
30
[XX] is a > XB USD market that will grow at % by Year Y
$$B
$$B
$$B
$$B
~# X
Year X
Year Y
Market
Subset of market
[XX]
[XX]
[XX] TAM
{Explanation of calculation]
[XX]
Name
Template
Uber - Raised $200K, 2009
Source: Cirrusinsight
Example
Airbnb, raised $600k in 2009
Source: Cirrusinsight
Example
Business model
33
The customer segments
Pricing model (1 time/ saas/ per transaction)
Channels
Can Include:
VC’s mindset: Ladder of proof
Proven in other fields
Clear business model
BM with good unit economics
Already proven with customers
[Company] business model
| [Customer Segment] | [Customer Segment] | [Customer Segment] |
Route to market | [Channel] | [Channel] | [Channel] |
Business Model | [Business Model] | [Business Model] | [Business Model] |
Pricing | $[#]K to $[#]K on milestones [#]% Royalties | $[#]K to $[#]K on milestones [#]% Royalties | $[#]K to $[#]K on milestones [#]% Royalties |
Icon
Icon
Icon
Template
Airbnb, raised $600k in 2009
Source: Cirrusinsight
Example
Traction, metrics
36
#customers, pipeline/waiting list
MoM revenue growth (GMV & net)
Unit economics (incl. Take rate, acquisition costs)
Acquisition channels
Metrics (engagement, retention, reviews..)
Can Include:
VC’s mindset: Ladder of proof
Good unit economics
Customer waitlist
Customer love
Paying customers
Scalable acquisition
Channel partnerships
Customer retention
Active users
Low CAC, High LTV
High growth numbers (~20-30% MoM)
Great progress in our [#] months of work: We are [..]
37
[Tech Status]
[Initial customers Status]
[Supply/ Channel Status]
[Client pipeline Status]
Illustration
Illustration
Illustration
Illustration
Template
[#] MoM revenue growth
$[#]
per month per member
LOGO
[X]%
take rate
[#]%
word-of-mouth
Monthly booking revenue
$[X]K
Launch
[Month]
[Month]
[Month]
[Month]
[Month]
[Month]
[Month]
Template
It’s working – rapid weekly growth
Total [Users/ Subscribers/ Payers]
Total MRR
#
#
#
Week of [Date]
Week of [Date]
Week of [Date]
$X K
$X
$X
Week of [Date]
Week of [Date]
Week of [Date]
Template
Our customers love us (depends on whether you are b2b/b2c)
[B2B] Logos
[B2C] Customer reviews
LOGO
REVIEWS
Review Policy
5.0
X total
5
4
3
2
1
[Comment]
.
.
.
N
[Date]
Name
[Comment]
.
.
.
N
[Date]
Name
[Comment]
.
.
.
N
[Date]
Name
[Comment]
.
.
.
N
[Date]
Name
Template
#% of our members were through [X] channel
[Comment]
How did you hear about [Company] ?
#%
#%
#%
Channel #2
Channel #3
Channel #1
[Comment]
[Comment]
Template
[Cost of Acquisition over time]
Supply CAC
Member CAC
Supply Cost of acquisition [Comment]
$[#] CAC
paid social
Member Cost of acquisition [Comment]
[Month]
$[X] CAC
Blended
[Month]
[Month]
[Month]
[Month]
[Month]
[Month]
[Month]
[Month]
[Month]
[Month]
[Month]
[Month]
[Month]
Template
User Acquisition Metrics
$#
CAC
# months
CAC payback period
$#�LTV
#x
LTV/CAC
Template
Unit economics
Gross revenue per member | $[#]/month |
Net [Company] revenue per member [#]% take rate | $[#]/month |
Paid member CAC [#]% acquisition | $[#] |
Blended member CAC | $[#] |
Paid supply CAC Serves X members | $[#] |
Blended total CAC Adjusted for 1 member, Including supply and member costs | $[#] |
$[#]K Payback = [#] months | |
Template
| | |
Revenue | $[#] | $[#] |
Upfront payment received | $[#] | $[#] |
Cost | $[#] | $[#] |
Payback period (w/revenue) | [#] months | [#] months |
Lifetime revenue | $[#] | $[#] |
Lifetime net cash flow | $[#] | $[#] |
You
Comp.
Subscription unit economics – vs. [Competition]
Template
[#]M�[Users/ Subscribers/ Payers]
$[#]�Annual revenue
Annual revenue
Total subscribers
Total Net revenue
$[#]
[Subset] revenue
$[#]
[Year]
[#]
[#]
[#]
[#]
[#]
[#]
[Year]
[Year]
[Year]
[Year]
[Year]
[Year]
[Year]
[Year]
[Year]
[Year]
Where we’ll be in [#] years
Template
Facebook, raised $500k in 2004
Source: Cirrusinsight
Example
Competition
48
Other key market players
Your vs. their offering and your differentiation
Your unique advantage and why you win
Defensibility and network effects
VC’s mindset: Ladder of proof
Can Include:
Competition opening
Deep understanding of the market dynamics
Strong defensibility/ network effects
We offer a differentiated [Approach]
Key Groups�(Select examples) | Offering #1 | Offering #2 | Offering #3 | Offering #4 |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
[Comment]
[Comment]
[Comment]
[Comment]
Logo
Logo
Logo
Logo
Logo
Template
[Our company is doing [X] while others focus on [Y]
[Your Company]
Logo
Logo
Logo
Logo
Logo
Logo
Logo
Logo
+ Many more
Logo
Logo
Logo
Logo
Logo
Logo
+ Many more
Logo
Comparison Criteria
Comparison Criteria
Comparison Criteria
Comparison Criteria
[#]B Market size
[#]B Market size
Logo
Template
Competitor analysis
Name | Core Market | Launched | Business model | Offering | Offering | Offering | Offering | Traction #1 | Traction #2 | Growth (last 12 months) |
[Your company] | [Focus] | [Year] | [BM] | | | | | ## | ## | [#]% |
[Competitor] | [Focus] | [Year] | [BM] | | | | | ## | ## | [#]% |
[Competitor] | [Focus] | [Year] | [BM] | | | | | ## | ## | [#]% |
[Competitor] | [Focus] | [Year] | [BM] | | | | | ## | ## | [#]% |
[Competitor] | [Focus] | [Year] | [BM] | | | | | ## | ## | [#]% |
[Competitor] | [Focus] | [Year] | [BM] | | | | | ## | ## | [#]% |
[Competitor] | [Focus] | [Year] | [BM] | | | | | ## | ## | [#]% |
Template
Our [Unique Advantage]
Offerings/ Steps | | Unique advantage |
1 | | [Unique advantage] |
2 | | [Unique advantage] |
3 | | [Unique advantage] |
4 | | [Unique advantage] |
Icon
Icon
Icon
Icon
Template
Why we win
Reason #1
Reason #2
Reason #3
[How we grow efficiently]
New X
##
##
##
[Quarter]
[Quarter]
[Quarter]
Template
Airbnb, raised $600k in 2009
Source: Cirrusinsight
Example
Buzzfeed, raised $3.5m$ in 2008
Source: Cirrusinsight
Example
Defensibility
56
VC’s mindset: Ladder of proof
Can Include:
Embedding
Brand
Data network effects
Asymptotic Marketplace
Platform
Personal
Marketplace
Defensibility
[Network Effect]
Description
Description
[Network Effect]
[Defensibility]
Description
[Defensibility]
Description
[Defensibility]
Description
[Defensibility]
Description
Template
[Network effects in solution]
Icon
Icon
Icon
Icon
Step
Step
Step
Step
Template
Your Plan:
59
Product and innovation roadmap
Headcount and operational forecast
Financial plan
VC’s mindset: Ladder of proof
Can Include:
Fast growth plans
Well thought out plan
Company improving margins with time
Our game-plan
Pre-seed�Raised in [Quarter]
Seed�Raised in [Quarter]
Series A�Raised in [Quarter]
Template
We’re raising $##M for 18 months to reach PMF
Seed | 6m | 12m | 18m�Series A | 24m�Year | 36m�Year |
Product | Milestone | Milestone | Milestone | Milestone | Milestone |
Headcount | [#] [Role] [#] [Role] [#] [Role] | [#] [Role] [#] [Role] [#] [Role] | [#] [Role] [#] [Role] [#] [Role] | [#] [Role] [#] [Role] [#] [Role] | [#] [Role] [#] [Role] [#] [Role] |
Traction | $[#] ARR�## Mau/Wau | $[#] ARR�## Mau/Wau | $[#] ARR�## Mau/Wau | $[#] ARR�## Mau/Wau | $[#] ARR�## Mau/Wau |
Template
[Financials]
| [Quarter/Year] | [Quarter/Year] | [Quarter/Year] | [Quarter/Year] |
Ending ARR | $ | $ | $ | $ |
Revenue | $ | $ | $ | $ |
COS | 0.0 | 0.0 | 0.0 | 0.0 |
Gross Margin | $ | $ | $ | $ |
Gross Margin % | % | % | % | % |
Sales & Marketing | 0.0 | 0.0 | 0.0 | 0.0 |
Research & Development | 0.0 | 0.0 | 0.0 | 0.0 |
General & Administrative | 0.0 | 0.0 | 0.0 | 0.0 |
Total Expenses | $ | $ | $ | $ |
Operational Profit (Loss) | ($) | ($) | $ | $ |
Operational Margin | (%) | (%) | % | % |
Template
[Summary/ Highlights]
Template
Illustration
(Product/ Team/ etc..)
Credit to Shayma Sharif, Principal at NFX, for curating these resources. And to General Partners Gigi, James, Pete and Morgan at NFX for their insights.