Hi and welcome to the Wrap, a quick look at the week that was, I’m Diana Dorahy.
What a week…
We co-hosted the Next Chapter Raise by Cartier “Ask Me Anything” session. It was very well received by our members and there were some excellent questions.
Our first member joined us on the podcast this week. Alex Lamb, founder of Lanterne Rouge had lots of helpful tips about working with investors including these:
- Building trusted relationships with investors is key, focus on those who:
- Trust in your business and team
- Trust that you know your customers
- Provide business development introductions
Plus, our Strategy Lead, Amanda Williams, featured on a Startup Grind panel comparing investment trends across different regions. It was a really interesting discussion and Amanda talked about how cross-country and virtual investment creates more trust in the founder by the investor and opens up more investment opportunities in different countries.
This discussion is particularly interesting when we look at funding news this week.
The Mom Project — a Chicago startup that focuses on connecting women, including parents, with jobs from organizations specifically open to employing people who meet that profile — has announced a $25 million round of funding to expand its business. Two years ago, they raised $8 million and since then have grown to 275 thousand users.
But there are similar businesses here in Asia and Australia that have a very similar offering but haven’t raised nearly as much capital. The question is, why are we not seeing that same level of investment in Asia? Tell us what you think?
My story of the week this week….
Lululemon Athletica has announced it’s buying fitness company Mirror for $500 million, as the high-end yogawear maker looks to cash in on booming demand for home workout classes spurred by coronavirus lockdowns. Lululemon had already invested in Mirror back in 2018 when the company launched but it’s now acquired the company.
Mirror is set to reach over $100 million in revenue this year through sales of its about $1,500 mirror-like video monitors and monthly subscriptions for live workout classes.
My tip of the week this week comes from Caterina Meloni, the founder of Connecting Founders in Bangkok, a capital advisory firm working with female founders across the region.
When it comes to valuation, it’s not just about having a number in mind.
- As a founder, you have to be able to justify why that number is reasonable and substantiate it.
- Second, a funding plan isn’t a one-off, you have to think of this as a long game.
- Plus, don’t palm off the fine print to your capital advisor. You have to be able to go deep into a term sheet and investor agreement.
Read more tips from Caterina in our spotlight feature on the blog this week.
Coming up next week on Next Chapter Raise….
Part two in our July Masterclass series is out.
We’re also going to host a Cartier implementation hour for our members to go through the application process in more detail.
And we have Gail Wong from HerCapital on the podcast.
Have a great weekend and see you next time on The Wrap.