No-BS Lessons from Investors: What Founders Really Need to Know Before Raising

Oct 31
4 min read

Insights from our FOUND London Investor Panel

Let’s face it, a lot of investor panels are full of buzzwords and vague platitudes. This one wasn’t.

Hosted by Andy Hodgetts, our no-bs investor panel brought together four straight-talking experts who cut through the noise to give founders practical, real-world fundraising advice.

The panel featured:

Lucy Merson, Foresight Group – investing from early-stage ventures to buyouts.
Ashley Abrahams, Guinness Ventures – 10–20 deals a year, focused on early-scale businesses.
Vinay Solanki, Channel 4 Ventures – Leading media-for-equity deals that help startups grow through marketing.
Andy Hodgetts, ex-Buzzacott and experienced M&A advisor – specializing in exits, growth capital, and deal strategy.

Their goal? Give founders the inside view of how investors really think and how to navigate your next raise like a pro.

Is Now a Good Time to Raise?

The short answer: it depends.

Lucy put it bluntly: “It’s business-specific.”

For the right business in the right market, capital is always available an Ashley agreed the climate isn’t as hot as a decade ago, but deals are still happening.

Vinay highlighted that marketing costs are killing margins and why his media-for-equity model helps founders reduce those costs instead of raising more cash.

Even if you’re not raising now, start thinking about exit readiness and value creation early.

Founder takeaway: There’s never a “perfect” time to raise - there’s only the right time for your business. Focus on traction, clarity, and your growth story, not market noise.

What Investors Actually Look For

Forget the buzzwords. Here’s what the panel said they care about most:

Team > Idea – Every investor agreed: execution beats concept every time.

Data transparency – Show your numbers. Don’t hide behind vague metrics.

Unit economics – Ashley stressed the importance of knowing your CM3 (contribution margin) and capital efficiency (“Rule of 40”).

Customer clarity – Lucy wants to see you understand your buyers - who they are, how long your sales cycle is, and what problem you actually solve.

Honest storytelling – Vinay said it best: “Founders need to fix any uncomfortable gaps in their story before they pitch.”

Founder takeaway: Be able to answer why now, why you, and how this scales, with data, not hype.

The Most Common Pitch Mistakes

If your pitch deck isn’t getting traction, you’re probably making one of these mistakes:

Messy decks – Ashley sees 1,500 pitches a year and rejects most because of errors or unclear messaging.

No “so what” – Lucy says every slide should tell investors why it matters.

Shallow financials – Investors want to see cash runway, burn rate, and future funding plans.

No plan for the money – If you can’t explain how you’ll spend it and what milestones it buys, you’re not ready.

Lazy storytelling – Vinay hates “We’re the Netflix of X” comparisons. Tell your own story.

Founder takeaway: A deck doesn’t win investment — it earns you a meeting. Clarity, professionalism, and substance win attention.

Valuation: Stop Chasing Vanity Numbers

Founders often obsess over valuation. The panel’s advice? Get over it.

Lucy: “Write down the valuation you want, then compare it to what the market is telling you.” Focus on the deal terms, not just the headline number.

Vinay: “Make sure the deal makes you happy. Valuation is secondary to fit and sustainability.”

Ashley: Know your “f***-off number” — the amount that gives you true freedom — and weigh that against control and equity dilution.

Andyr: “Valuations are paper until you exit.” Protect your downside.

Founder takeaway: A great deal with fair terms beats a flashy valuation every time.

Funding Isn’t One-Size-Fits-All

Equity isn’t the only game in town. The panel encouraged founders to explore alternative routes:

Media-for-equity: Trade equity for TV or digital ad space — reduces marketing costs while driving brand growth.

Debt: Useful for later-stage companies, but risky early on. Take professional advice before signing anything.

Hybrid or growth capital: Different funding tools fit different growth stages — learn the options before you raise.

Founder takeaway: Every pound you raise has a price. Understand the strings attached before you take it.

Professionalism Still Matters (More Than You Think)

Investors see thousands of founders a year. The ones who stand out? The ones who are professional, organized, and respectful.

The panel’s “founder red flags”:

Being rude or dismissive (Ashley)
Sending inconsistent stories or changing your target raise mid-conversation (Lucy)
Burning bridges after rejection (Andy)
Reheating old clichés (“the Uber of X,” “the Spotify of Y”) — stop it (Vinay)

Founder takeaway: Every interaction is part of your pitch. Stay consistent, humble, and sharp — it leaves a lasting impression.

Pro Tip: Add a Q&A Deck

This one’s gold.

Vinay and Ashley both said founders who include a Q&A appendix — pre-emptively answering tough

investor questions — stand out immediately. It shows transparency, maturity, and preparedness.

Founder takeaway: Anticipate the tough questions before investors ask them. It shows you’re running a real business, not just selling a dream.

Andy Hodgetts and his panelists each left founders with one clear message:

Be the founder investors want to back — honest, data-driven, self-aware, and laser-focused.
Raising capital isn’t about luck or charm. It’s about preparation, professionalism, and storytelling grounded in truth.
Get your house in order. Know your numbers. Own your story.

That’s how you raise money — and build something that lasts.

A full recording of the session will be available to watch soon.