Fundraising Resources for Web3 Founders

In our previous article, Early-Stage Web3 Startup Funding: An Introduction, we linked to examples of different types of funding sources, such as investing DAOs and grant programs. In this followup, we want to focus on sharing more resources that cover all aspects of the fundraising journey.

We’ve curated a list of fundraising resources for crypto startups that is organized into two main sections: preparation and execution. Since context is always helpful, we’ve also added metadata such as publish date, read time, and source.

While we don’t necessarily endorse or agree with the opinions expressed by the authors of these resources, they help to give founders a good overview of the different perspectives on fundraising. These resources do not, and are not intended to, constitute professional or financial advice; instead, all of the resources available below are for general informational purposes only.

Preparing for the Fundraising Process

Most successful founders prepare thoroughly before they start fundraising discussions. This preparation involves working out exactly what they want, how much they’re worth, and what they plan to achieve. The results are crystalized across various documents and collateral. The following section contains a list of resources to help you get through this process, including structured information such as business planning as well as more persuasive content such as pitch decks.

Setting Fundraising Goals and Valuing a Project

To start, you need to have a fundraising goal—a target amount that you want to raise. And if you intend to approach VCs, you also need to have an idea of how much your project is worth. These resources help you arrive at these numbers.

Writing a Business Plan and Financial Forecast

A business plan shows investors how you’ll deploy the funds that you raise and how you plan to give them a return. Detailed Web3-oriented business plan templates are still thin on the ground, but there are plenty out there for traditional startups that can be adapted for Web3.

  • Financial Model Template for Startups
    • An Excel template aimed at helping traditional SaaS startups build their financial models based on subscription revenues. Can be used as a starting point for Web3 business models.
      Format: Excel  |  Date: Jul-21  |  Reading Time: 2mins  |  Source: Basetemplates.com
  • Startup financial models – 12 templates compared
    • A comparison of the top 12 financial models templates that are popular with traditional SaaS startups. Also contains great general info about what makes a good financial model.
      Format: Article  |  Date: April-20  |  Reading Time: 23mins  |  Source: OpenVC
  • The Causal Startup Suite
    • A toolkit published by up-and-coming spreadsheet startup Casual. They also produce templates for crypto founders. This is a list of templates for different financial modeling tasks.
      Format: List  |  Date: May-22  |  Reading Time: 2mins  |  Source: Casual
  • The Foresight Tools List
    • A more general list of tools that includes financial modeling templates. Foresight is another new template provider that produces financial model templates for forecasting and fundraising.
      Format: List  |  Date: Oct-22  |  Reading Time: 2mins  |  Source: Foresight
  • E78: VC fund metrics that matter
    • Four veterans of the startup industry give their perspective on the metrics that should go into a fundraising deck (discussion starts at 4:30 mins. and ends at 29 mins.).
      Format: Video  |  Date: April-22  |  Viewing Time: 25mins  |  Source: All-in Podcast
  • The Insider’s Guide to Data Rooms: What to Know Before You Raise
    • While not strictly about business plans, this article goes into the concept of “data rooms,” a collection of metrics that traditional VCs expect to see when evaluating a startup.
      Format: Article  |  Date: Aug-22  |  Reading Time: 9mins  |  Source: Future (a16z)

Creating a Pitch Deck

Before you approach investors, you’ll need a compelling pitch deck that you can repurpose for different types of pitch meetings. This section provides examples and guidelines on how to create a good pitch deck.

  • How To Build A Pitch Deck In 2021
    • A great video breakdown of how to structure a pitch deck by German investor and founder Maximilian Fleitmann, who understands both sides of the pitching process.
      Format: Video  |  Date: Feb-21  |  Viewing Time: 9mins  |  Source: Maximilian Fleitmann
  • Guide To Investor Pitch Decks
    • A detailed walkthrough of the dos and don’ts of creating a pitch deck. This advice is oriented towards traditional startups but much of it still applies in Web3 too.
      Format: Article  |  Date: Jun-20  |  Reading Time: 10mins  |  Source: Forbes 
  • Kleoverse Pitch Deck
    • A good example of an effective Web3 pitch deck from Kleoverse. It’s an 11-slide pitch deck that they used to raise $1.2 million.
      Format: Slides  |  Date: Feb-22  |  Reading Time: 2mins  |  Source: Pitch.com 
  • Blockchain Pitch Deck Examples
    • More blockchain pitch deck examples from Failory—an frank and practical newsletter for traditional and Web3 startup founders.
      Format: List  |  Date: Jan-22  |  Reading Time: 1min  |  Source: Failory 

Tokenomics and Equity Allocation

You’ll need to have a good idea of your preferred deal structure before you start approaching VCs. This section focuses on approaches to allocating equity in your Web3 startup.

  • How To Model Token Allocations And Distributions
    • A look at the cap tables for crypto companies in comparison to traditional startups and how to use tokenomics models for financial forecasting.
      Format: Article  |  Date: Oct-22 |  Reading Time: 4mins |  Source: Foresight
  • Fundraising And Deal Structure
    • A presentation from A16z’s Jesse Walden concerning token allocation and deal structure (part of the curriculum for the a16z “Crypto Startup School”).
      Format: Slides  |  Date: Jun-20  |  Reading Time: 3mins  |  Source: a16z
  • The Two Cap Tables of Crypto Companies: What They Are and How They Relate to Each Other
    • Opinion: Tomasz Tunguz, a Bay Area venture capitalist, breaks down two different types of cap tables (crypto and traditional).
      Format: Article  |  Date: Oct-21  |  Reading Time: 2mins  |  Source: Tomasz Tunguz

Executing The Fundraising Process

Once you have the essential documentation and pitching collateral, you’ll need to start contacting investors and making your case. This section provides you with the resources to help you start the process. It covers the two most popular fundraising paths: VC funding and crowdfunding. 

Regardless of which path you choose, you’ll need to communicate your project’s vision and long-term roadmap in a succinct and compelling way.

General Fundraising Advice

These resources concern the overall process of fundraising, including the different types of funding rounds and the pitching process.

  • Startup Funding: How It Works And How To Raise It
    • A detailed roadmap of the fundraising process including a breakdown of the different types of startup funding. Oriented toward traditional startups but useful for Web3 founders too.
      Format: Article  |  Date: Sept-22  |  Reading Time: 16mins  |  Source: Seedlegals
  • How To Raise Money For Your DeFi Startup
    • A practical guide on how to put together a financing round for a DeFi startup, covering all types of funding sources. Although the title refers to DeFi, it’s useful advice for other types of crypto startups too.
      Format: Article  |  Date: May-21  |  Reading Time: 19mins  |  Source: Kerman Kohli
  • Why, When & How To Raise Seed Money
    • Part two of a five-part series on the fundraising journey by Antler, a “day zero” investment firm that invests in both Web2 and Web3 projects.
      Format: Article  |  Date: Sept-20  |  Reading Time: 7mins  |  Source: Antler
  • Top Advice for Founders When Fundraising, Building and Growing with Stani Kulechov of Aave
    • From Liquid, a series dedicated to Web3 crypto investing, hosted by Cosmo Jiang and Joyce Yang. They talk to Aave CEO and angel investor Stani Kulechov about his experience as an investor in Web3.
      Format: Podcast  |  Date: Feb-21  |  Listening Time: 53mins  |  Source: Stani Kulechov
  • Navigating the Funding Process With Chaos Labs, Uplink, and WeMeta
    • A panel discussion from our own Startup with Chainlink program, where three Web3 founders share their experience and fundraising advice.
      Format: Video  |  Date: May-22  |  Viewing Time: 18mins  |  Source: Startup with Chainlink
  • Navigating The Crypto Fundraising Process
    • A session by Patrick Wu, partner at SkyVision, as part of the BNB Chain Revelation Hackathon. He touches on subjects such as finding the right partners, common pitfalls, and token launch strategy.
      Format: Video  |  Date: April-22  |  Viewing Time: 21mins  |  Source: Binance
  • Fundraising for Your Game in the Web3 Space
    • Another session from the BNB Chain Revelation Hackathon, this time by Jarindr Thitadilaka (Ja), project lead and founder at GuildFi, focussing on the specifics of fundraising in the Web3 gaming industry.
      Format: Video  |  Date: April-21  |  Viewing Time: 29mins  |  Source: Binance

Venture Capital—Finding and Approaching VCs

A list of resources that relate specifically to dealing with professional investors such as VCs and angel investors. The focus here is how to make first contact and how to get your ideas across effectively.

  • Diligence on Crypto VCs
    • Web3 analyst Marco Manoppo takes a look at the different ways that VCs can add value and what to look for in a crypto VC.
      Format: Article  |  Date: Oct-22 |  Reading Time: 9mins  |  Source: Marco Manoppo
  • On Evaluating VCs
    • A long tweet thread by Daily Ape founder Darren Lau on what to look for in a VC. Bear in mind that this was written in 2021 in a bullish market but still good advice nonetheless.
      Format: Tweet thread  |  Date: Oct-21 |  Reading Time: 2mins  |  Source: Darren Lau
  • Building an Investor Pipeline Spreadsheet – Keep Your Funding Flowing
    • An older resource from startup accelerator Techstars, but still useful for structuring your fundraising pipeline. It also includes a Google Spreadsheet template to get the process started.
      Format: Slideshow  |  Date: Nov-19  |  Reading Time: 5mins  |  Source: Techstars
  • How To Get Investor’s Attention In DMs
    • Web3 investor Jason Choi’s elevator pitch cheat sheet to help you stand out based on 300+ pitches. The original Notion page is only accessible to members but he includes a screenshot of it in the thread.
      Format: Tweet thread  |  Date: Jun-22  |  Reading Time: 2mins  |  Source: Jason Choi
  • VC Cold Email Template
    • A simple template for sending that first email, oriented toward traditional founders, but a good starting point.
      Format: Notion Page  |  Date: Oct-20  |  Reading Time: 2mins  |  Source:  Founderlibrary
  • How To Write Cold Emails To Investors – Lessons From 30 Vcs
    • Cold email tips from AI-powered startup Flowrite. This service (which is currently only accessible via a waiting list) uses AI to help you generate emails that sound unique every time.
      Format: Article  |  Date: April-21  |  Reading Time: 5mins  |  Source: Flowrite
  • How to Get Meetings with Investors and Raise Money by Aaron Harris
    • An oldie but a goodie. Y Combinator’s Aaron Harris gives a refreshingly honest and humorous guide on how to most effectively and strategically meet with investors.
      Format: Video  |  Date: Oct-18  |  Viewing Time: 47mins  |  Source: Y-Combinator
  • What Should You Send a VC Before Your Meeting?
    • A perennially useful guide to the different types of pitching collateral from entrepreneur Mark Suster. It’s old content and aimed at Web2 founders but still contains great tips.
      Format: Article  |  Date: Jun-18  |  Reading Time: 7mins  |  Source: Mark Suster
  • Tips I Used To Raise $150,000,000+ For My Startups
    • Entertaining video by former Twitch founder and Y Combinator partner Justin Kan, who drives around LA while sharing candid advice on how to pitch VCs.
      Format: Video  |  Date: Oct-21  |  Viewing Time: 15mins  |  Source: Justin Kan
  • Startup Fundraising and Pitching To Investors
    • A presentation from Antler’s fundraising masterclass. Oriented towards pitching a Web2 startup, but nonetheless helpful pitching advice.
      Format: Article  |  Date: Sept-20  |  Reading Time: 7mins  |  Source: Antler
  • Selling Your Startup to Backers Who Don’t Identify with the Market
    • This panel discussion from the AWS startup program is aimed at woman founders pitching to male investors, but much of the advice can be used for any unique project. Discussion starts at 22min.
      Format: Video  |  Date: Feb-22  |  Viewing Time: 48mins  |  Source: AWS startups

Crowdfunding—Examples and Guides

Since crowdfunding in Web3 is still evolving, these resources focus on examples of how specific Web3 startups raised funds through decentralized sources.

  • Mirror Crowdfunding
    • A three-part tweet thread where Web3 DevRel expert Nader Dabit gives nine examples of projects that have raised funds (ranging from $60K to > $3 million) by blogging directly on Mirror.
      Format: Tweet thread  |  Date: Jun-22  |  Reading Time: 1min  |  Source: Nader Dabit
  • Fundraising in a Community First World
    • Popular creator community Friends With Benefits describes how they crowdfunded their project and even sold token allocations from their DAO treasury to institutional investors.
      Format: Article  |  Date: Jun-22  |  Reading Time: 2mins  |  Source: Friends With Benefits
  • 6 Ways Community Ownership Has Helped 6 Real-life Founders
    • Web3 fundraising platform Fairmint provides examples of how different types of startups use crowdfunding to fund their projects.
      Format: Article  |  Date: Jul-22  |  Reading Time: 4mins  |  Source: Fairmint
  • How To Fundraise On Juicebox
    • A brief intro to fundraising on the crowdfunding DAO Juicebox. It contains three examples of DAOs who raised significant rounds and the settings they used.
      Format: Article  |  Date: Aug-22  |  Reading Time: 2mins  |  Source:  Juicebox
  • How Do Projects Get Funded On The LAO?
    • FAQs on how to get funded by the LAO—a member-directed venture capital fund organized in the US.
      Format: Article  |  Date: Sept-21  |  Reading Time: 2mins  |  Source: Lao DAO

That concludes our list for now. We hope this structured approach helps to guide your fundraising research. However, lists like these are only a snapshot in time. To stay up-to-date, we’d recommend joining a founder’s community where you can pool resources and work on a knowledge repository together.

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