Trust is a Long Game with Tushar Garg

Tushar Garg raised over $200M for Flyhomes — one round closed in 30 minutes, another nearly collapsed while his co-founder was hospitalized after being hit by a drunk driver.Tushar is the co-founder and CEO of Flyhomes, a proptech company that pioneered cash-backed offers for homebuyers. In this episode he traces a full decade of fundraising — from a 30-minute seed term sheet through a $150M Series C he didn't plan for, to a near-death survival round raised in a frozen market after cutting more than 80% of the company. Every round traces back to a relationship he had been quietly building for years.In this episode:Why Tushar treats every investor meeting as a long-term relationship — even when they say noHow he raised Series B while his co-founder was in the hospital and his daughter was in the NICUHow a $30-50M Series C target became a $150M round — and why he says they raised too muchThe market crash playbook: cutting 80%+ of headcount, managing morale, and staying honest with investorsHow his original seed investor — met a decade earlier — led the survival round that saved FlyhomesHis core principle: "Trust is your currency" — and what that looks like across a decade of buildingShow notes:00:00 — Intro: The two-minute arc of Flyhomes02:02 — Tushar's background: Microsoft, Mayo Clinic, and becoming a realtor by accident06:00 — Seed round: A 30-minute term sheet with Al Goldstein and Mark Vadon07:11 — Series A: Why they chose Andreessen Horowitz's Alex Rampell over a higher offer07:20 — Series B: Raising while a co-founder was hospitalized after a drunk-driving accident09:18 — Series C: Planning for $30-50M, closing $150M with Battery Ventures and Norwest15:30 — Market crash: Interest rates, revenue collapse, and cutting 80%+ of the team19:05 — Survival round: Complicated cap table, big pref stack, and the seed investor who stepped up21:00 — Investor green flags and red flags23:01 — Relationship vs. transaction: Why Tushar sees no other way25:12 — Founder advice: Trust is your currencyAbout Tushar Garg:Tushar Garg is the co-founder and CEO of Flyhomes, a Seattle-based real estate technology company. He previously held roles at Microsoft, where he was PM for the core Bing search algorithm, and conducted AI and brain research with Mayo Clinic. Flyhomes has raised over $200M in equity financing and pioneered the cash-backed offer model for homebuyers.About Raiser's Edge:Raiser's Edge is a podcast for founders and operators navigating venture capital fundraising. Host Ben Elowitz interviews top founders about the real mechanics of raising — the strategies, the failures, the relationships, and the moments that made the difference. New episodes on YouTube, Spotify, and Apple Podcasts.Connect with Ben: https://www.linkedin.com/in/elowitz/Follow Raiser's Edge on Substack: https://substack.com/@elowitz