Raiser's Edge

Sujal Patel raised $500M+ across two companies by treating curiosity as a fundraising system, not a personality trait.Sujal Patel is co-founder and CEO of Nautilus Biotechnology (Nasdaq: NAUT). He previously founded Isilon Systems, the storage company he took public before EMC acquired it for $2.25 billion in 2010. In this episode of Raiser's Edge, he walks through the "dumb questions of the day" habit that got him fluent in an entirely new scientific field, how he closed a $76 million Series B in six weeks during the first months of COVID lockdowns, and why he still reads competitors' SEC filings every day, a decade into running a public company.In this episode:- How Sujal packaged a thin resume into a fundable story at 26 years old- Why he takes a dozen "throwaway" investor meetings before the ones that matter- How curiosity, not charisma, built his reputation as a "dancing bear" in pitch meetings- What changed inside his term sheet negotiation during the first weeks of COVID- How to reframe a vague total addressable market question without guessing at numbers- Why every CEO needs a peer group, because your board can't be your sounding board00:00 Intro: Why Sujal Is a Top Fundraiser 01:07 Lightning Round: EQ, IQ, and Bold Bets 05:36 Isilon to Nautilus: The Fundraising Resume 09:32 The First Raise: 50 VC Meetings in 2001 16:45 The Dumb Questions of the Day List 17:53 Raising a Series B in the First Weeks of COVID 23:44 The Dancing Bear Routine, Explained 34:18 Public vs. Private Investors, and CEO Loneliness 38:14 Closing Advice: How to Actually Get BetterAbout Sujal Patel:Sujal Patel is co-founder and CEO of Nautilus Biotechnology (Nasdaq: NAUT), a company building a next-generation platform for protein analysis. He previously founded Isilon Systems, a data storage company he took public before EMC acquired it for $2.25 billion in 2010. Across both companies, he has raised more than $500 million in venture and public capital.About Raiser's Edge:Raiser's Edge is a podcast for founders and the VCs who back them, hosted by Ben Elowitz. Each episode features an experienced founder sharing hard-won, tactical lessons on raising venture capital, drawn from decades of watching what actually works across hundreds of founders and raises.Connect:Sujal Patel — LinkedIn: https://www.linkedin.com/in/patelsujalNautilus Biotechnology: nautilus.bioSubscribe to Raiser's Edge wherever you get your podcasts, and for Ben's behind the scenes takes on every episode, find us on Substack at www.raisersedgepod.com.

Kevin Bennett raised $200M in an unloved categories — no hot pitch, just a "trust dividend." Here's how it works. In this conversation with Ben Elowitz, Kevin breaks down the trust dividend: the idea that small, consistent, low-stakes acts of honesty and vulnerability compound into the confidence investors need to fund something unproven. It's the framework he credits for closing rounds in a category VCs initially overlooked, and for raising his current company's first round before writing a line of code. In this episode: What a trust dividend actually is, and why it beats bravado Why naming your business's risks pays into the trust dividend, not against it How a trust dividend from one company carries forward into the next raise Why fundraising is a relationship first, a transaction second The personal story Kevin credits with shaping how he leads About Kevin Bennett: Kevin is a multi-time founder who has raised over $200 million across his companies. After HomeZen, he co-founded Caribou, an online auto refinance business he grew into a unicorn over five and a half years. He's now the founder and CEO of Further, an AI company building tools to make homeownership more achievable for the next generation. About Raiser's Edge: Raiser's Edge is a podcast about venture capital fundraising for startups, hosted by Ben Elowitz. Each episode goes deep with founders and investors on what actually works when raising capital — not the conventional wisdom, but the real tactics and relationships behind successful rounds. Subscribe to Raiser's Edge for more conversations on startup fundraising with the founders who've managed to truly excel.Youtube: https://youtube.com/@raisersedgepod?si=9KB5Z2scXJrE2uAcSubstack: https://substack.com/@elowitzSpotify: https://open.spotify.com/show/6jUhW3Yq0ZnvBFZnWngnzj?si=982aa2c361544dd6Apple Podcasts: https://podcasts.apple.com/us/podcast/raisers-edge/id1850622699Connect with Ben Elowitz:LinkedIn: https://www.linkedin.com/in/elowitz/Next Level Strategic Partners: https://www.nextlevelpartners.co/Connect with Kevin Bennett:LinkedIn: https://www.linkedin.com/in/kevinspencerbennett/Further: https://withfurther.com/

Sean Byrnes raised over $100M across two dozen rounds. His edge wasn’t charisma or connections — it was understanding exactly how investors think before walking into the room.Sean is the founder of Flurry (sold to Yahoo, 98% market share at exit) and Outlier.ai (exited 2022), a CEO coach, and the author of the Breaking Point newsletter. In this conversation, he makes the case that fundraising is sales — and that most founders lose not because their pitch is weak, but because they’re pitching the wrong investors and telling the story the wrong way.In this episode:• How to research investor bias before your first meeting — who’s predisposed to say yes, who’s already been burned by something adjacent, and who you should skip entirely• Why you have two minutes at the top of every pitch to earn the room — and what happens if you don’t• How to end a pitch so investors are still thinking about it at the end of the week• The friction filter: why making it hard for investors to meet you actually improves your odds• What makes VCs more risk-averse than they appear — and how to use that to your advantage• Why fundraising is a full-time 3–6 month commitment, and what happens to founders who treat it as a side projectAbout Raiser's Edge: Raiser's Edge is the podcast where you get the chance to open top fundraisers' playbooks, and get a capital advantage for you and your company. Host Ben Elowitz talks to world-class founders, investors, and operators about what actually works when you’re pitching, closing, and building a venture-backed company. New episodes every other week. Subscribe on YouTube, Spotify, and Apple Podcasts.Connect with Sean Byrnes:The Breaking Point: https://breakingpoint.techThe Startup Help Desk: https://thestartuphelpdesk.comFind Sean on LinkedIn: https://www.linkedin.com/in/sbyrnes/ Follow Raiser’s Edge:Apple Podcasts: https://podcasts.apple.com/us/podcast/raisers-edge/id1850622699Spotify: https://open.spotify.com/show/6jUhW3Yq0ZnvBFZnWngnzj?si=5b902a95261e47daSubstack: https://substack.com/@elowitzFind Ben on LinkedIn: www.linkedin.com/in/elowitz

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

In this episode of Raiser’s Edge, host Ben Elowitz sits down with Stefan Kalb—entrepreneur, investor, and three-time founder, currently building Super Labs, an AI startup focused on transforming how Main Street businesses operate.Stefan shares his journey from a shy early founder to a more seasoned, “presidential” CEO, including lessons from building Shelf Engine and raising $8M in preempted funding for his latest company.They discuss what it really takes to raise venture capital today, including how to identify and win over “kingpin” investors, what separates good founders from exceptional ones, and how to build trust with VCs in competitive markets. The conversation also explores how fundraising is evolving in the age of AI, where speed, adaptability, and conviction matter more than ever.This episode is packed with practical insights for founders, operators, and investors looking to better understand how great companies get funded—and how to navigate the process more effectively.Follow Raiser’s Edge on Substack for Ben’s takeaways on every episode: https://substack.com/@elowitz

Most founders think they have a strategy problem.In reality, they have a storytelling problem.In this episode of Raiser’s Edge, Ben Elowitz sits down with David Politis, a multi-time founder (Vocalocity, BetterCloud) who has raised over $300M in venture capital, to break down why storytelling is the most important skill in fundraising. But this isn’t about clever narratives or polished pitch decks. David explains how great founders use storytelling strategically—to align with what investors are looking for, systematically close risk, and build belief over time. From early mistakes overselling projections to developing a disciplined approach to underpromising and overdelivering, this conversation is a masterclass in turning your company into something investors have to fund.David also hosts the Not Another CEO Podcast, where he interviews top founders and CEOs about the real, unfiltered journey of building and scaling companies. If you enjoyed this conversation, it’s well worth checking out.Listen to David's Not Another CEO Podcast: https://www.notanotherceo.com/Follow Raiser's Edge on Substack: https://substack.com/@elowitz0:00 – Introductions2:00 – From Terrified Speaker to $300M Founder 5:30 – What Makes a Great (and Terrible) Investor7:00 – Why Storytelling Beats IQ and EQ in Fundraising10:00 – The Founder Journey: Vocalocity, Cloud Sherpas, BetterCloud14:30 – Early Fundraising Mistakes (and Artificial FOMO)17:30 – What VCs Actually Want: The “Fund Maker” Story22:00 – Using Data to Build a Narrative Investors Believe27:00 – A Brutal Sequoia Pitch—and the Lesson That Changed Everything32:00 – How to Create Traction (and Ask Investors the Right Questions)

In this episode, host Ben Elowitz sits down with serial entrepreneur Omar Tawakol, whose journey spans building and leading companies like BlueKai, Voicea, and Rembrandt, as well as strategic acquisitions by industry giants like Cisco and Oracle.So what does it really take to fundraise, lead, and build game-changing startups—again and again? Omar shares lessons learned through market crashes, tough boardroom conversations, and high-stakes pivots. He reveals the importance of leveraging feedback as a tool for growth, not just validation, and the unique power of learning from every pitch—success or setback.If you want unvarnished advice on how and why simplicity, humility, and relentless learning always win—press play.For more insights from this episode, follow Ben on Substack: https://substack.com/@elowitz

On this episode of Raiser’s Edge, Ben Elowitz sits down with Greg Mark, CEO and founder of Markforged and Backflip. Drawing on his experience raising over $550M in capital, Greg Mark breaks down what it really takes to capture investor interest and thrive under intense fundraising pressure.Greg Mark opens up about the rollercoaster world of startups—from the thrill of being the “Ferrari” in a hot round, to the grit required to fundraise when the market turns cold. You'll hear lessons learned from both easy and brutally challenging fundraising cycles, and a masterclass in pitching that turns your company story into a blockbuster movie that investors actually want to watch. Beyond the tactics, Greg Mark goes deep on personal growth, sharing how empathy and appreciation for the people across the table have shaped his journey. These are practical, hard-won strategies for founders at any stage - you won’t want to miss access to Greg’s masterful playbook. Tune in for lessons on how to stay in control of your raise without having to take your foot off the gas. 

Host Ben Elowitz sits down with seasoned entrepreneur and fundraising expert Evan Kaplan, CEO and founder of InfluxData, and industry veteran with over $400M raised and three decades of experience across public and private companies. Evan shares how credibility and authenticity are the keys to successfully raising capital for your startup. He builds relationships with his investors step by step—for him, gaining trust isn’t just words, it’s about maintaining consistency in your process.  You’ll also hear about some near-death startup moments, the importance of seeing the raise from the VC’s point of view, and how handling setbacks with humility and grit pay off in the long run.This episode is packed with practical advice and the personal insights you need to build trusting relationships with investors—and survive the inevitable ups and downs of the startup journey.

In this episode of Raiser's Edge, host Ben Elowitz dives deep into the realities of startup fundraising with guest David Shim, CEO and co-founder of Placed and Read.ai,The episode unpacks the critical importance of designing a business to be fundable—not just following trends—and why storytelling and narrative matter, but great metrics matter more. With stories of pre-emptive term sheets and the struggle of pitching to 100+ investors, this episode offers advice on using your control wisely: build for real customers, craft a compelling story, and understand when timing is everything (and what to do when it’s out of your control).Whether you're at a hot AI startup or grinding through the “cold” sectors, this candid exchange is packed with practical takeaways on fundraising playbooks, investor psychology, and the necessity of runway. Tune in for real lessons on how to shape your fundraising strategy for what you can control—and adapt for what you can’t.

How do top founders actually raise venture capital—and what do investors really look for?In this episode of Raiser’s Edge, host Ben Elowitz sits down with serial entrepreneur Russ Fradin (Larridin, Adify, Dynamic Signal) for a candid, unfiltered conversation about the realities of startup fundraising and building a venture-backed company that lasts.With decades of experience, over $1B raised, and board seats across multiple high-growth startups, Russ shares the fundraising lessons founders can’t afford to learn the hard way.They break down:How to prepare for investor conversations (and avoid the most common founder mistakes)Red flags and green flags when choosing VCsWhy FOMO-driven fundraising backfiresHow honesty, humility, and self-awareness change your outcomesWhat separates the founders who raise successfully from those who stall outRuss offers practical, plainspoken advice for navigating the emotional roller coaster of raising capital—and staying focused on building a business worth investing in.

In this episode, host Ben Elowitz sits down with master fundraiser Dan Shapiro, currently the co-founder of CEO of Glowforge, and the author of Hot Seat: The Startup CEO Guidebook. From his early days building laser light shows to raising over $200M (and counting) over his startups, Dan reveals how he’s raised capital at every stage by putting data—and his audience—at the center of his strategy. Dan shares his playbook for testing, iterating, and fine-tuning every pitch, using feedback loops, A/B testing, and relentless curiosity to turn rejections into actionable insights. You'll also get tactical advice on getting sincere feedback, building a narrative that resonates with investors while staying true to your mission, understanding founder market fit, and how to keep going when the going gets tough. For more from Ben, subscribe to our Substack at https://substack.com/@elowitz

On our pilot episode of Raiser’s Edge, host Ben Elowitz sits down with Yifan Zhang—a powerhouse entrepreneur, managing director at the AI2 incubator, and expert fundraiser. Yifan shares her unique journey from launching viral fitness app Gympact straight out of Harvard to building Loftium, a proptech startup that weathered unbelievable storms—including losing 90% of its revenue in just four days when COVID hit. Against the odds, she pivoted the business, raised more capital, and ultimately led Loftium to a successful acquisition.Throughout the conversation, Yifan gets candid about her love-hate relationship with fundraising (even though she’s exceptional at it), why founders should confidently own their expertise, and why it’s critical to talk about failure, not fear it. She also opens her fundraising playbook, offering tactical advice on running fundraising sprints, picking the right investors, and the power of tracking VC styles for the best possible outcome.This episode is packed with practical gold and real talk. Plug in and join us for an inside look at what it really takes to survive—and thrive—on the edge.

Are you ready to gain a capital advantage?Welcome to Raiser's Edge — the podcast dedicated to unlocking the secrets of successful fundraising, direct from the experts. On Raiser's Edge, Ben Elowitz, your host and a multi-time founder, coach, investor, and advisor, will be interviewing some of the top fundraisers in the start-up world. Hear their stories about the thrill (and agony) of pitching VCs, learn what truly matters to investors, and discover why humility and grit aren’t enough—you need a winning strategy too. Fundraising isn’t just a skill; it’s the ultimate CEO superpower. Tune in and get ready to give your startup the edge.🎙️ Subscribe now so you don’t miss the full episodes coming soon.#Startup #Fundraising #Entrepreneurship #VentureCapital #Founders #Podcast #StartupAdvice #RaisersEdge #VC #Startuplife