How did each startup raise their initial funds?
Is it time for you to work on your pitch deck?
Where better to start than examples of startups who have done it before… right?
Well that depends.
Getting inspiration from famous startups doesn’t always make sense as these pitch decks were used to raise tens of millions of $. And you are an early-stage founder looking for £450,000.
And sometimes, you’ll have to go through hundreds of decks to find the slide that actually works for you, in your sector and at your stage.
And sometimes (again), you’ll find that these decks were used after an accelerator programme with an already captive crowd. And that’s not the same as sending a pitch deck to an individual investor.
So how do you know which pitch deck example to follow and which to 100% ignore?
Well, I’ve done the work for you.
I’ve looked at the hundreds of decks and I've extracted 28 brilliant slides from funded startups. And then I added my comments and recommendations in videos and put all of this pitch deck course.
But if you don’t fancy the course and you're not ready for your pitch deck review, I’ve also given you a list of the most famous pitch deck examples below.
You’ll see the slides. And you’ll also discover how each company raised funds during the first few years of their existence.
Uber's journey to raising its initial funds kicks off with a classic startup move: the founders, Garrett Camp and Travis Kalanick, digging into their own pockets to bring their idea to life. In the early days of summer 2010, Uber, which was then going by the name UberCab, caught its first big break:
Angel Investors: A group of angel investors decided this idea had legs, with First Round Capital stepping up with a notable investment. Uber also caught the eye of Chris Sacca's Lowercase Capital among other angels, adding a nice chunk to their funding pot.
Seed Round: Come fall 2010, Uber was ready to seed their dream, raking in around $1.25 million. This pot included contributions from tech heavyweights like Napster's own Shawn Fanning and Robin Chan, setting the stage for what was to come.
Series A Funding: By 2011, Uber was on the fast track, securing an $11 million Series A funding round led by Benchmark Capital. This cash infusion, which valued Uber at a cool $60 million, was exactly what they needed to turbocharge their expansion beyond the streets of San Francisco.
In the early days of Facebook, Mark Zuckerberg and his college buddies launched what would become a social media giant from their dorm room at Harvard. It wasn't long before Zuckerberg's pet project needed some real cash to grow beyond a college network. Here’s how Facebook went from dorm room dream to global behemoth:
Initially, Facebook was all about stretching every dollar. Zuckerberg and his co-founders put in what they could to get the servers running and keep the lights on. But soon, they'd need more than just pocket change to make their vision a reality.
In the summer of 2004, Facebook caught the eye of PayPal co-founder Peter Thiel, who decided this little social network had something special. Thiel dropped a $500,000 angel investment into the lap of Facebook, marking the company's first major external investment. This was the game-changer, giving Facebook the runway it needed to expand beyond Harvard and into colleges nationwide.
Fast forward to 2005, and Facebook was ready for the big leagues. A $12.7 million investment led by Accel Partners at a valuation of around $98 million helped propel the platform into almost every college in America. It was more than just a site for college kids now; it was becoming a cultural phenomenon.
When Dropbox first started, they needed money to get things going, like most startups do. Here's how they got their initial cash:
First off, Dropbox got into this cool program called Y Combinator, which is like a boot camp for startups. They give you a bit of money and lots of advice in exchange for a small piece of your company. For Dropbox, this was their stepping stone.
After impressing folks at Y Combinator, Dropbox caught the eye of Sequoia Capital, a big deal in the investment world. Sequoia decided to invest $1.2 million in Dropbox. This cash was crucial for Dropbox to build out their product and start getting users.
With some traction and a growing user base, Dropbox then went on to raise more money - $6 million from Sequoia again, and this time Accel Partners joined in. This round of funding was about making Dropbox bigger and better, hiring more people, and reaching more users.
Shopify's journey to raising funds and becoming a leading e-commerce platform is a classic startup success story, marked by strategic funding rounds and visionary leadership. Here’s a simpler take on how Shopify got its start in the financial world:
Initially, Shopify wasn't looking for outside investors. The company started in 2006 when Tobias Lütke, Daniel Weinand, and Scott Lake wanted to create an easy way for businesses to set up their online stores. They bootstrapped the company, using their own money to get things off the ground. This self-funding phase allowed them to maintain full control and focus on building a product that customers truly needed.
Shopify's first big external investment came in 2010, when they raised $7 million in a Series A funding round. This was a pivotal moment. The investment was led by Bessemer Venture Partners, a well-respected venture capital firm.
With this money, Shopify was able to expand its features, grow its team, and start marketing more aggressively to attract a wider range of users.
Airbnb's story of raising funds in the early days is both unique and creative, showcasing the founders' determination to keep their dream alive despite initial challenges. Here's what happened:
Before Airbnb became the giant it is today, the founders—Brian Chesky, Joe Gebbia, and Nathan Blecharczyk—were struggling to pay rent. They came up with a quirky idea to earn some cash during the 2008 U.S. presidential election: selling breakfast cereals.
They created themed cereals called "Obama O’s" and "Cap'n McCain's" and sold them at conventions. This creative endeavour didn't just help with the rent; it also caught the eye of some early investors. It wasn’t a traditional way to fund a tech startup, but it showed their creativity and hustle.
Their unique approach and the initial build of Airbnb eventually led them to Y Combinator, a startup accelerator that provides funding and mentorship in exchange for equity. In early 2009, Airbnb joined Y Combinator, receiving around $20,000 in seed money. This was a crucial turning point. Y Combinator not only provided funds but also invaluable advice and connections. One piece of advice they got was to focus on making the site work in New York City, which had a high demand for short-term rentals and not enough supply.
After graduating from Y Combinator in 2009, Airbnb raised its first official round of funding, securing $600,000 in a seed round led by Sequoia Capital, with participation from Y Ventures (associated with Y Combinator). This funding allowed them to expand their team, improve their website, and start seriously marketing their platform.
Tinder's path to raising funds and becoming a dominant player in the dating app market is a bit different from the typical startup story.
Tinder's journey began in 2012 within Hatch Labs, a New York-based incubator that aimed to develop innovative, tech-driven businesses. Hatch Labs was a joint venture between IAC (InterActiveCorp) and Xtreme Labs. Tinder, originally called MatchBox, was conceived during a hackathon event within Hatch Labs.
The incubator environment provided the initial resources, including funding and technical support, crucial for Tinder's development. This setup is unique because, rather than seeking out external funding through venture capitalists or angel investors initially, Tinder was nurtured within a corporate incubator that already provided the foundational support it needed.
WeWork's early funding journey is a tale of ambition, vision, and the ability to attract substantial investments to fuel rapid global expansion.
The very first rounds of funding for WeWork came from small-scale investors and angel investors. One of the notable early supporters was Joel Schreiber, a real estate developer, who reportedly bought a 33% stake in the company for $15 million.
As WeWork expanded, it continued to raise more funds. Benchmark Capital, one of the early big investors, led a $17 million Series A funding round. This was a significant vote of confidence in WeWork's model and leadership, enabling further expansion.
Over the years, WeWork continued to attract large amounts of capital, including from major players like J.P. Morgan Chase, Goldman Sachs, and notably, SoftBank. SoftBank’s involvement became particularly significant, with its Vision Fund eventually becoming one of WeWork's largest investors, pouring billions into the company.
YouTube's early funding story is a classic Silicon Valley tale of rapid growth and timely investment.
Initially, YouTube was funded by bonuses received from eBay's buyout of PayPal—Chen, Hurley, and Jawed Karim were early employees at PayPal. This initial seed money was crucial for getting YouTube off the ground, allowing the founders to focus on building the platform without immediately seeking external funding.
YouTube's first major external investment came from Sequoia Capital, one of Silicon Valley's most well-known venture capital firms. In November 2005, just months after its official launch, YouTube received $3.5 million from Sequoia. This investment was a vote of confidence in YouTube's potential to change how people consumed media and shared videos online.
Here's a simplified look at how LinkedIn got its initial funding:
LinkedIn's first round of funding was quite modest, with the initial investment coming from the founders themselves, including Reid Hoffman, who was already a well-known figure in the Silicon Valley ecosystem due to his previous work at PayPal and his wide network of contacts.
In late 2003, just a few months after its official launch, LinkedIn raised its Series A round of funding. This round was led by Sequoia Capital, a leading venture capital firm that has backed companies like Apple, Google, and Yahoo. Sequoia Capital invested $4.7 million.
Crunchbase, known for its comprehensive database of company information and business insights, originated as a part of TechCrunch in 2007 and eventually spun out as its own entity in 2015:
As a feature of TechCrunch, it leveraged the broader resources and audience of TechCrunch to grow its database and user base. This integration provided the initial "funding" indirectly, as Crunchbase did not need to seek external capital while it was a part of TechCrunch.
In 2015, Crunchbase was spun off into its own company after AOL (which had acquired TechCrunch in 2010) sold it to Emergence Capital, a venture capital firm focused on enterprise technology. This marked Crunchbase's transition into a standalone entity. Emergence Capital led the Series A funding round, investing $6.5 million.
After the successful spin-off and initial growth phase powered by its Series A funding, Crunchbase continued to expand its services and audience. In 2017, it announced a Series B funding round of $18 million led by Mayfield Fund, with participation from Emergence Capital and AOL.
Founded in 2010 by Joel Gascoigne and Leo Widrich, Buffer initially took a somewhat unconventional path to raise funds.
Here’s how they got started:
Initially, Buffer was bootstrapped. Joel Gascoigne started by developing a minimal viable product (MVP) to test the market. The basic idea was a simple application that allowed users to schedule posts across different social media platforms. He invested a small amount of personal savings to get Buffer off the ground, which paid for basic expenses and supported initial development.
In its early stages, Buffer used a novel approach to funding: it relied on paying customers. Shortly after its launch, Buffer introduced a revenue model where users could pay for premium features. This approach effectively turned its customer base into a source of funding, as the revenue from paid subscriptions helped finance ongoing development and operations without external capital.
As Buffer started gaining traction and showing potential for larger scale growth, it attracted the attention of angel investors. In late 2011, Buffer raised about $400,000 in an angel round. This funding came from several investors, including Guy Kawasaki and Hiten Shah, who provided not just capital but also valuable mentorship.
Although Buffer was already making revenue and growing, the co-founders joined the startup accelerator AngelPad in 2011. This experience helped them refine their business model, gain exposure, and prepare for further scaling. Although AngelPad typically invests in its participating startups, the primary value for Buffer was the mentorship and network expansion.
Further Funding Rounds: Building on their success and solid customer base, Buffer later went on to raise additional funding through a Series A round to further accelerate growth and product development.
Square, the mobile payment company founded by Jack Dorsey and Jim McKelvey in 2009, had an interesting start with its funding journey, characterised by strategic investments and strong backing due to its innovative technology and high-profile founders.
Here’s a straightforward recount of how Square raised its initial funds:
Square was initially self-funded by its founders, Jack Dorsey, who is also the co-founder of Twitter, and Jim McKelvey, a seasoned entrepreneur. Their initial investment helped to get the company off the ground and develop the first prototypes of the Square device, which allowed mobile phones to accept credit card payments. The founders' reputations and networks also opened doors to early angel investors who provided additional capital to refine the product and begin market testing.
In November 2009, Square raised its Series A round of financing, securing $10 million from Khosla Ventures. This early investment was a significant endorsement for Square, coming from a respected venture capital firm known for backing transformative technology companies. The funding from this round was used to further develop the product, build out the team, and prepare for a public launch.
In addition to traditional venture capital, Square also attracted attention from high-profile individual investors. One notable early investor was Marissa Mayer, then a Vice President at Google, who participated in the Series A round. This added a layer of celebrity endorsement to the innovative startup.
As Square demonstrated the potential to disrupt the traditional payment processing industry, it attracted more substantial investments. This includes a Series B round in January 2011, where it raised $27.5 million from Sequoia Capital, a major player in the venture capital world.
N26, the digital bank based in Germany, has a compelling story of growth and fundraising that began with its founding in 2013 by Valentin Stalf and Maximilian Tayenthal. Here’s a straightforward look at how N26 initially raised funds:
N26 started by securing seed funding from various angel investors. These early investments were crucial for the development of N26’s initial product—a user-friendly, tech-driven mobile banking app. This seed capital allowed N26 to build its platform and begin its operations in Germany.
In 2014, N26 (then known as Number26) joined Axel Springer Plug and Play Accelerator, a Berlin-based program that provides funding, mentorship, and networking opportunities to startups. This participation helped N26 refine its business model and gain exposure to a network of potential investors and partners.
In April 2015, N26 raised a substantial Series A funding round of $10.6 million. The round was led by Valar Ventures, a venture firm co-founded by Peter Thiel, known for backing innovative technology companies. This investment was pivotal for N26 as it facilitated the expansion of its services beyond Germany to other European markets.
Monzo, a digital-only bank based in the UK, began its journey in 2015 and quickly became one of the most popular challenger banks in Europe. The company was founded by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon, and Gary Dolman.
Here's how Monzo raised funds initially:
Monzo started with initial seed funding in 2015, which was crucial for developing their initial product—a mobile-first banking app aimed at providing transparent and user-friendly banking services. This early funding came from Passion Capital, a venture capital firm known for supporting early-stage technology startups.
An interesting aspect of Monzo's early days was the need to raise funds specifically to meet regulatory capital requirements. Being a bank, Monzo needed significant capital just to apply for a banking licence. The funding from Passion Capital and other early investors supported this phase, which was critical for Monzo to operate legally as a bank.
Monzo also turned to crowdfunding as a way to raise capital and build a community of users who were financially invested in the bank's success. Their first crowdfunding round was in 2016 through the Crowdcube platform, where they raised £1 million in just 96 seconds. This approach not only raised funds but also increased customer engagement and loyalty.
Following the successful seed funding and crowdfunding rounds, Monzo continued to attract venture capital. In 2016, they raised £4.8 million in a Series A funding round led by Thrive Capital.
TransferWise, now known as Wise, is a financial technology company founded in 2011 by Kristo Käärmann and Taavet Hinrikus. Here’s a straightforward look at how Wise (formerly TransferWise) raised its initial funds:
Wise’s early funding came primarily from seed investment provided by the founders themselves and a small group of angel investors who believed in the company’s mission.
One of Wise’s significant early advantages was gaining the support of high-profile angel investors. These included PayPal co-founder Max Levchin and Virgin Group founder Sir Richard Branson. Their backing not only provided capital but also added substantial credibility and visibility to the young company.
In May 2013, Wise secured $6 million in a Series A funding round led by Peter Thiel’s Valar Ventures. This was a critical moment for Wise, as it allowed them to scale their operations significantly and expand into new markets. Valar Ventures’ involvement was particularly notable due to Thiel's reputation for backing transformative tech companies like PayPal and Facebook.
Mint.com, the personal finance management tool, has an interesting story of how it secured funding and rapidly grew to become a leading service in its category. Founded in 2006 by Aaron Patzer, Mint helped users track their spending, budgeting, and financial goals through a user-friendly online platform. Here’s a look at how Mint raised funds initially:
Aaron Patzer initially bootstrapped Mint by using $50,000 of his own savings to start the development of the platform. This initial investment was critical in getting the project off the ground and covering the costs associated with the early development phase.
After developing a prototype and a business plan, Mint raised its first official round of funding. In 2006, Mint secured seed funding from First Round Capital and a few angel investors. This seed funding was crucial for Mint to refine its product and prepare for launch. The credibility and financial support of First Round Capital also helped attract additional attention from other investors and the tech community.
Mint's next significant infusion of capital came in 2007 with a Series A funding round led by Shasta Ventures, with participation from existing investors including First Round Capital. This round amounted to $4.7 million. The funding was used to enhance the Mint platform, expand its features, and increase its marketing efforts to grow its user base.
Payhawk, a fintech company that combines corporate cards, payments, and expense management into a single platform, started its journey in 2018. Founded by Hristo Borisov, Boyko Karadzhov, and Konstantin Dzhengozov, Payhawk has quickly grown to be a significant player in the business financial management space.
Here’s a look at how Payhawk raised funds initially:
Payhawk's first notable infusion of capital came from a seed funding round. In 2019, the company raised €3 million from TinyVC (previously Eleven Ventures), a venture capital firm that focuses on early-stage startups.
In addition to venture capital, Payhawk was also part of the Visa Innovation Program, an accelerator that helps startups in the fintech sector scale up their operations. While this program might not have provided direct funding, the mentorship, network, and credibility gained through participation were invaluable for Payhawk's early growth.
Building on their initial success and the robustness of their product, Payhawk secured a significant Series A funding round in 2020.
They raised $20 million from investors led by QED Investors, a leading fintech-focused venture capital firm, with participation from Earlybird Digital East, which backs tech innovators in Europe.
Oscar Health, a technology-driven health insurance company founded in 2012, had an eventful journey in raising funds to disrupt the traditional health insurance industry. Founded by Mario Schlosser, Kevin Nazemi, and Josh Kushner, Oscar aimed to provide a more transparent, accessible, and customer-centric approach to health insurance. Here’s a look at how Oscar raised funds at the beginning:
Oscar Health started its funding journey with a significant seed round. In 2013, the company raised $40 million in its first round of financing. This seed round was led by venture capital firms Founders Fund, General Catalyst, and Khosla Ventures.
Following the seed round, Oscar quickly gained traction and demonstrated its potential to disrupt the health insurance industry. In 2014, the company raised an additional $80 million in a Series A funding round. This round was led by venture capital firm Formation 8, with participation from existing investors Founders Fund, General Catalyst, and Khosla Ventures, among others.
Buoyed by its early success, Oscar continued to expand its footprint and product offerings. In 2015, the company raised $145 million in a Series B funding round led by Peter Thiel’s Founders Fund, with participation from existing investors and new backers such as Goldman Sachs and Wellington Management.
HealthJoy, a platform aimed at simplifying employee healthcare benefits, began its funding journey after its founding in 2014 by Justin Holland and Doug Morse-Schindler.
Here’s how HealthJoy raised funds in its early stages:
HealthJoy's first significant funding came in the form of seed money. In 2016, the company raised $3 million in seed funding. This initial investment was led by GoHealth co-founders Brandon Cruz and Clint Jones, who provided not only capital but also industry expertise and mentorship.
In addition to direct investment, HealthJoy also participated in startup accelerators, which are not just sources of funding but also provide mentoring, resources, and networking opportunities. One of these was the Excelerate Labs (now Techstars Chicago), which helped HealthJoy refine its business model and pitch to potential investors.
Building on their initial seed funding and the growth achieved through accelerator participation, HealthJoy raised a Series A funding round in 2018. This round was $12.5 million and was led by U.S. Venture Partners, with participation from Chicago Ventures and Epic Ventures.