Things get clearer with distance. This time last year, I’d just closed my third - and most vital - fundraise of £2.5m. It took a lot out of me as a founder, a leader, and a human. As I reflect on this with the benefit of hindsight, and look ahead to our next raise, these are some lessons I took away from it.

1. Give yourself twice as long as you think you’ll need

I gave myself super-ambitious deadlines for our last raise. Despite having a healthy runway in the business, this added an additional layer of pressure I probably could have done without. So, I’ll start with giving yourself a longer lead time.

There are several factors here. The deal environment has slowed down considerably in the last two years. While we’re seeing businesses across all sectors still secure funding, extensive due diligence and longer cycles are very much at play - with much lower multiples. I don’t see this changing in 2024.

Part of this is managing your own well-being in the process too. As founders, leading raises, it can be hard to separate our work from the personal so being intentional about rest, self-care (whatever that looks like for you) and sustaining your relationships is essential.

2. Have a clear path to revenue

Post-Theranos, investors need evidence in your numbers, with a proper strategy for execution towards profit. With so many fast-growth businesses shedding people and forecasts, we’re seeing how the game’s shifting from headline grabbing, glossy players, investing huge amounts in customer acquisition, through to being able to pitch a clear runway to growth. I made this my priority.

VCs will always be about maths. The good news is you can work this in your favour: the conversation becomes less subjective when you can demonstrate that you’ve doubled revenue growth year on year. And with numbers, other considerations such as personalities or any gender-related challenges inevitably play less of a part in the conversation or negotiation.

3. Lead with your brilliant team

During our last funding round, there was one question that came up on repeat: who’s on your team?  Anyone building a team knows about the war for talent. And scale-ups need to show investors how they’re developing loyal and engaged teams who are committed to your business’ values and mission.

It’s not about leading the hardest working or most burnt-out team to achieve your goals. Be creative about how you make your teams’ work lives great. Show investors how you’ve fostered a culture of flexibility and autonomy, the ways you’ve built inclusion and belonging into your teams and given your people a sense of being part of something bigger. Include your team in your pitch deck too - through stories, impact, and personality. Put them in the spotlight.

4. Demonstrate how your business connects to a collective purpose

It’s easy to see why purpose has become overused in marketing talk. But a greater public consciousness around ethical and sustainable brands has - rightly - meant that organisations need to be part of a movement that’s bigger than their company, their own separate mission. For us, financial inclusion - how this plays into students’ life chances and wellbeing - has always been the goal.

With ESG demands more rigorous than ever, investors are looking to get behind businesses that are part of this broader conversation towards a collective good. You need to be able to show how investing in you brings that closer for them.

5. Be prepared to go against the grain

Our work culture has shifted in a major way in the last few years. The necessary counter-narrative to “bro culture”, business as a busy badge of honour and burn-out as an aspirational state. I prioritise my team’s wellbeing and mental health. We have a culture rooted in family-first and have regular company-wide duvet days.

But when you’re raising millions of pounds, you simply can’t sugar-coat the hours. If there’s a way to lead a raise working 9-5, I’ve yet to find it. I’ve had to put the hours in and continue to - working evenings and some weekends, too.

I caveat this with clear boundaries around communication out of hours - my email signature makes it clear I don’t expect a response outside of core working hours - and I also support active rest. I make no secret of balancing this with regular weekend escapes and digital detoxes or the fact that sometimes, a theatre matinee is the perfect ticket.

I’m three raises in, and each time, and know that every one comes with its own set of challenges – its particular market challenges, its own Black Swan, its hot trend everyone wants in on. But these essential lessons are the ones that helped me navigate mine, and are the ones that I’ll be taking into my next round.

Vivi Friedgut is Founder and CEO of Blackbullion.