Visible News
August 30, 2024
Happy Friday, Visionaries!This week's letter is from VH Co-Founder and General Partner, Justin Kang, on his thoughts around demystifying traction:___
“Too early” or ‘not enough traction.”
Founders hear this often when fundraising and quite reasonably, it is frustrating.
So this begs the question: what is enough?
For that reason, every week or so on LinkedIn, I want to demystify traction by highlighting founders who raised venture capital and what milestones they achieved to raise those dollars. We need to break the impression that an idea on a napkin or even a waitlist is sufficient these days.
This week, let’s look at Two Chairs, a therapy startup that provides mental health services, specializing in matching clients with the right therapists, and a startup which recently raised a $72m Series C round.
What can we learn from Two Chairs?
Demonstrate willingness to pay in the early days. Two Chairs charged their patients from the beginning $180 per session. To get to Series A, you must demonstrate revenue. Find a growing market where you can assume demand is higher and the chances for people to pay are greater.
Drive business in a marketplace model. With 30 therapists on staff in 2019 and with 2000 customers by 2021, Two Chairs drove on average 66 new patients to their clinicians.
Great products have amazing retention and prioritize data collection. Throughout their journey, Two Chairs has meticulously kept track with their usage and retention. Prepare to have such data points with potential investors. For example, Two Chairs is able to brag 90% of their patients were retained by their fourth session.
Stay tuned for more letters breaking down how other founders have raised, and read on for opporunities for you to raise for and scale your startup below.Be well,
Justin Kang
VISIONARY UPDATES
Featured Founder:
Shannon Morales, Tribaja
Shannon Morales is the Founder & CEO of Tribaja, a platform that helps busy adults access in-demand skills and inclusive workplaces. Shannon recently opened applications for Tribaja's Tech Career Accelerator program! Learn more about Shannon and Tribaja here.
Recent VH Visionary Features:
Portfolio Founders
Tania Kottoor of WEST X EAST was recently featured in Times Square!
COMMUNITY SPOTLIGHT
Struggling with the challenges of entrepreneurship?
In honor of National Black Business Month, Mogul Millennial has partnered with BetterHelp to offer Black founders a month of free therapy. Limited spots available. Apply here by September 9th to claim your offer and prioritize your mental health.
WHAT WE HAVE OUR EYES ON
➕ Founder Funding, Community Resources, and Events
💸 Funding Opportunities
For: early-stage startups and founders
$$$: $25K
Deadline: August 31Bold Beginnings
For: women founders under 40
$$$: $25K
Deadline: August 31
For: LGBTQ+ small businesses
$$$: $10K
Deadline: August 31
For: any founder
$$$: $10K
Deadline: August 31
For: impact startups
$$$: $1K
Deadline: August 31
For: independent retail founders
$$$: $5K
Deadline: August 31
For: women founders
$$$: $10K
Deadline: August 31NDSS and Voya Cares Entrepreneur Grants
For: founders with Down Syndrome
$$$: $10K
Deadline: September 1
The HBCU Founders Initiative Pre-AcceleratorFor: Early-stage entrepreneurs who are HBCU students/alumniDeadline: September 2nd
LegalZoom small business grantsFor: both established and budding business ventures$$$: $10K grants and/or up to $500 in LegalZoom products and servicesDeadline: September 13Galaxy of Stars Galaxy GrantsFor: women and historically marginalized-owned small businesses$$$: $4,250 grantsDeadline: September 30High Five Grants for MomsFor: mom founders$$$: $10KDeadline: September 30Gucci Changemakers Impact FundFor: community-based organizations$$$: $25KDeadline: September 30Her Culture Micro GrantFor: African and Caribbean women $$$: $500Deadline:
rolling deadline
⚡️ Accelerators, Programs & Competitions
For: Latinx professionals looking to break into VC
Deadline: September 9
For: LGBTQIA+ founders
Deadline: September 20Paddle AI Launchpad
For: founders with AI-powered business ideas
$$$: $20K
Deadline: September 22
For: women founders in the food, beverage or CPG sectors
$$$: $10K-$15K
Deadline: September 23
For: veteran founders$$$: $50K
Deadline: October 6
For: Black businesses
$$$: $25K
Deadline: October 11
For: climate and health founders
Deadline: October 11
For: Black women and non-binary founders
Deadline: October 13
For: Black and Brown women founders$$$: $15K
Deadline: November 6
🎪 Events
For: founders & investors in life sciences
Date & Time: September 12 at 9:30am, Cambridge, MA
GHC 24 Me + WeFor: women and non-binary technologistsDate & Time: October 8-11, Philadelphia, PA/Virtual
💼 Featured Jobs
Our friends over at Liberty Mutual are hiring for multiple innovation-related positions - learn more about the available roles and apply here!
🧑🏽💻
What we are loving lately
Listening: Sweet & Sour, Sabrina Carpenter's new album
Watching: Love is Blind UK: Reunion
Reading: Inside The Engine Accelerator, the anti-Y Combinator for 'tough tech' startups, Business Insider
Plus our fave posts of the week...
If you'd like your founder resource or event/conference to be featured in our weekly newsletter, shoot us a message at kerry@visiblehands.vc
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