Fundraising is undoubtedly one of the most crucial aspects for a startup. Today, we turn our spotlight to Atlanta-based fintech company, Now, which recently raised a staggering $29 million in a Series A round. Let’s dive into the details about this fundraising round and how other startups might learn from their successful funding pitch.
The Story of Now
Now was founded back in 2010 by Lara O’Connor Hodgson and Stacey Abrams. This was their third startup together. The duo initiated Now after personally experiencing the slow process of receiving payments for services and products. They saw a gap in the market and decided to address it with their invoice payment tool, NowAccount.
Unveiling the NowAccount
NowAccount is an innovative tool that automates the payment process for businesses. This product stands out as a unique selling point in the expansive fintech industry by addressing a common problem faced by numerous businesses. By removing the slow process of payments, NowAccount ensures companies receive their payments promptly.
Series A Fundraising Success
In 2021, Now catapulted its growth trajectory by securing $29 million in a Series A funding round. The lead investor in this round was Virgo Investment Group, and the round also saw participation from Cresset Capital Partners. The successful funding round was pivotal for Now, as it confirmed the investors’ faith in their mission.
Elements of Now’s Pitch Deck
With any successful fundraising effort, the pitch deck plays an indispensable role. Good pitch decks, like the one crafted by Now, hold the capacity to capture the essence of the company’s mission, services, achievements, and unique selling propositions. What made their pitch deck stand out?
Addressing a Market Need
Now’s pitch deck might have excellently addressed a real market need. The pain of slow payment procedures is a wide-ranging issue, and their offering, NowAccount, provides an effective solution to this problem.
A Unique Solution
NowAccount serves as a unique catalyst that accelerates payments to businesses. The product’s uniqueness is a notable highlight in their pitch deck, that would have clearly separated them from other fintech solutions in the eyes of investors.
Credible Founding Team
The third important element of their pitch is their experienced founding team. A startup’s team often serves as an assurance for investors. In Now’s case, Lara O’Connor Hodgson and Stacey Abrams have already proven their mettle with their two prior startups before Now.
Taking a leaf out of Now’s book
Startups looking to raise funding can learn many valuable lessons from Now’s Series A fundraising success. From identifying a genuine market problem to devising an innovative solution and presenting it effectively through a pitch deck, there are several elements that startups can incorporate into their fundraising strategy.
Aspiring entrepreneurs wondering “how to pitch a business idea” can seek inspiration from Now. No matter how sophisticated your product or how lucrative your market is, it’s your pitch deck that will ultimately convince your investors to believe in your startup’s vision.
In Conclusion
Now’s success is a classic example for all startups seeking funding. A compelling vision, a strong team and an attention-grabbing pitch deck are key to win investor confidence. As we have learned from Now, an effective solution to a widespread problem can make your pitch irresistible to investors.