The Playbook Behind a $76M Journey From VC Intern to Founder

How He Raised $76M With No Defense Tech Background

Raising capital looks clean on Twitter. It isn’t. In this episode, Nelson Mills walks through what it actually took to raise $76.5M as a first-time founder, from a fast pre-seed that gave him false confidence, to a $13M seed that reset expectations, to a $60M Series A that forced real operational discipline.

If you’re fundraising or think you will be soon, this episode is a reality check. Nelson explains why raising money is not success, how being a former VC helped and hurt him, and what founders consistently misunderstand about the process.

👉 Watch the full episode to hear what he’d do differently if he had to raise again tomorrow.

Here’s what you’re in for:

00:00 Intro

00:06 From VC intern to founder

01:18 Finding the opportunity in underwater defense

02:56 Technical challenges & innovations

07:23 Building investor relationships

10:57 Inside the seed round

23:17 Hiring & talent strategy

26:31 Competing in defense tech

28:24 Customer-driven product thinking

29:29 Why lobbying starts on day one

32:49 Navigating government sales

34:23 Capital strategy & funding options

37:28 Scaling hardware & supply chain

44:18 Building a company with family

46:00 Nelson’s advice for defense-tech founders

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ABOUT Nelson Mills

Nelson Mills is a first-time founder who raised $76.5M in under two and a half years, including a $60M Series A. Before building his company, Nelson worked in venture capital, gaining firsthand insight into how investors think and what founders often misunderstand. His journey from VC intern to CEO offers a rare, unfiltered look at fundraising from both sides of the table.

Get in touch with Nelson:

• Connect with Nelson on LinkedIn
• Check out Vatn Systems Website

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