Welcome to episode 8 of Fundraising Demystified. In this episode, we had the pleasure of speaking with David Daneshgar, the CEO and co-founder of Whippy, all in one communication platform for teams. They've raised over $7MM in Seed & Series A. Interestingly, David is a former professional poker player and he shares his story of when raised $30k for his 1st startup BloomNation by winning a poker tournament, we also talk about David’s recent fundraising journey with Whippy and what it’s been like scaling to over $2MM in ARR. Let's get started!
The Journey of BloomNation: Lessons Learned
David Daneshgar, the founder of Whippy AI, begins by sharing his journey with the Fundraising Demystified podcast. He reveals that prior to raising venture capital and starting a bootstrap business, he played professional poker. This experience taught him the value of quick decision-making, a skill that he leveraged to build his company and raise capital.
Daneshgar then discusses the challenges faced by BloomNation, a company founded by two graduates of the University of Chicago. Although they initially raised capital through the university's incubator program, they eventually ran out of runway and had to undergo a recap. Reflecting on this experience, Daneshgar highlights the importance of making the right decisions for your business and learning from past mistakes.
He explains that the recap was actually a positive turning point for BloomNation as it forced them to adopt a more strategic and internally-focused approach. This shift allowed them to operate more like an internal private equity company, ultimately leading to their continued success.
Bootstrapping Whippy: A Communication Platform for All
Moving on to his current venture, Whippy, Daneshgar shares his vision for the company. He reveals that Whippy aims to be a communication platform that can cater to a wide range of clients across various industries. By focusing on SMS, email, and voice communication, Whippy incorporates automation and AI to fill gaps in the market.
Despite its growth, Whippy still maintains localized sales strategies and BD (business development) strategies. Daneshgar emphasizes that his expertise lies in helping founders raise venture capital, but he advises founders to only seek funding if it is truly necessary. Interestingly, he suggests that when you don't actively pursue venture capital, it often comes to you organically.
Tips for Successful Fundraising and Entrepreneurship
When asked about advice for raising capital, Daneshgar emphasizes the importance of avoiding a gray area. He advises founders to determine as soon as possible whether their business is viable or not. This clarity enables them to make informed decisions and take appropriate actions.
Drawing from his poker background, Daneshgar highlights the significance of quick decision-making in entrepreneurship. He believes that founders who can make decisive choices are more likely to be successful in their fundraising and business endeavors.
Looking ahead, Daneshgar shares his plans for Whippy's future fundraising rounds. He intends to raise a secondary round and expand the company's product suites. By focusing on making the right decisions and generating revenue, he aims to position Whippy favorably for future investments.
Finally, Daneshgar touches on the topic of strategic investments in early-stage ventures. He encourages founders to keep an open mind and not be afraid of sharing their ideas and seeking partnerships. Opening oneself up to strategic investments can unlock new opportunities and pave the way for future growth.
Whether you choose to bootstrap or seek venture capital, remember that there is no right way to do anything. By keeping an open mind and making informed decisions, you can pave the way for success in your entrepreneurial journey.
Thank you for joining us on this episode of Fundraising Demystified. Stay tuned for more inspiring stories and valuable insights from successful founders.
Links mentioned:
Whippy website - https://whippy.ai
Reach out to them - info@hellowhippy.com
Follow David on Linkedin - https://www.linkedin.com/in/david-dan...
Follow David on Twitter - https://twitter.com/ddaneshgar
Hosted by Jason Kirby - https://www.linkedin.com/in/jasonrkirby/
Email Jason at jason@thunder.vc
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