In this episode of Fundraising Demystified, we showcase Zach Bell, the co-founder of MyPlace.co, a social network for sharing places and assets with trusted friends. Zach shares his unique story of raising $6 million from freestyle capital as a pre-revenue company, a rare feat in the industry. He discusses how the idea for MyPlace.co started as a side hustle while solving his own problem of renting his place to trusted friends.
Gain invaluable wisdom from Zach as he emphasizes the significance of securing a strong lead investor and maintaining open lines of communication with investors throughout the fundraising process. Reflect on the insights he shares about the evolving market and the indispensable nature of a well-orchestrated fundraising approach, including the value of face-to-face interactions.
Tune in to unravel the power of fostering meaningful connections, finding the ideal investors, and adapting to the ever-changing fundraising climate.
HERE ARE SOME KEY POINTS IN THIS EPISODE
02:12 - Starting MyPlace.co and Raising $6 Million
05:34 - Business Model and Revenue Plans
08:01 - The Importance of Having a Strong Lead Investor
11:21 - Raising Capital in a Challenging Market
18:44 - Leveraging Influential Angels and Strategic Investors
22:00 - Trendy fundraising strategies.
23:55 - The Value of Regular Communication with Investors
ABOUT THE GUEST
Zach Bell is a serial entrepreneur and the co-founder of MyPlace.co, a social network for sharing places and assets with trusted friends. With a love for travel and an affinity for bringing people together, Zach has developed a vast network of friends spread across different locations. In his blog titled "I Could Never Afford My Lifestyle," he delved into the concept of connecting with others and the impact it has had on his life.
He has a background in community building and has traveled around the world fostering communities. Prior to starting MyPlace.co, he was involved in building Habitas, a luxury hotel brand focused on redefining luxury through connections with oneself, nature, and fellow human beings. Zach’s mission is clear – to redefine luxury by prioritizing genuine connections and shared experiences.
Zach's journey with MyPlace.co began when he created a simple website on Squarespace to share his own house with friends. The idea quickly gained traction, and he realized the potential for a larger platform. He raised a pre-seed round of $100,000 from a friend who believed in the concept, that later led to him raising $6M. This initial investment allowed him to start building the product and attract early investors, including individuals with experience in building social networks.
You can reach Zach Bell on his LinkedIn account here: https://www.linkedin.com/in/zachmbell/
To learn more about MyPlace.co: https://myplace.co/
Hosted by Jason Kirby: https://www.linkedin.com/in/jasonrkirby/
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