Episode at a Glance

Guest: Nicolas le Jeune (Founder & CEO, Courtyard.io)

Host: Jason Kirby

• From Google Cloud & YouTube Music to launching Courtyard.io
• Securing an exclusive vaulting partnership with Brinks to tokenize physical collectibles
• Sold-out NFT Pokémon card drop as a proof-of-concept
• YC momentum, investor selection, and raising $7M (incl. NEA) via SAFEs
• Web2 UX on Web3 rails: abstracting wallets, gas, and crypto complexity
• Market cycles, fun-first mechanics (packs/drops), and advice for founders

Full Transcript

Jason Kirby: Hi, everyone. Welcome back to Fundraising Demystified. Today we have Nicolas le Jeune with us from Courtyard.io. Welcome to the show, Nicolas.

Nicolas le Jeune: Hi Jason, thanks for having me. It's great to be here.

Jason Kirby: It’s exciting to have you on the show. For our audience, jump in and tell us about your background—working from Google to YouTube and ultimately leaving to start Courtyard.io.

Nicolas le Jeune: I’m from Belgium. I grew up there and was lucky to get a job at Google. Like many, I started in Ireland, doing cloud sales. Things went well; I ended up managing France and Africa for SMBs and then moved to the U.S. to do the same. I’m a big music fan and wanted to work around music and entertainment, so I found a role managing music labels for YouTube—my dream job at the time. I moved to San Bruno to cover all indie labels for about two years. It was great—lots of artists, cool labels, and connections. After seven years, though, I wanted something different and to build for myself. I experimented with ideas and launched Courtyard.

Nicolas le Jeune: There were challenges. Two days before I left Google, my original co‑founder backed out. I searched for engineering profiles at Google who talked about crypto—Courtyard is linked to crypto—and messaged them on LinkedIn. I found two engineers who were interested but hesitant. I told them to talk together without me; they clicked, and that’s how the three of us kicked it off.

Jason Kirby: Having the opportunity to work at Google, build relationships, and even recruit from there surely helped the fundraising narrative later. After you made the leap, what happened? Why did you start Courtyard and what does it do?

Nicolas le Jeune: We started when NFTs were booming. We saw NFTs not just as images but as a way to prove ownership of something across the web. We asked: why not tie that to a physical item and have a trusted entity store and insure the assets? We looked for the most trusted company and ended up with Brinks—the armored truck company. We called, asked to speak to decision makers, and convinced them we were building something new: vault assets at Brinks and create NFTs representing them that could be traded anywhere. That was the hottest wave then—less so now—but that’s how we kicked off.

Nicolas le Jeune: We prototyped and formed the right team. Many had solid jobs—some with families—so a few helped on the side. Our community lead was still at Google, active on Discord, and pitched in after hours until we had funding. It took about six months with no salary for me and my co‑founder, others part‑time.

Nicolas le Jeune: I gave myself one year, mentally writing off the money I’d saved—investing in myself—so I wouldn’t stress about making money tomorrow. We wanted a proof of concept. Pokémon is nostalgic with high value, so we bought a lot of cards. A close friend lent me $500,000—he was a Tesla engineer who’d done well—and we bought ~800 cards at about $500 average, from $100 to $50,000. We did an NFT drop where buyers didn’t know which card they’d get. The pack contents were provable on‑chain and random. We sold out in two hours—that really started it, with 3D cards and all.

Jason Kirby: There’s a lot to unpack. NFTs were everywhere, and you found a unique way to capture attention. One thing you said that’s rare: you set a personal budget with a deadline to focus fully on the company. Great takeaway for founders considering a leap.

Nicolas le Jeune: That helped most—feeling comfortable with time so I wasn’t forced to raise or find something that works immediately.

Jason Kirby: On the drop logistics—these were digital Pokémon packs people unboxed without knowing the exact card, but they knew cards ranged widely in value. How did you get it to market and what happened next?

Nicolas le Jeune: Growth was organic via crypto Twitter and socials. “Pokémon on‑chain” was novel. We found a great 3D modeler so the digital cards looked better than photos—rotating 3D replicas of what’s in the vault. The content was shareable and could go viral. We did some growth hacks and the Discord hit ~10,000. Timing mattered; the exact same playbook today might not work. You need the right moment and something different within the trend—like when Whatnot exploded with live shopping.

Jason Kirby: It sounds easy, but it’s not—there’s real grind and execution.

Nicolas le Jeune: Not easy at all. We ground for days. One day Discord jumped from ~600 to ~5,000 because one thing hit. You can’t force lightning, but you can set the conditions so it can strike—and be ready when it does.

Jason Kirby: Fast‑forward: you go viral and sell out. What happened with revenue and capitalization? Did you pay back your friend?

Nicolas le Jeune: I did pay him back. Before we sold out, it took time to set up Brinks processes and sign an exclusive deal—they even invested in us. Four months before selling out, we got into Y Combinator, which helped a lot, and we started raising. We didn’t close before the sale, but the hype was there. Three weeks before YC Demo Day, we did the drop and sold out.

Jason Kirby: So YC first, then the drop—YC likely added momentum and exposure. Fair?

Nicolas le Jeune: YC put us on the map for investors. Many reached out. Our ops advantage (exclusive with Brinks) differentiated us. YC gave us exposure and credibility.

Jason Kirby: After the sellout, how did you approach the raise—how much, from whom, and why?

Nicolas le Jeune: Even before the drop, many investors reached out—it was a hot category and our team was different. We raised $3.5M before revenue. Post‑drop, we spoke with multistage funds and went with NEA. Expecting a crypto and macro downturn (this was March last year), we added $3.5M more—$7M total—via SAFEs.

Jason Kirby: Have you raised since?

Nicolas le Jeune: No. We’ve stayed frugal, with good runway, and keep building. Collectibles are tied to disposable income, and that’s down; NFTs aren’t booming. We’re focused on product‑market fit—we’re close, but still iterating.

Jason Kirby: You capitalized on momentum but saw it fading—Celsius, then FTX, then others. Since then, what’s been happening—transactions and revenue‑wise?

Nicolas le Jeune: Early NFTs were tradable and redeemable (globally) and some traded on OpenSea. We initially pitched luxury/watch brands, but it was early for them. We built an easy intake: anyone can ship cards with auto‑printed labels. We realized many collectors aren’t “crypto‑native.” They don’t want wallets, gas, or USDC. We needed to abstract blockchain complexity. Crypto buyers want volatility; physical collectibles rarely 3× in two days. We’re merging worlds by building a Web2 marketplace backed by Web3—no gas, simple accounts, pay by card or crypto. We now see ~100–500 cards shipped weekly to the vault and growing transactions.

Nicolas le Jeune: Next, we’re leaning into transparent “drops.” Blockchain lets you show pack lists and enable fun digital openings without visiting a card shop.

Jason Kirby: To confirm: you keep the physical items in a Brinks vault and the digital asset trades freely, backed by the physical?

Nicolas le Jeune: Exactly. We don’t even call them NFTs now. Whoever owns the asset on our platform can redeem anytime—we burn the token and ship the item.

Jason Kirby: How often do people redeem?

Nicolas le Jeune: We’ve shipped to ~15 countries. Roughly 4% of assets get redeemed. Liquidity is higher because items stay vaulted and can transfer globally in seconds, with full provenance. Because it’s on‑chain, we can plug into services like collateralized lending without building them—ownership is provable via blockchain—so assets can transact beyond our marketplace where compatible.

Jason Kirby: Investor attention was intense—hot market, unique solution, YC. How did you choose investors?

Nicolas le Jeune: We looked for fit and relevant experience. Most meetings were conversations—not deck walkthroughs—about the problem and approach. We wanted partners who brainstormed like team members and could add value (e.g., an angel who’s CEO of a leading grading company).

Jason Kirby: Agreed—if you’re presenting your deck in‑meeting, you’ve already lost. Send it ahead and answer their real questions.

Nicolas le Jeune: Exactly. Investors have specific questions. They may not care about the part you personally love. Answer what matters to them.

Jason Kirby: What did you ask VCs to assess partnership? Was the decision more about the partner or the firm brand?

Nicolas le Jeune: A mix. Big, renowned firms bring resources and follow‑on potential; seed firms help hands‑on. We prioritized those who felt like teammates, offered smart go‑to‑market input, and truly understood what we’re building.

Jason Kirby: Where do you see NFTs and collectibles in the next few years—and how are you preparing?

Nicolas le Jeune: Markets are cyclical. With high rates and weak consumer sentiment, disposable spending falls; crypto slumps. I’m most excited about the tech: interoperability. Today, eBay data can’t seamlessly power other services; games can’t easily reference your inventory across platforms. Blockchain enables that. It’ll take time, but it’s different and durable. Also, we need to re‑inject fun—drops, digital repacks, exciting openings—beyond transactional buy/sell. That’s why Whatnot grew: it’s fun.

Jason Kirby: Rounding out: advice for founders in today’s market—getting into YC or raising with multiple VCs?

Nicolas le Jeune: YC was pivotal for us. They see countless patterns and give candid advice. On raising: traction helps, but pre‑PMF rounds don’t require it. Build the best team you can. Much of my job was recruiting—one strong hire attracts the next. Be fair—my co‑founder and I split 50/50. It’s about maximizing your odds by getting everyone fully committed to the journey.

Jason Kirby: VCs bet on teams. Plans change; execution ability is constant.

Nicolas le Jeune: Exactly. Many YC companies pivot—Brex, Slack and more. Investors should like the concept, but they fund the team’s ability to execute.

Jason Kirby: What’s the YC community like behind the scenes?

Nicolas le Jeune: The partner relationship and peer groups are most helpful. We still have monthly check‑ins to share challenges. YC provides resources and investor visibility.

Jason Kirby: Final words for founders right now?

Nicolas le Jeune: Every meeting counts. It’s a small world; perception spreads. Treat each meeting like it matters—investors are connected. You want to be the compelling company they talk about, not the one begging for intros. Be confident: if you’re not convinced, why should they be? When someone passes, don’t argue—thank them and move on. The right momentum compounds.

Jason Kirby: Great advice. Where can people learn more about Courtyard.io?

Nicolas le Jeune: Visit Courtyard.io for links to Twitter, Discord, and Instagram. We’re announcing new drops soon—buy sealed Pokémon packs with a credit card, open digitally, redeem or resell instantly. If you have graded cards, you can send them to the vault to list on the platform.

Jason Kirby: Amazing. Nicolas, thanks for joining.

Nicolas le Jeune: Thank you so much for having me.

FAQ