In this (non-representative) sample set are 6 Seed decks, 6 Series A, 4 Series B, and 1 Series C & D…
= 18 examples from 17 transparent companies sharing their learnings with us.
Average Seed round: $1.1M
Average Series A round: $6.7M
Average Series B round: $31M
Average number of pages per deck: 21.6
Average number of pages in Seed decks: 13.6
Average number of pages in Series A decks: 23.6
Average number of investors per round: 4.7
Later round decks tend to have more pages
More recent deals tend to be larger in size
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Raised $600k | 2009 | airbnb.com Investor: Sequoia Capital "On June 26, 2008, our friend Michael Seibel introduced us to 7 prominent investors in Silicon Valley. We were attempting to raise $150,000 at a $1.5M valuation. That means for $150,000 you could have bought 10% of Airbnb. Below you will see 5 rejections. The other 2 did not reply."
Raised $600k | 2012 | intercom.io Investors: 500 Startups, Biz Stone, Digital Garage, Dan Martell, Andy McLoughlin "Yesterday we announced Intercom had raised $50 million in an investment round led by Index Ventures. So today I thought it would be interesting to share the first pitch deck I ever used for Intercom. It’s from late 2011. When raising $600,000 was a monumental task. And when I thought it could get us to profitability."
Raised $500k | 2011 | buffer.com Investors: Dharmesh Shah (Hubspot), Hiten Shah, Guy Kawasaki, Peter Bordes, Gady Nemirovsky, Robert Fanini, Thomas Korte, Shan Mehta, Keval Desai, Maneesh Arora, Jay Gould, Andy McLoughlin, Gordon Paddison, Eric Kim, Jay Baer, Gokul Rajaram, Harvey Brofman, Graham Jenkin, Adii Pienaar, Jim LeTourneau, Alberto Benbunan "Overall, we probably attempted to get in contact with somewhere around 200 investors. Of those, we perhaps had meetings with about 50. In the end, we closed a $450k seed round from 18 investors. Perhaps the most important part of our success in closing that round was that Leo and I would sit down in coffee shops together and encourage each other to keep pushing forward, to send that next email asking for an intro or a meeting."
Raised $20M | 2016 | pendo.io Investors: Battery Ventures, Core Capital, Contour Venture Partners, IDEA Fund Partners and Salesforce Ventures "Raising millions of dollars can be daunting. But like any form of selling, it’s about building relationships, doing right by those people and staying confident that finding that great fit benefits everyone. That takes time. And like any relationship, partnerships with VCs have to be built on authenticity. You can’t force it — you just have to keep looking until you find the right one."
Raised $10M | 2016 | frontapp.com Investors: Stewart Butterfield (Slack), Social Capital, Eoghan McCabe (Intercom) "My learnings: keep building relationships... choose carefully what metrics you talk about during those meetings... raise or don't raise. But don't 'kind of raise'... expect the process to be stressful."
Raised $65M | 2014 | mixpanel.com Investor: Andreessen Horowitz "When Tim and I first went to go pitch our company to investors in 2009 (right after the recession hit), we hopped on the Caltrain, rode our bikes down Sand Hill Road, and talked to 10 investors who all categorically told us “No.” A few of them even wanted to replace the CEO of our company (we didn’t know who would be CEO yet!). We hadn’t quite realized we even needed an official pitch deck. And when we did build a deck, we had no idea how to construct one intelligently. We really struggled."
Raised $3.5M | 2005 | youtube.com Investors: Sequoia Capital, ARTIS Ventures "With more and more people carrying around devices that capture video - from digital cameras to cell phones - YouTube is set to become an essential destination for watching and sharing these experiences. Since our public preview, we are already moving 8 terabytes of data per day through the YouTube community - the equivalent of moving one Blockbuster store a day over the Internet."
Raised $6.5M | 2014 | mattermark.com Investor: Foundry Group "2 years, 6 months and 9 days after incorporating Mattermark we were finally raising our Series-freaking-A! I wanted to tell everyone! I wanted to sleep for days. I wanted to drink a bottle of champagne! I wanted to go on one of those silent retreats where you’re not allowed to speak to anyone for a week. I wanted to tell my whole team! But not until the money was in the bank."
Raised $18M | 2012 | moz.com Investors: Ignition Partners, Foundry Group "Much of February was spent contacting investors, colleagues and entrepreneurs we knew and asking for help with introductions, positioning and the creation and review of a funding slide deck. Some of those calls and connections led to early interest from some big names in the later-stage industry. Unfortunately, these started out with a familiar pattern - a call expressing interest, a request for data, upon receipt of that data, a deeper request for more data, repeat ad nauseum. We were just settling in for the tough reality of a long slog to reach that first offer we could leverage to start a process when I got on the phone with Brad..."
Raised $2M | 2012 | crew.co Investors: BDC Venture Capital, Real Ventures "Moving our traction slide from the middle of our presentation to the beginning, made a huge impact for our story. We started speaking with new investors and it proved to be something that stood out. The first few times we presented this story, we received multiple invitations for follow up meetings. We could feel the emotional difference in this version of our presentation compared to the first version. We shared our story with fifty investors over the next three months, closing a $2 million dollar investment round."
Raised $10M | 2015 | crew.co Investors: Atlas Venture, LaunchCapital, iNovia Capital, BOLDstart Ventures, Real Ventures, AngelList, LDV Capital, Launch Capital, BDC Capital Corporation, Accomplice Venture Capital "Crew turned two years old this February. Which is crazy because it doesn’t feel like that long ago when we first started working out of my co-founder Steph’s parent’s basement. I lived in that same basement for over 6 years. We had no connections. I was $40,000 in student debt. Along the way, we made 3 major changes to our business model. And our company almost died. Twice. Although we didn’t start with much and at times it looked like we might not be going anywhere, we never gave up."
Raised $10M | 2004 | linkedin.com Investor: Greylock Partners "Press and analysts characterized LinkedIn in one of two ways: 'LinkedIn is an interesting niche that might be worth paying attention to' or 'LinkedIn is the Friendster for business'. Neither is a particularly good backdrop for trying to raise capital, because we weren’t the natural leader of a market or technology trend that everyone was paying attention to, we didn’t have substantial organic growth, and we had no revenue."
Raised $1.35M | 2009 | foursquare.com Investors: O'Reilly AlphaTech Ventures, SV Angel, Joshua Schachter, Union Square Ventures, Kevin Rose (Digg), Jack Dorsey (Twitter), Alex Rainert, Chad Stoller, Sergio Salvatore "Decks don't have to be super formal. It's okay to stray from the 'business school 10-slide pitch deck template."