Raising capital is one of the most critical—and most difficult—challenges facing startup founders. Yet most approach it haphazardly, relying on luck, referrals, and hope rather than a systematic process. The result? Months of wasted effort, low conversion rates, and failed funding rounds.
Brett Adcock has a different approach. As the founder and CEO of Figure AI, Archer Aviation, and Vettery, Adcock has successfully raised over $1 billion across his ventures. Figure AI alone secured $70 million in its Series A in 2023, Archer Aviation went public with a $2.7 billion valuation, and Vettery was acquired for $110 million.
His secret? Treating fundraising like what it actually is: a systematic, repeatable process that can be optimized, measured, and improved—just like sales or marketing.
In this comprehensive guide, we’ll break down Adcock’s complete fundraising playbook, including his mathematical formula for success, the step-by-step execution framework, and the critical insights that separate successful raises from failed attempts.
The Fundamental Truth About Fundraising
Before diving into tactics, Adcock emphasizes a foundational principle that most founders miss:
“The probability of success for a high-growth company is predicated on your ability to raise capital. As a leader, you will never achieve your maximum entrepreneurial potential without being able to raise capital quickly and successfully.”
This isn’t just motivational rhetoric—it’s a strategic reality. Capital is the lifeblood of high-growth companies. Without it, even the best ideas struggle to reach their potential. More importantly, Adcock insists that fundraising can never be outsourced or treated as a secondary priority.
Why this matters: Many founders view fundraising as a distraction from “real work” like product development. This mindset guarantees suboptimal results. The most successful founders recognize that raising capital IS a core competency of leadership, not an unpleasant chore to delegate.
Read More: Marc Andreessen Fundraising Rules for Startup Founders
The Brett Adcock Fundraising Formula
At the heart of Adcock’s approach is a simple but powerful formula:
Fundraising Success = (Qualified Investors) × (Outreach) × (Branding & Idea) = Investor Meetings
This formula transforms fundraising from an abstract challenge into a concrete math problem with measurable inputs and outputs.
Understanding Each Variable
Let’s break down each component of the formula and understand how to optimize it:
1. Qualified Investors: Building Your Target Universe
The Variable: The total number of relevant investors who could potentially fund your company.
The Common Mistake: Adcock notes that most founders he speaks with are “waiting for referrals.” This approach inevitably means the qualified investor number is too low, dramatically reducing your odds of success.
The Adcock Approach: Identify every possible investor on the planet who could give you a term sheet. This means:
Sector-specific targeting: Research investment groups that actively invest in your specific industry. Don’t pitch generalist investors when sector specialists exist—they’ll understand your market better and move faster.
Stage-appropriate matching: Ensure investors regularly write checks at your stage. Seed-stage companies pitching Series B investors waste everyone’s time.
Geographic considerations: While remote investing has increased, many VCs still prefer portfolio companies within a certain distance for hands-on involvement.
Check size alignment: If you’re raising $2 million, don’t pitch funds that only write $10 million+ checks. They literally can’t invest in you due to fund economics.
Investment thesis matching: Read investor blog posts, listen to podcast interviews, and review portfolio companies to understand their specific investment thesis.
Practical implementation: Your goal should be identifying 150-300 qualified investors minimum. This seems overwhelming, but remember Adcock’s key insight: “Fundraising is about talking to 200 investors and finding the 1 person who will take a bet on you.”
Why volume matters: Even exceptional founders experience low conversion rates. Adcock himself admits: “I’ve always experienced really low conversion rates in these efforts—it’s never been easy for me to raise capital. And that’s quite normal.”
If even proven founders with billion-dollar exits struggle with low conversion rates, first-time founders should expect conversion rates of 0.5-2% (meaning 1-4 term sheets from 200 investor conversations).
2. Outreach: Optimizing Your Connection Rate
The Variable: The percentage of qualified investors you successfully convert into meetings.
The Sensitivity: Adcock notes this variable is “really sensitive to the way you are reaching out (referral vs. cold email) and the messaging associated with the reach-out process.”
The Two Primary Outreach Methods:
Warm introductions (20% of meetings): These convert at 30-50% because someone the investor trusts is vouching for you. Always pursue these first.
Sources of warm intros:
- Existing investors (if you have them)
- Other founders in the investor’s portfolio
- Accelerator networks (Y Combinator, Techstars, etc.)
- University connections
- Industry advisors
- Successful entrepreneurs in your network
Cold outreach (80% of meetings): Adcock recommends 80% of your investor pipeline should come from outbound processes. This forces you to develop replicable systems rather than depending on limited networks.
Cold outreach conversion rate: Expect 2-5% with optimized messaging. This means if you reach out to 200 investors via cold email, you’ll get 4-10 meetings.
Optimizing cold outreach: Adcock emphasizes treating this “as a recursive project to get better.” This means:
- A/B test subject lines: Try different angles and track open rates
- Personalize meaningfully: Reference specific portfolio companies or recent blog posts
- Lead with traction: Put your most impressive metric in the first sentence
- Clear ask: Be specific about what you’re requesting (30-minute intro call)
- Follow up systematically: Most responses come after 2-3 follow-ups
Sample cold email structure:
Subject: [Impressive metric] at [Company] - [Sector] startup
Hi [Name],
I noticed [specific observation about their portfolio/thesis]. We're building [one-line description] and just hit [impressive milestone].
[2-3 sentences on traction/progress]
Would you be open to a brief call to learn more?
Best,
[Your name]The compound effect: If you can improve your cold outreach conversion from 2% to 4% through better messaging, you’ve doubled your investor meetings without any additional effort.
3. Branding & Idea: Your First Impression Multiplier
The Two Sub-Variables:
Your Idea (Fixed): Adcock is blunt about this: “There is very little you can do besides pivot your company to a new idea.” Your idea will either instantly resonate or turn off investors based on their thesis and industry focus.
This is why targeting qualified investors matters so much. Don’t try to convince a fintech-focused VC to invest in your biotech startup. Find the investors for whom your idea naturally resonates.
Your Branding (Variable): This is “how well-branded or attractive your company is at first glance.” You have extremely limited time to impress an investor enough for them to commit to a meeting.
Branding optimization strategies:
Professional pitch deck: This is your primary branding tool. Adcock notes it’s “a small lever so don’t stress too much over this,” but it still matters. Your deck should be:
- Visually professional (use templates if necessary)
- Concise (10-15 slides maximum for initial outreach)
- Focused on one clear narrative
- Front-loaded with traction if you have it
Strong online presence:
- Professional website that loads quickly and explains your product clearly
- Active LinkedIn presence showing thought leadership
- Press coverage or notable partnerships featured prominently
- Customer testimonials or case studies if available
Social proof signals:
- Impressive team backgrounds
- Advisory board with recognizable names
- Early customer logos (if impressive)
- Accelerator affiliations
- Previous founder success
The branding multiplier effect: Strong branding doesn’t guarantee success, but weak branding guarantees failure. Investors receive hundreds of pitches monthly. If yours looks unprofessional or confusing, it’s dismissed immediately.
4. Investor Meetings: The Output That Matters
The Goal: Drive the number of qualified investor meetings as high as possible. Adcock recommends 50-200 meetings per fundraise.
Why volume is essential: Given typical conversion rates (0.5-2%), you need massive top-of-funnel to generate the 2-4 term sheets that create competitive tension and favorable terms.
Math example:
- 200 qualified investors identified
- 40% outreach success rate (combination of warm and cold) = 80 meetings
- 2% term sheet conversion = 1-2 term sheets
This is why Adcock emphasizes maximizing every variable—small improvements compound dramatically.
Building the Fundraising Machine: Execution Framework
Adcock advocates for a “highly structured ‘machine’ for fundraising processes” that can be “washed, rinsed, and repeated” across multiple funding rounds.
The Core System: CRM-Style Tracking
Tool recommendation: Google Sheets works perfectly. Track:
- Investor name and firm
- Contact information
- Sector focus and stage
- Outreach date
- Outreach method (warm intro vs. cold)
- Response status
- Meeting date (if secured)
- Meeting outcome
- Follow-up actions
- Current status (Reached out / Meeting scheduled / Passed / Term sheet)
Why this matters: This systematic approach ensures:
- No investor falls through the cracks
- You can track conversion rates and optimize
- You maintain momentum even across months
- You can identify patterns (which messaging works, which investor types respond)
The Four Key Stages of the Fundraising Machine
Adcock breaks the process into four distinct stages:
Stage 1: Building Your Qualified Investor List
Time investment: 1-2 weeks
Objective: Identify 100% of every investor who could potentially give you a term sheet
Execution steps:
Start with your sector: Use databases like Crunchbase, PitchBook, or Signal to find investors who have previously invested in companies similar to yours.
Analyze comparable companies: Look at who funded your competitors or companies in adjacent spaces. These investors already understand your market.
Check stage alignment: Review each firm’s typical check size and stage focus. Most VC websites clearly state this.
Identify the right partner: Within each firm, find the specific partner who covers your sector. Don’t send generic emails to “info@vcfirm.com“—research who leads investments in your space.
Build your tracking sheet: Create columns for: Firm name, Partner name, Email, LinkedIn, Check size, Stage focus, Sector focus, Recent relevant investments, Priority (A/B/C tier)
Target number: Aim for 150-300 qualified investors minimum. This may seem excessive, but remember the conversion math.
Stage 2: Outreach Process
Time investment: 30-60 days
Objective: Convert your qualified investor list into scheduled meetings
The 80/20 approach: Adcock recommends 80% outbound (cold), 20% inbound (referrals). This ratio forces systematic outreach rather than waiting for introductions.
Execution steps:
Week 1-2: Pursue all warm introductions
- Message everyone in your network who might make intros
- Be specific about which investors you’re targeting
- Make it easy for connectors (provide a forwardable email)
Week 3-8: Systematic cold outreach
- Send 10-20 personalized cold emails daily
- Track open rates and response rates
- A/B test different subject lines and email bodies
- Follow up 2-3 times with non-responders
- Iterate based on what’s working
Response handling:
- Reply to all responses within 2 hours during business hours
- Provide calendar link for easy scheduling
- Send deck and relevant materials before meeting
- Confirm meetings 24 hours in advance
Conversion optimization: If your initial outreach gets <2% response rate, iterate your messaging before sending more. Small improvements compound dramatically.
Stage 3: Pitching and Meeting Optimization
Time investment: 30-60 days (overlaps with outreach)
Objective: Maximize conversion from first meeting to term sheet
Meeting structure: Your first investor interaction typically includes:
- 45-60 minute intro meeting
- Deck presentation and discussion
- Q&A about metrics, team, market
- Discussion of next steps
Optimization strategies:
Front-load the exciting stuff: Investors decide in the first 5 minutes whether they’re interested. Start with your most impressive traction, insight, or achievement.
Tell a compelling story: Don’t just present facts. Create a narrative about why now is the perfect time for your solution and why you’re the perfect team to execute.
Demonstrate deep market knowledge: Investors want to back founders who understand their market better than anyone else. Show you’ve done the work.
Be honest about challenges: Acknowledging weaknesses and explaining mitigation strategies signals maturity and self-awareness.
Showcase your team: As Adcock emphasizes, showcase your “Championship Team—there’s no way you’re building a great product without a #1 team.”
Ask for clear next steps: End every meeting by asking “What would you need to see to move forward?” This creates accountability and shows confidence.
Post-meeting follow-up:
- Send thank-you email within 24 hours
- Provide any requested additional information immediately
- Set clear timeline for next conversation
- Update your tracking sheet with outcomes and action items
Conversion tracking: Monitor your meeting-to-term-sheet conversion rate. If it’s <1%, your pitch needs work. Even great founders only convert 1-3% of meetings to term sheets.
Stage 4: Term Sheet Negotiation and Close
Time investment: 10 days to negotiate, 30 days to close
Objective: Secure a lead investor and close the round
Finding your lead: Focus on identifying one “lead investor” who will set the terms and commit to anchoring your round. Once you have a lead, other investors typically follow quickly.
Recognition patterns: “Interested investors move quickly. If they’re not hurrying, it’s likely a sign you don’t have a deal.” This is one of Adcock’s most important insights.
Hot deal signals:
- Investor requests immediate follow-up meeting
- They introduce you to other partners within 48 hours
- They start discussing terms and timelines proactively
- They move quickly on due diligence
Cold deal signals:
- Vague responses like “let’s stay in touch”
- Long gaps between communications
- Requests to “check back in next quarter”
- Lots of questions but no forward movement
Negotiation principles:
- Move quickly once you have a term sheet
- Negotiate fairly but firmly on key terms
- Focus on valuation, board seats, and protective provisions
- Don’t optimize for absolute highest valuation—optimize for best partner
- Typically aim to close negotiation in <10 days
Closing timeline: Once term sheet is signed, closing typically takes 30 days for:
- Legal document preparation
- Due diligence completion
- Final approvals
- Wire transfer
Read more: 27 AI Startup Pitch Decks That Raised Millions
The Complete Fundraising Timeline
Adcock provides a clear timeline for the entire process:
Total time: Minimum 3 months, typically 4-5 months
Month 1: Preparation (30 Days)
Week 1-2: Investor Deck Creation
- Write compelling narrative
- Design professional slides
- Get feedback from advisors
- Iterate based on input
- Finalize version for outreach
Week 3: Data Room Preparation
- Organize all financial documents
- Compile metrics and dashboards
- Prepare customer references
- Assemble team bios and backgrounds
- Create FAQ document for common questions
Week 4: Outreach Preparation
- Build complete qualified investor list
- Research individual partners
- Draft cold email templates
- Set up tracking CRM/spreadsheet
- Identify warm introduction paths
Month 2-3: Outreach and Meetings (30-60 Days)
Ongoing activities:
- Daily cold outreach (10-20 emails)
- Weekly warm introduction requests
- 5-10 investor meetings per week
- Continuous pitch refinement based on feedback
- Regular CRM updates
- Follow-ups with interested investors
Conversion goals:
- 150+ investors contacted
- 50-100 meetings scheduled
- 20-30 second meetings with interested investors
- 2-4 term sheets generated
Month 3-4: Negotiation and Close (40 Days)
Days 1-10: Term Sheet Negotiation
- Evaluate multiple term sheets if available
- Negotiate key terms with lead investor
- Finalize and sign term sheet
Days 11-40: Closing Process
- Complete due diligence
- Negotiate and finalize legal documents
- Get final partnership approvals
- Close and receive funding
Critical Success Factors: Additional Insights from Adcock
Beyond the core formula and process, Adcock shares several critical insights that separate successful raises from failed attempts:
1. Show Metrics and Customers
The principle: “Show metrics and customers that can potentially correlate to long-term success for early investors to understand your product’s potential.”
Investors aren’t buying your current state—they’re buying your trajectory. Your job is to show data that suggests future success:
Compelling early-stage metrics:
- Revenue growth rate (month-over-month or quarter-over-quarter)
- User growth and engagement trends
- Cohort retention curves showing improving retention
- Net dollar retention >100% (for B2B SaaS)
- Improving unit economics over time
- Customer acquisition cost trends
- Sales pipeline velocity
Customer proof points:
- Logos of impressive early customers
- Customer testimonials or case studies
- Letters of intent or pilot programs with major customers
- High net promoter scores
- Evidence of product-market fit (low churn, high engagement, organic growth)
Even if absolute numbers are small, demonstrate that the trend lines point toward massive future success.
2. Understand VC Mandates
The principle: “Understand VC mandates and match them to your industry to avoid spinning your wheels.”
Every VC fund has specific constraints:
Fund size determines check size: A $50M fund can’t write $10M checks (too much concentration risk). A $1B fund can’t write $500K checks (too many small investments to manage).
Stage specialization matters: Seed funds, Series A funds, growth equity funds, and late-stage funds operate differently. Don’t pitch the wrong stage.
Sector focus is real: Many funds explicitly focus on specific sectors. Even “generalist” funds usually have sector preferences based on partner backgrounds.
Geographic preferences exist: Some funds only invest within certain regions for operational reasons.
Thesis-driven investing: Many modern VCs invest based on specific theses (e.g., “future of work,” “climate tech,” “embedded fintech”). Understanding and aligning with these theses dramatically improves your odds.
Why this matters: Pitching investors outside their mandate wastes your limited time and theirs. Do the research upfront.
3. Showcase Your Championship Team
The principle: “There’s no way you’re building a great product without a #1 team.”
At early stages, investors are betting more on the team than the product. Your job is to demonstrate why your team is exceptional:
Founder background: Highlight relevant expertise, previous success, or deep domain knowledge that makes you uniquely qualified to build this company.
Complementary skills: Show that your founding team covers the critical bases: technical execution, business development, product vision, etc.
Key early hires: If you’ve recruited impressive talent, showcase them. Strong early hires signal that talented people believe in your vision.
Advisors and board members: Strategic advisors with relevant expertise add credibility, especially for first-time founders.
Execution track record: Even if you haven’t built a billion-dollar company before, demonstrate that you execute quickly and learn fast.
4. The 80/20 Outreach Rule
The principle: “Aim for 80% of investor pitches to come from outbound processes (cold calls or emails) and 20% from inbound processes (referrals).”
This ratio might seem counterintuitive—aren’t warm introductions much more effective? Yes, but Adcock’s ratio is strategic:
Why 80% outbound:
- Forces you to build systematic, replicable processes
- Ensures sufficient volume of meetings
- Reduces dependency on limited networks
- Improves with practice and iteration
- Scales beyond your immediate connections
Why 20% inbound still matters:
- Warm intros convert at much higher rates (30-50% vs. 2-5%)
- Often lead to stronger investor relationships
- Carry social proof and validation
- Can accelerate timelines
The key insight: don’t wait for referrals. Build a machine that works regardless of your network.
Read More: The Ultimate Guide to Building a Winning Pitch Deck
5. Build a Well-Branded Investor Deck
The principle: “Build a well-branded investor deck as it’s often the first impression investors have.”
While Adcock notes this is “a small lever,” it still matters. Your deck should:
Be visually professional: Use consistent fonts, colors, and design elements. Templates from Canva, Slidebean, or purchased pitch deck templates work fine.
Tell one clear story: Every slide should build toward a single compelling narrative about why your company will succeed.
Front-load the impressive stuff: Put traction, key metrics, or most exciting insights in the first 3-5 slides.
Be concise: 10-15 slides for initial outreach. You can have a more detailed deck for deep-dive meetings.
Standard structure that works:
- Cover slide (company name, tagline, contact)
- Problem (what pain point exists)
- Solution (your product/service)
- Why now (market timing and trends)
- Market size (TAM/SAM/SOM)
- Product (screenshots, demo, or description)
- Traction (metrics, customers, growth)
- Business model (how you make money)
- Competition (why you’ll win)
- Team (why you’re exceptional)
- Ask (how much, what for, expected milestones)
6. Hot Deals Close Fast
The principle: “Recognize that interested investors move quickly. If they’re not hurrying, it’s likely a sign you don’t have a deal.”
This is perhaps Adcock’s most valuable psychological insight. Understanding investor behavior prevents wasting time on false signals:
What fast movement looks like:
- Same-day or next-day responses to emails
- Immediate requests for follow-up meetings
- Introduction to other partners within 48-72 hours
- Specific questions about due diligence and timeline
- Proactive discussion of terms and investment structure
- Requests to meet your team or customers quickly
What slow movement means:
- Multi-day response times
- Vague responses about “staying in touch”
- Requests to “circle back next quarter”
- Lots of questions but no next steps
- Generic feedback without specific concerns
- “Let us know when you have more traction”
The strategic implication: Don’t waste emotional energy or time on slow-moving investors. Focus your attention on the ones showing genuine urgency.
7. Focus on Finding a Lead
The principle: “Focus on finding a ‘lead’ investor who can give you a term sheet and lead your round.”
Most rounds follow a clear pattern:
- One investor commits to lead (sets terms, anchors the round)
- Other investors follow relatively quickly once there’s a lead
- Round closes with syndicate of investors
Why the lead matters:
- They set the valuation and terms
- Their brand provides social proof for other investors
- They typically take a board seat and are most involved
- Other investors often defer to lead’s judgment
Tactical implication: Optimize your process for finding one great lead investor rather than trying to get many investors interested simultaneously.
8. Balance Fundraising with Product Development
The principle: “Balance fundraising time with product development, as fundraising can be distracting for founders.”
Fundraising is time-consuming and emotionally draining. It can easily consume 50-100% of a founder’s time. Adcock emphasizes maintaining product momentum:
Delegation strategies:
- Have co-founders split responsibilities (one focuses on fundraising, one on product)
- Batch investor meetings into specific days/weeks
- Maintain clear product milestones independent of fundraising
- Keep engineering team insulated from fundraising uncertainty
- Continue shipping features and hitting growth targets
Why this matters: Investors fund momentum. If your metrics and product stagnate during fundraising, you lose your strongest pitch point.
Read more: 15 Predictions for Enterprise Technology
After the Round: Maintaining Investor Relationships
Adcock’s final piece of advice: “Once the round is complete, put your attention back to the product and get building. I suggest setting up a quarterly ‘nurture’ sequence to keep investors updated.”
The Quarterly Update Strategy
Why this matters: Your current investors are the best source of future funding (for your next round) and warm introductions to other investors. Maintaining strong relationships compounds over years.
What to include in quarterly updates:
- Key metrics and growth trends
- Major product milestones achieved
- Important hires or team additions
- Customer wins or case studies
- Key challenges and how you’re addressing them
- Specific asks (introductions, hiring help, strategic advice)
Format: Email works fine. Keep it concise (300-500 words) and scannable. Many founders use templates they can quickly populate with updated numbers.
Consistency matters more than perfection: Quarterly updates, even when news is mixed, build trust and keep you top-of-mind.
Common Fundraising Mistakes to Avoid
Based on Adcock’s framework, here are the most common mistakes founders make:
Mistake 1: Waiting for Referrals
The problem: Low volume of qualified investors means low odds of success
The fix: Build a comprehensive list and execute systematic outreach. Referrals are great but insufficient.
Mistake 2: Starting Too Late
The problem: Fundraising takes 3-5 months minimum. Starting when you have 3 months of runway means you’re negotiating from desperation.
The fix: Begin fundraising when you have 9-12 months of runway. This allows time for a proper process.
Mistake 3: Poor Targeting
The problem: Pitching investors who don’t match your stage, sector, or check size wastes everyone’s time.
The fix: Research investor mandates thoroughly before outreach. Only pitch qualified investors.
Mistake 4: Lack of Systematic Tracking
The problem: Without a system, investors fall through cracks, follow-ups are missed, and you can’t identify what’s working.
The fix: Use a CRM or spreadsheet to track every investor interaction systematically.
Mistake 5: Weak Outreach Messaging
The problem: Generic, poorly written cold emails get ignored.
The fix: Treat outreach as a recursive project. Test different messaging, track results, and optimize based on data.
Mistake 6: Misreading Interest Signals
The problem: Spending months pursuing investors who were never really interested because you misread polite rejection as genuine interest.
The fix: Remember that hot deals move fast. If an investor isn’t showing urgency, they’re not interested. Move on.
Mistake 7: Inadequate Preparation
The problem: Scrambling to find documents or metrics during due diligence signals poor operations.
The fix: Prepare your data room before starting fundraising. Be ready for due diligence from day one.
Mistake 8: Negotiating Poorly
The problem: Either accepting bad terms due to desperation or losing deals by being overly aggressive.
The fix: Understand market-standard terms, negotiate fairly, and remember that the best investor isn’t always the highest valuation.
The Psychological Game: Mindset for Successful Fundraising
Beyond tactics, successful fundraising requires specific psychological approaches:
Expect Rejection and Low Conversion
Adcock is explicit about this: “I’ve always experienced really low conversion rates in these efforts—it’s never been easy for me to raise capital.”
If a founder who has raised over $1 billion says fundraising is hard with low conversion rates, first-time founders should absolutely expect the same.
The mindset shift: Rejection is data, not judgment. Each “no” is simply one more step toward finding the right “yes.”
Maintain Momentum Through Rough Patches
Fundraising has natural momentum cycles. The middle period—when you’ve had 40 meetings but no term sheets yet—is psychologically brutal.
Strategies for maintaining momentum:
- Celebrate small wins (meeting with a top-tier VC, great pitch feedback)
- Track leading indicators (meeting count, response rate) not just outcomes
- Maintain product progress to show forward motion
- Lean on your co-founder or support network
- Remember that most successful raises required 100+ investor conversations
Balance Confidence with Humility
Confidence: You need to believe and communicate that your company will succeed. Investors back conviction.
Humility: You also need to acknowledge challenges, demonstrate coachability, and show you’re learning quickly.
The balance: “We’re solving a massive problem, making great progress, and I’m confident we’ll succeed. Here are the three biggest risks and exactly how we’re mitigating them.”
Treat It Like a Sales Process
Adcock emphasizes running fundraising “similar to how you would run a sales or marketing team.”
This means:
- Clear metrics and conversion tracking
- Systematic process that can be repeated
- Continuous optimization based on data
- Pipeline management and forecasting
- Follow-up systems and accountability
Founders who approach fundraising like amateur hour get amateur results. Founders who treat it like a professional process raise more, faster, on better terms.
Read more: A Complete Guide to Writing a Winning Business Plan
The Compounding Advantage of Excellence
Here’s the beautiful truth about Adcock’s system: it compounds across fundraises.
Your first raise using this system:
- You build investor relationships
- You develop fundraising skills
- You learn what resonates with investors
- You create a repeatable process
Your second raise:
- Previous investors often lead or participate
- Investor relationships provide warm intros to new investors
- Your improved skills make the process more efficient
- Your proven ability to execute makes you more fundable
Your third raise and beyond:
- You’re a known quantity in the investor community
- Investors compete to get into your rounds
- Terms become increasingly favorable
- Fundraising takes less time and energy
This is why Adcock emphasizes building a “machine” that can be “washed, rinsed, and repeated.” The system you build for your first raise becomes an asset that generates returns for the life of your company.
Conclusion: Fundraising as a Core Competency
Brett Adcock’s fundraising playbook reveals a fundamental truth: raising capital is not about luck, timing, or having the perfect idea. It’s about systematic execution of a proven process.
The core principles:
- Treat fundraising like a numbers game with clear mathematical inputs and outputs
- Build a machine that’s systematic, measurable, and improvable
- Maximize qualified investor meetings through comprehensive targeting and persistent outreach
- Move fast when you find interested investors—hot deals close quickly
- Balance fundraising with product development to maintain momentum
- Maintain investor relationships beyond the close through regular updates
Most importantly, fundraising is a skill that can be learned and improved. Adcock himself admits it’s never been easy—but by treating it as a professional process rather than an amateur hour, you dramatically improve your odds of success.
The founders who raise successfully aren’t the ones with the best ideas or the most connections. They’re the ones who build systematic processes, execute persistently, learn continuously, and refuse to give up after the 50th “no.”
As Adcock concludes: “Remember, fundraising is a competitive process. Once the round is complete, put your attention back to the product and get building.”
Because ultimately, the best fundraising strategy of all is building a company so great that investors compete to be part of it.
About Brett Adcock: Founder and CEO of Figure AI (raised $70M Series A in 2023), previously founded Archer Aviation (public company, $2.7B valuation, raised $1B+) and Vettery (acquired for $110M). Total capital raised across ventures: $1+ billion.
Source: Venture Curator Newsletter
Are you currently fundraising? Which part of Adcock’s formula do you find most challenging? Share your experience in the comments below.
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