New on Inc42 Media: What First-Time Founders Get Wrong (And Right) About Fundraising
- Lumikai
- Jan 19
- 1 min read
Fundraising isn’t a milestone. It’s a strategic decision.
In this piece, Salone Sehgal, Founder & Managing Partner at Lumikai, unpacks a hard truth: venture capital only works when there is real alignment between the business being built, the ambition behind it, and the investor’s risk appetite.
Too often, founders treat VC as validation. The best founders treat it as leverage.
She breaks down:
Why venture readiness matters before you raise
How clarity on users beats storytelling in pitches
Why product, distribution, and retention are the real early-stage moats
And why fundraising starts long before you need capital
💡 Across our portfolio, founders are putting this into practice:
Eloelo - building durable, community-led engagement loops
Vobble - leaning into an IP-led approach
AutoVRse - driving phased adoption through VRsebuilder
AskMyGuru - focusing on high-intent user loops
📖 Read the full article → Click here
If you’re building, raising, or planning your next round, this is essential reading.
'Fundraising isn't a milestone' is the line I'll be repeating to first-time founders who treat a round as an outcome. The point about venture readiness preceding the raise is where most decks fall apart, and calling product, distribution, and retention the real early-stage moats is a healthier frame than narrative polish. Salone Sehgal's portfolio examples help. We build Clicker Games, so retention loops are a daily conversation here.
Too many first-time founders jump into fundraising without venture readiness, taking a heavy Ragdoll Hit when market fit isn't there.
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