Ep 8: Lessons from Vendoir's Pre-Seed Round
Oshoma’s Fundraising Journey
Oshoma Zekiri is the co-Founder of Vendoir, an event planning platform that aims to make event planning stress-free, sustainable and inclusive. Since starting the company in 2020 (just before lockdown), Oshoma and his team have closed several crowdfunding rounds through platforms like Crowdcube and Seedrs. Join us as we talk about their experience of fundraising on this episode of The Raise.
The problem: with the number of vendors it takes to get an event off the ground, event planning can often be time consuming, stressful and (more often than not) goes over budget.
The solution: Vendoir is a platform that helps you to find and book the event suppliers people can trust, with instant pricing to ensure every decision made is budget friendly. Saving people time and money on every event they host.
Oshoma thought about his idea for a few years before teaming up with his co-Founder just before the UK went into Lockdown. Since, they’ve brought in their third co-Founder and CTO, run three crowdfunding campaigns (one of which they were unable to close), all of which ahs helped them to get to where they are today.
On this episode of The Raise, we speak to Oshoma about everything his team has learned about fundraising.
In this episode, we cover:
[01:22] Tell us about your background and why you started Vendoir
[05:00] What were some early decisions you made about the type of investors you would pursue?
[06:51] Walk us through the process of crowdfunding and what you were able to do with the £150k that you initially raised?
[13:13] What other forms of funding have you secured and what did that help you move towards?
[20:41] Why did you go to Seedrs instead of going back to Crowdcube?
[23:36] Did anything unexpected happen that forced you and your founders to resolve it in the moment?
[27:37] How did going through the fundraising process help you sharpen your skills as a founder?
[31:05] What is the most important lesson you've learned from fundraising?
[33:22] What advice do you have for founders who are fundraising in this environment?
[35:10] If you could go back and do it all again, would you do anything differently?
Some takeaways:
For Founders raising 💰
Oshoma and his team initially went to Crowdcube to try and raise money, but they needed backing from family and friends first. So they threw themselves into conversations with several people that they already knew. They secured 90% of the funding (£90k) this way, which helped massively.
For Crowdfunding to work, you need to get at least 70% from your existing community, family, friends and colleagues before you put it forward to the public. At this stage, people are just backing you because they believe in you.
Fundraising comes with its own risk. Oshoma and his team experienced this first hand when their lead investor pulled out of their second crowdfunding campaign which prevented them from closing the round.
The investment landscape has changed dramatically since COVID. So Angel Syndicates and VCs will have requirements that may be a challenge for early start start ups to fill. Invest time in building up an audience, securing potential clients and Letters of Intent (LOI’s) to demonstrate the traction you’ve been able to achieve.
Note; Crowdcube will ask people to pledge what they want to invest in a business, vs Seedrs that will actually collect the funds from them immediately. Remember it's small details like this that can be the difference between you managing to hit your fundraising target and missing it.
For aspiring founders 🤩
As a Founder, you need to be prepared to invest in the product that you're building and put your cash into the business to make it a success, so remember that investors will expect to see how much you're prepared to put in too.
Listen now on Apple, Spotify, Overcast, and YouTube.
Where to find Oshoma Zekeri:
Where to find Jade Buffong:
• LinkedIn | Newsletter
Lightning Round Questions
What’s your number one tip for anyone who is considering crowdfunding?
Thoroughly research and understand the crowdfunding platform you choose. Each platform has its own rules, fees, and target audience.
What 3x books should every Founder read?
The Lean Startup by Eric Ries - for its emphasis on building and validating businesses through experimentation.
Start with Why by Simon Sinek to understand the importance of purpose and mission in business.
Hooked: How to Build Habit-Forming Products by Nir Eyal - for insights into creating products that people love and can't live without.
What up and coming founders should we keep an eye on?
It isn't easy to pinpoint specific names as the landscape is constantly evolving. However, look for founders who are passionate about solving real-world problems, have a strong understanding of their target market, and are building innovative solutions. Keep an eye on emerging trends and industries for potential disruptors.