When it comes to raising money, it’s not what you know but who you know. With the right networking connections, you can speed up the process of raising money.
Jessi Baker founded Provenance in 2013, as a side project to her Ph.D. in computer science. If consumers knew how the foods they eat, the beverages they drink, the clothing and shoes they wear, and the other consumer products they use were made, they would choose those made ethically and with a less negative impact on the environment, she thought. Blockchain technology enables this.
Initial funding was grant dollars provided by the British government and foundations. Raising the first equity round of seed money was messy and chaotic, said Baker. She didn’t have a network. Female founders are 13 times more likely to reach the investment committee of a VC if they have a warm introduction, according to. “I was lucky to meet a few entrepreneurs and angels who helped guide my process,” said Baker. It took seven or eight months.
The company is gaining traction. It started with a few small United Kingdom-based food and beverage companies as clients. Now, 50% of its business is from companies based outside the United Kingdom, including some in United States. It will need an additional cash infusion by March 2020. Baker will begin fundraising in the fourth quarter of this year. She has learned that in order to raise money quickly and efficiently; you need to build relationships long before you need them.
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