This document outlines the fundraising timeline and lessons learned by the founders of Cookening, a startup company. It describes their efforts from 2012-2014 to raise funds from venture capital firms in France. Key events included launching their private alpha in November 2012, meeting with VCs starting in January 2013, and their public launch in May 2013. Despite ongoing meetings and updates, their last pitch to a VC in December 2013 was rejected. They then explored raising from business angels in early 2014 but ultimately decided not to raise funds at all. The document lists 10 lessons learned around timing, market fit, focusing too narrowly, and risks of pursuing the wrong fundraising opportunities.
2. Hello
• Cédric
Giorgi
• Cookening
Co-‐Founder
• Previously
at
Scoop.it
(Goojet),
Seesmic,
Techcrunch
France
• Also
involved
in
LeWeb,
Startup
Assembly,
La
French
Touch
Conference
• Founder
of
French
Startupers
FB
Group
@cgiorgi
cedric@cookening.com
5. Cookening
Timeline
• May
2012
-‐
Dev
is
starAng
• November
2012
-‐
Private
Alpha
is
launched
6. Cookening
Timeline
• May
2012
-‐
Dev
is
starOng
• November
2012
-‐
Private
Alpha
is
launched
• December
2012
-‐
A
VC
is
calling
• December
2012
-‐
Let’s
start
to
think
about
raising
funds
7. Learning
2.
The
US
and
France
have
nothing
in
common.
Really.
Nothing.
8. Cookening
Timeline
• May
2012
-‐
Dev
is
starOng
• November
2012
-‐
Private
Alpha
is
launched
• December
2012
-‐
A
VC
is
calling
• December
2012
-‐
Let’s
start
to
think
about
raising
funds
• January
2013
-‐
We’re
meeAng
with
a
dozen
French
VC
funds
9. Learning
3.
It’s
not
because
a
VC
is
calling
that
you’re
ready
for
fundraising
10. Cookening
Timeline
• November
2012
-‐
Private
Alpha
is
launched
• December
2012
-‐
A
VC
is
calling
• January
2013
-‐
We’re
meeOng
with
a
dozen
French
VC
funds
• May
2013
-‐
Cookening
Public
Launch
12. Cookening
Timeline
• November
2012
-‐
Private
Alpha
is
launched
• December
2012
-‐
A
VC
is
calling
• January
2013
-‐
We’re
meeOng
with
a
dozen
French
VC
funds
• May
2013
-‐
Cookening
Public
Launch
• June
2013
-‐
Update
sent
to
Investors
13. Cookening
Timeline
• November
2012
-‐
Private
Alpha
is
launched
• December
2012
-‐
A
VC
is
calling
• January
2013
-‐
We’re
meeOng
with
a
dozen
French
VC
funds
• May
2013
-‐
Cookening
Public
Launch
• June
2013
-‐
Update
sent
to
Investors
• September
2013
-‐
We
really
need
to
raise
now
14. Learning
5.
When
you
try
to
raise
funds
when
you
really
need
them,
it
might
be
too
late.
15. Cookening
Timeline
• November
2012
-‐
Private
Alpha
is
launched
• December
2012
-‐
A
VC
is
calling
• January
2013
-‐
We’re
meeOng
with
a
dozen
French
VC
funds
• May
2013
-‐
Cookening
Public
Launch
• June
2013
-‐
Update
sent
to
Investors
• September
2013
-‐
We
really
need
to
raise
now
• October
2013
-‐
MeeAngs,
meeAngs
16. Cookening
Timeline
• November
2012
-‐
Private
Alpha
is
launched
• December
2012
-‐
A
VC
is
calling
• January
2013
-‐
We’re
meeOng
with
a
dozen
French
VC
funds
• May
2013
-‐
Cookening
Public
Launch
• June
2013
-‐
Update
sent
to
Investors
• September
2013
-‐
We
really
need
to
raise
now
• October
2013
-‐
MeeOngs,
meeOngs
• December
2013
-‐
Last
VC
said
no.
17. Learning
6.
You
might
have
a
kick-‐ass
team,
a
kick-‐ass
product,
you
need
a
big
market.
20. Cookening
Timeline
• January
2013
-‐
We’re
meeOng
with
a
dozen
French
VC
funds
• May
2013
-‐
Cookening
Public
Launch
• June
2013
-‐
Update
sent
to
Investors
• September
2013
-‐
We
really
need
to
raise
now
• December
2013
-‐
Last
VC
said
no.
• January
2014
-‐
Let’s
look
for
a
round
with
BAs
22. Cookening
Timeline
• January
2013
-‐
We’re
meeOng
with
a
dozen
French
VC
funds
• May
2013
-‐
Cookening
Public
Launch
• June
2013
-‐
Update
sent
to
Investors
• September
2013
-‐
We
really
need
to
raise
now
• December
2013
-‐
Last
VC
said
no.
• January
2014
-‐
Let’s
look
for
a
round
with
Bas
• February
2014
-‐
Ok
let’s
do
not
raise
at
all
24. Also…
• We
didn’t
want
to
move
to
the
US.
• We
didn’t
want
to
/
couldn’t
pivot.
• We
certainly
focused
too
much
on
wrong
things
• We
were
too
long
to
launch
• Careful
with
sexy
ideas…
• Being
the
X
for
Z
is
a
dangerous
pitch