New Fundraising Network Connects Startups and VCs; Removes Bias Via Blind Screening Process for Early-Stage Capital Raising
DocSend Fundraising Network Employs Data-Driven Approach to Facilitate Quality Intros Between Founders and Investors in Virtual Business World
DocSend, a secure document sharing platform, unveiled the DocSend Fundraising Network, a new data-driven service to connect quality founders with committed venture capital firms and investors. The service’s screening process is based on the company’s real-world research into successful fundraising and removes inherent bias from traditional fundraising approaches.
With over 12,000 customers and 190,000 professionals on its platform, DocSend has aggregated activity from interactions with over 100,000 pitch decks and analyzed millions of data points to identify successful indicators of a startup that lead to introductory meetings and eventually to term sheets.
“Historically, there has been a clear geographic and demographic inequity in the venture capital and startup world. Combining this challenge with the new way of conducting business virtually, it’s time for a new approach to startup fundraising,” said Russ Heddleston, CEO of DocSend. “The DocSend Fundraising Network is designed to expand the opportunities for founders with a less-established network and create new paths of discovery for VCs. Our new service connects founders and VCs that otherwise might have never met and focuses on the fundamentals – promising companies and committed investors.”
At a fundamental level, the DocSend Fundraising Network removes common biases from the preliminary screening process by focusing on key elements of a fundraising pitch deck and matching up a startup with an investor seeking specific qualifications. The service is available for Pre-Seed and Seed fundraising rounds and is planned to soon expand to Series A rounds.
Founders initiate the process in the DocSend Fundraising Network by submitting their company’s pitch deck to the DocSend Pitch Deck Analyzer, which scores the prospective deck based on 11 criteria that DocSend has identified as being the most important to a successful pitch. The initial screening process focuses on business qualifications, removing the potential for bias or preference based on the location or makeup of the startup team.