Funded | How They Raised Millions

The tech media loves a splashy funding announcement - millions of dollars injected into a hot startup primed to become a unicorn. But what about the work behind those headlines? Host Jason Yeh, a former VC and venture-backed startup founder, talks with entrepreneurs about how they raised the capital to launch world-changing startups. Their conversations uncover incredible stories including cautionary tales, inspirational memories, and even some insightful tips. Keep up with us on social @fundedpod to learn more.

TBC 137: Grease the Friction in Fundraising

In this episode of The Back Channel, Jason Yeh unpacks the hidden friction points that often derail fundraising. He explores why investors hesitate and what founders can do to navigate those moments. Tune in to learn how to turn obstacles into momentum.

10-09
05:27

TBC 136: Time-Saving Fundraising Strategies

In this episode of The Back Channel, Jason Yeh reveals key time-saving strategies to ensure your fundraising efforts stay on track. He emphasizes the importance of preparing ahead, alongside 2 other keys to stay in control. By adopting these approaches, you'll streamline your fundraising journey and maintain momentum for a successful raise.

10-02
07:46

Minna Song (EliseAI) — From Crazy Early in Conversational AI to $250M from A16Z | Ep 57

Raising money for AI might seem easy today, but back in 2017, it was anything but. In this episode of Funded, Jason Yeh sits down with Minna Song, co-founder and CEO of EliseAI, who shares her journey from bootstrapping a conversational AI startup before ChatGPT was even on the horizon to closing a $250M Series E led by Andreessen Horowitz. Minna opens up about the doubts investors had early on, the lessons she learned about storytelling and timing, and how staying disciplined helped her build one of the fastest-growing companies in real estate and healthcare AI.

09-30
45:07

TBC 135: Ask for Help: Fundraising Storytelling

In this episode of The Back Channel, Jason Yeh dives into the power of asking for help, especially when it comes to fundraising and storytelling. Drawing from an insightful conversation with Minna Song, co-founder of Elise AI, Jason explores how technical founders can benefit from expert storytelling assistance to elevate their fundraising efforts. He encourages founders to embrace the art of asking for help, especially when it comes to areas outside their expertise.

09-25
05:13

TBC 134: Building a Helpful Network Ethic

In this episode of The Back Channel, Jason Yeh explores the power of building a network rooted in small, genuine acts of helpfulness. Jason breaks down why simply being a helpful person is both fulfilling in the short term and a powerful foundation for future fundraising success.

09-18
06:36

TBC133: How to Close an Angel Round

In this episode of The Back Channel, Jason Yeh breaks down what it really takes to close an angel round. From the mindset shift founders need to the tactics that can unlock momentum, he shares key lessons to help you move from scattered conversations to signed checks.

07-17
06:58

TBC132: The Right Type of Investor

Not all investors are created equal. In this episode of The Back Channel, Jason Yeh explains why some businesses struggle to raise capital—not because they're bad, but because they're pitching to the wrong type of investor. Learn how to identify the asset class your startup fits into, and how to align with the investors who actually “get it.”

07-10
06:00

TBC131: The Human Side of Investor Relationships

What is the true meaning of “relationship” in fundraising and business? Jason breaks it down in this episode and challenges the common misconception that relationships are just shortcuts or favors. He instead highlights how genuine trust and shared experiences build the foundation for meaningful connections. Jason also introduces his new project, Capital Interests, which helps founders connect with investors through shared passions beyond just business.

07-03
08:45

TBC130: The First Lesson of AI in Fundraising

In this episode of The Back Channel, Jason Yeh dives into the role of AI in our daily workflows, offering encouragement, a cautionary take, and his first practical lesson on using AI in fundraising—especially when building pitch decks. Learn how to think critically about AI's strengths and weaknesses and how to start integrating it into your creative process today.

06-26
09:22

TBC129: Fundraising in the Age of AI

In this episode of The Backchannel, Jason breaks down what it really means to fundraise in an AI-dominated world. If you’re not building core AI infrastructure, how should you position your startup? He explains why every founder needs an AI story—one rooted in how the tech impacts your product, operations, and long-term defensibility.

05-29
05:37

TBC128: Focus on What Matters

In this episode of The Backchannel, Jason reflects on a recent conversation with a robotics founder that reminded him how powerful it is to focus on what actually matters. From skipping the company name to delaying fundraising, the founder made unconventional decisions that signal discipline, clarity, and real momentum. Jason breaks down why avoiding “playing startup” and doing the unsexy work is often what sets great founders apart.

05-22
07:45

TBC127: Why Talking Too Much Is Killing Your Pitch

In this episode, we share a powerful lesson from a recent pitch practice session with a founder whose natural charisma backfired. While being articulate and engaging can be a superpower, it can also lead to rambling when clarity matters most. We talk about why “less is more” applies just as much to live pitches as it does to pitch decks—and how embracing silence can actually project more confidence. If you’ve ever talked yourself in circles during a meeting, this one’s for you.

05-15
06:35

TBC126: When VCs Start Dreaming With You

In this episode we share the fundraising version of product market fit—what it feels like when a VC starts dreaming alongside you. We break down what that moment looks like, why it matters, and how to set up your pitch to create that kind of pull.

05-08
07:16

TBC125: What I Learned Coaching HBS Founders on Fundraising

In this episode of The Back Channel, I reflect on a recent visit to Harvard Business School where I coached founders in Jeff Bussgang’s Launching Tech Ventures class. I break down one of the biggest fundraising mistakes I saw, how founders frame their problem space, and share advice on how to fix it.

05-01
07:24

TBC124: The Power of Helping When You Can (HBS Story)

In this episode, we explore how one small act of generosity can shape long-term relationships in venture capital. Jason shares a story from a recent trip back to Harvard Business School, where a simple coffee chat from a decade ago turned into a meaningful connection with a now-prominent VC. He reflects on what true network-building looks like—why helping others when it's easy can lead to unexpected returns years later.

04-24
08:49

Alex Salazar on Taking Arcade from Zero to a $12M Round (Alex Salazar / Arcade - Ep 56)

Alex Salazar didn’t need to prove he could build a company. He’d already done that and sold it, then spent time as a VC, and had the kind of background that usually makes raising money the easy part. But when he started Arcade, he decided to do things differently. In this episode, we talk about what it means to go back to zero even when you don’t have to. Alex shares why he and his co-founder stayed in stealth, how they tested product ideas without writing a single line of code, and what it took to get real traction in a category moving as fast as AI. We get into opportunity selection, investor conviction, and what it actually looks like when someone gets preempted before they’re even out fundraising. Arcade eventually closed a $12M round... but the process behind that raise had very little to do with pattern-matching or momentum. It was all about building something that hit a nerve.

04-22
01:07:17

TBC123: Can You Pitch a Big Vision?

In this episode of The Back Channel, we talk about the pressure founders feel to pitch a massive vision — and what actually makes that land with investors. VCs need to believe in billion-dollar outcomes, but that doesn’t mean you should throw out the biggest idea you can think of. Credibility, traction, and storytelling all shape how your vision is received. We also revisit the Airbnb pitch and why their big thinking worked — and how yours can too.

04-17
04:55

TBC122: Early Signals That Matter to Investors

In this episode, we'll talk about green flags—the little things founders say or do that quietly leave a strong impression on investors. I share a story about a first-time founder at one of our events who said two things that really stood out. They weren’t flashy, but they revealed a surprising level of maturity... and they’re the kind of signals that stick.

04-10
05:54

TBC121: The Fundraising Equation [T(G) - T(TI)]

In this episode of The Backchannel, we break down a simple but powerful equation to help founders understand why some investor meetings turn into momentum—and others fall flat. We share a personal story that sparked the idea, then introduce the concept of Time Given (TG) minus Time to Interest (TTI) as a way to diagnose and improve your fundraising outcomes. If you're stuck wondering why some pitches connect and others don’t, this framework might give you a clearer path forward.

04-03
10:57

TBC120: The LP Problem No One Talks About

In this episode of The Backchannel, we start with a tweet from Peter Walker at Carta and dig into what it means when a big chunk of LPs in smaller funds are just regular individuals. If you’re raising a sub-$100M fund—or thinking about it—there’s some stuff here that might make you pause, maybe even rethink how you’re approaching your next raise. Founders should listen too, since this affects how and when capital actually makes its way into startups.

03-27
06:08

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