Unstacked is the voice of Moonshotnx — a living stream of insight, updates, and conversations from the frontlines of venture redesign. It’s where our blog, newsfeed, and podcast converge to fuel founders with capital stack strategies, global funding intel, and storytelling. Built for the bold, updated for the now.
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50 Startups Funded Without Equity: 2025 Report Q1
How founder-first funding is reshaping the startup landscape — one grant at a time
In the not-so-distant past, “startup funding” almost always meant giving up a piece of your company. For decades, equity was the default currency of innovation — founders handed over shares, and in return, investors wrote checks. But in 2025, that’s no longer the only way to build.
Today, equity-free funding has crossed a tipping point — no longer fringe, no longer experimental, and definitely no longer rare.
Continue Reading on Medium.
Q1 2025 Startup Funding Breakdown: What Founders Need to Know Before Raising Capital
From AI megadeals to early-stage pullbacks, how the current investment climate is reshaping the path to funding
It’s Q1 2025, and the world of startup funding is moving fast — but not always in the direction founders expect.
While global funding numbers are up, the story beneath the surface is far more nuanced. Investors are leaning into late-stage, post-traction bets. AI is soaking up a disproportionate share of capital. And early-stage founders — especially those building in frontier markets or outside the hype cycles — are finding it harder than ever to close a clean round.
Continue Reading on Medium
How Startups Can Access Funding in 2025 Without Giving Up Equity
How Startups Can Access Funding in 2025 Without Giving Up Equity
Startup funding has always been a puzzle — especially if you’re a founder trying to build without losing control. Between pitching VCs, applying for government grants, and navigating accelerators, the landscape feels cluttered and confusing.
But in 2025, smarter capital models are emerging — and with the right tools, you can raise funding faster, keep your equity, and scale globally.
Here’s how.
1. What Is Startup Funding, Really?
At its core, startup funding is capital raised to build, launch, or grow a business. That can include:
Seed funding: The earliest round, often from angels or accelerators
Series A/B/C funding: Institutional rounds from venture capital firms
Startup grants: Non-dilutive capital from governments or private initiatives
Convertible notes or SAFE notes: Hybrid structures that convert to equity later
In 2025, a growing number of founders are also exploring non-dilutive funding options — where you keep full ownership of your business.
2. How to Secure Non-Dilutive Startup Funding
Let’s talk non-dilutive funding — capital that doesn’t require giving away equity.
This includes:
Government startup grants
Philanthropic funds
Capital stack models like the STACK Note
Revenue-based financing
At Moonshotnx, every accepted founder receives a $50,000 non-dilutive grant, plus access to our investor syndicate via a STACK Note.
3. Know Your Startup Funding Options in 2025
Here are the top startup funding keywords every founder should understand (and use in your pitch decks):
Keyword
Why It Matters
Startup funding
The broadest, highest-volume term
Non-dilutive funding
The future of founder-first capital
Startup grants
Free money, no equity
Seed funding
Your very first external raise
Venture capital
Still powerful, but founders want more flexibility
Convertible note
A traditional instrument — but not always ideal
SAFE note
Common in accelerators like YC
Capital stack
New frameworks like STACK Notes are gaining traction
Equity-free funding
Search demand is surging
Startup accelerator
Still a major source of access, network, and capital
4. Fundraising Has Changed — So Should You
Old-school VC playbooks are fading. In their place? A modern capital stack designed for flexibility, speed, and founder retention.
MoonshotNX is proud to lead this shift with:
$50K equity-free grants
The STACK Note (a smarter alternative to SAFEs)
Access to 70,000+ global investors via our Maxnx syndicate
Revenue-based credit matching with over 497 funding partners
5. How Founders Use Our Funding to Win
Whether you’re building a B2B SaaS platform in Kenya, a marketplace in Berlin, or a climate-tech tool in India — funding shouldn’t be your biggest hurdle.
Our founders use their MoonshotNX capital to:
Hire talent
Launch MVPs
Run paid experiments
Close follow-on VC funding rounds
Stay in control while scaling with intention
Ready to Build on Better Terms?
If you’re tired of predatory cap tables, slow yeses, and diluted control — you’re not alone.
2025 is the year of founder-first capital. And with the right stack, you don’t have to choose between funding and freedom.
Top 10 Startup Funding Keywords for 2025
1. Startup funding
2. Non-dilutive funding
3. Startup grants
4. Seed funding
5. Venture capital
6. Convertible note
7. SAFE note
8. Capital stack
9. Equity-free funding
10. Startup accelerator
Use them wisely — and build on your own terms.
What Investors Really Want in a Pitch Deck
If you want funding, your pitch deck must speak investor. From market sizing to traction to your capital stack strategy, here’s what turns a “maybe” into a “yes.”
Your pitch deck is your first impression—and sometimes your only shot. But most decks fall flat because they miss what investors truly care about. In this guide, we share exactly what to include, how to design it, and how to align it with the MoonshotNX capital stack.
Slide by Slide: The Perfect Pitch Deck
Problem & Solution
Market Opportunity
Business Model
Traction & Metrics
The Ask & Capital Stack Strategy
The Stack Slide (Most Founders Miss This)
Investors want to know how their capital fits in. Show:
How much you raised from grants
How STACK Notes protect their downside
What your funding timeline looks like
Design Tips That Win Meetings
Clear fonts and visuals
Avoid clutter
Tell a story in 10 slides max
Internal Links:
Access our 3 Day Free Bootcamp
Learn about STACK Notes
A great pitch deck tells a great story. One that leads investors not just to a yes, but to an aligned relationship. With MoonshotNX, your stack starts on slide one.
The Best Global Startup Grants in 2025
From Dubai to the UK to the U.S., global startup grants are becoming more accessible. Here’s a list of the best 2025 grant programs—starting with the $50K non-dilutive MoonshotNX grant.
Looking for the best startup grants in 2025? You're not alone. Founders everywhere are seeking non-dilutive capital. Here’s our curated list of the top grant opportunities this year—starting with MoonshotNX's $50K grant program.
Why Grants Are on the Rise
Venture funding is harder to access. Equity is more expensive. Smart founders are turning to grants as the best first capital.
Top Global Grant Programs in 2025
MoonshotNX Grant: $50K, non-dilutive, global reach
Innovate UK: Sector-specific grants for deep tech
Startup Chile: Equity-free funding for LATAM expansion
EU Horizon Grants: Ideal for science-based startups
Singularity University Impact Grants: Tech for good
How to Apply
Each grant has different criteria. At MoonshotNX, we keep it simple:
Submit your deck + vision
Join a founder screening call
Align with our capital stack approach
Internal Links:
Conclusion Startup grants are the smart founder’s secret weapon. And at MoonshotNX, it’s the first tool we offer you. Apply once. Unlock a stack of capital.
How to Raise Money Without Giving Up Equity
Raising capital doesn’t have to mean giving away your company. With non-dilutive grants and structured capital like the STACK Note, founders can fund growth without sacrificing ownership.
Too many founders think the only way to raise capital is to give up equity. At MoonshotNX, we believe you should raise money without giving away your company. Here's how to do it with non-dilutive grants, structured capital, and smarter fundraising strategies.
Why Founders Give Up Equity Too Soon
Most early-stage startups jump at the first check—often on poor terms. That decision haunts them later during Series A or exits. Giving up equity too early limits your options.
What Non-Dilutive Capital Looks Like
Grants: No repayment, no equity. MoonshotNX offers $50K startup grants.
Revenue-based funding: Flexible repayment tied to cash flow.
STACK Notes: A smarter version of SAFE/convertibles that aligns timing and value.
Our Model: Start with the Grant, Build the Stack
We fund founders with an initial $50K grant. Then we help them raise more using STACK Notes that delay equity conversion until real value is proven. This keeps your cap table clean.
Real Example: Keeping Control Through Stacking
One MoonshotNX founder used our stack model to raise $250K without giving up a single share. They maintained full control and negotiated better terms in their later round.
Internal Links:
Learn about Startup Grants
Discover the STACK Note
Ready to fundraise? Apply here
You built something valuable. Don’t give it away too soon. MoonshotNX helps you raise on your terms—starting with grants and growing through smart capital stacking.
How Startup Grants Work (And Where to Find Them)
What Is a Startup Grant?
Who Qualifies for a Grant?
How Our $50K Grant Program Works
How to Apply Today
Startup grants are one of the most powerful forms of non-dilutive funding—but many founders don’t know how they work or where to find them. At MoonshotNX, we offer $50K startup grants that don’t require you to give up equity or repay a cent.
Startup grants are an often misunderstood yet incredibly powerful funding tool for early-stage founders. At MoonshotNX, we believe every founder deserves a head start without losing equity. In this guide, we explain how startup grants work, how they differ from traditional capital, and how you can find and qualify for them.
What Is a Startup Grant?
A startup grant is non-repayable, non-dilutive funding provided to entrepreneurs to help launch or grow their business. Unlike loans, you don’t have to pay it back. And unlike venture capital, you don’t give up any equity. This makes grants a vital early-stage lifeline for many startups.
Why Grants Matter in Early-Stage Funding
Founders often burn through bootstrapped capital or rush into bad equity deals. Grants provide breathing room—allowing you to validate your product, grow traction, or prepare for a larger raise without compromising control.
How MoonshotNX Offers Grants
We offer $50K non-dilutive startup grants through our nonprofit partner, Moonbase. These grants are designed to cover investor-readiness, fundraising support, and advisory services without touching your cap table.
How to Qualify
Eligibility is based on:
Founder potential and clarity of vision
Scalable business model
Impact and innovation in your category
Alignment with our global capital stack model
Apply now to be considered for a grant in our next funding cohort.
Where Else Can You Find Startup Grants?
Local government innovation programs
Corporate innovation challenges
University incubators
Global foundations focused on entrepreneurship
Internal Links:
Learn more about our Capital Stack model
View our full Startup Grant program
Startup grants are more than just free money—they are strategic launchpads. If you’re building something bold, you shouldn’t have to give it away before you even get started. At MoonshotNX, we help you raise on your terms.
Product/Market Fit is not the Holy Grail
It all begins with an idea.
Pierre-Jean HillionPierre-Jean Hillion • 2nd • 2ndSr. Growth Marketer @ RayonSr. Growth Marketer @ Rayon5mo • 5 months ago
Product<>Market fit is not the holy grail.
We often obsess over Product <> Market Fit (PMF), but it’s only one piece of a larger puzzle.
PMF doesn’t guarantee a successful monetization model or channels fitting your unit economics.
The 4-Fits Framework, introduced by Brian Balfour in 2017, gives a more complete view of what a company needs to solve to scale to $100M+ 👇
1️⃣ 𝗠𝗮𝗿𝗸𝗲𝘁 < > 𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗙𝗶𝘁
Your product must solve a real problem for a specific market.
Instead of talking about Product<>Market Fit, Brian describes it the other way around: Market first, product then.
○ Identify the needs of your target audience: Research your potential customers’ pain points and behaviors.
○ Hypothesize: Align your product with market needs to solve your audience's problems. Formulate hypotheses around core value propositions, hooks, and retention mechanisms.
○ Validate: Measure engagement and retention rates. Flattening retention curves indicate consistent value delivering, a key Market-Product Fit indicator.
2️⃣ 𝗠𝗼𝗱𝗲𝗹 < > 𝗠𝗮𝗿𝗸𝗲𝘁 𝗙𝗶𝘁
Align your business model with the market’s willingness to pay and size.
○ Understand Economics: Calculate your Average Revenue Per User (ARPU) to ensure it aligns with market willingness to pay.
○ Design Revenue Streams: Develop a pricing strategy that fits market purchasing behavior. This could include subscriptions, freemium, or tiered pricing.
○ Monitor Unit Economics: Track CAC, Payback Period, and LTV to ensure a healthy balance. Aim for a CAC that is recoverable within a reasonable timeframe relative to the LTV.
3️⃣ 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 < > 𝗠𝗼𝗱𝗲𝗹 𝗙𝗶𝘁
Find scalable channels, adapted to your model, to reach your target customers.
○ Identify Channels fitting your model: A high ARPU allows high CAC channels like Events. A low ARPU suggests channels like Social Media or Ads.
○ Optimize Channels Efficiency: Ensure chosen channels provide sustainable CAC. Evaluate the scalability of each channel to handle increasing volumes.
○ Align with your audience behaviors: Different industries use different channels. Go where your audience spends time.
4️⃣ 𝗣𝗿𝗼𝗱𝘂𝗰𝘁 < > 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗙𝗶𝘁
One or two channels generally drive >70% of your Growth (sometimes even more in the early days). Your product should fit important distribution channels.
○ Build Channel-Specific Features: For virality for example, include features like collaboration, a low-friction sign-up flow, and a referral program.
○ Prioritize channels based on your product: Channels should not have to adapt to your product.
○ Ensure a seamless technical integration: Compatibility with platform APIs or having a mobile-responsive flow might be crucial in some cases.
Each of these fits addresses a part of a large Growth Equation. This goes beyond the focus on Product <> Market Fit alone.
----
To go deeper, you can find in the comments the full article about the 4 fits framework 💬
“Anchor Numbers” in your financial story
It all begins with an idea.
Anthony RongaAnthony Ronga • 1st • 1stPitch decks for startups: Pre-seed, Seed, Series A, Series B+ | Strategist, Entrepreneur, ENFJPitch decks for startups: Pre-seed, Seed, Series A, Series B+ | Strategist, Entrepreneur, ENFJ4mo • 5 months ago
Use my “anchor number” framework to tell your pitch deck’s financial story.
👇
The anchor number = a number that is repeated on 3 slides to make the financial story easy to follow.
Anchor number = your 5th year projection
You will need...
✅ 5 year projections
✅ Number of customers (or units)
✅ Average price per customer (or unit)
You will add this number to 3 slides:
1️⃣ Market
2️⃣ Revenue model
3️⃣ Projection
Follow these 3 steps…
Step 1: Make your SOM = your anchor number
Step 2: Create a simple formula that = your anchor number
Step 3: Create a graph. 5th year revenue = your anchor number
Now the investor can understand...
✅ What is obtainable in 5 years
✅ How you calculated that number
✅ What the ramp-up looks like
👉 Let me know if you need a FREE 1:1 pitch deck review. Limited spots left for July.
50 million start ups are established every year
It all begins with an idea.
Guillermo FlorGuillermo Flor • Following • FollowingVenture Capital Investor @ GoHub VenturesVenture Capital Investor @ GoHub Ventures
50 million new startups are established every year
Out of those, 10 million startups will die before the end of the year
Most startups die because they build something nobody wants
The 1% that does can grow to become unicorns/decacorns
I wrote a full guide for startups to find product market fit and avoid building products nobody wants.
It includes:
1. How to get to Product Market Fit step by step
2. What Kpis you need to measure
3. Success cases like Notion, Canva and Stripe: how they grew, how they fundraised, what investors took part, etc.
VC Studios vs Funds
It all begins with an idea.
Lars BuchLars Buch • 1st • 1stVenture & Operating Partner | Tech Investor | Corporate Development and M&A Advisor | Board MemberVenture & Operating Partner | Tech Investor | Corporate Development and M&A Advisor | Board Member4mo • 4 months ago
The ideal dual entity Venture Studio setup in detail. Thanks Max Pog
Two tiers of private studios out there…the ones with own follow-on/growth fund and…the rest.
Max PogMax Pog • Following • FollowingJoin 1,000+ LPs & GPs at the LP, Family Office & FoF virtual Conf on Nov 26 - details in the featured post. 4x entrepreneur.Join 1,000+ LPs & GPs at the LP, Family Office & FoF virtual Conf on Nov 26 - details in the featured post. 4x entrepreneur.4mo • 4 months ago
I had calls with investors considering allocating $5-20M+ a year in venture studios. Here, I explain the differences between investing in holding companies of venture studios and in their Funds.
The holding company is the main studio entity that receives common stocks in the startups it launches. For new studios, this might be the only entity from which the team operates and funds new ventures.
As studios mature, they raise a sidecar studio Fund for pre-seed/seed investments. The Fund receives preferred shares. After deploying the capital of Fund I over 3-4 years, the studio raises Fund II for the next 10-15 companies launched by the studio, and so on.
When startups are launched:
– The HoldCo typically receives 10-15% of common shares for its operational/co-founding role.
– The Fund can receive 15-20% of preferred shares for its investment.
Advantages of Investing in HoldCos:
1. If the structure involves a single HoldCo entity (and studio partners will not launch a new HoldCo in several years), investors gain exposure to all future startups launched by the studio, potentially 30-60 companies over the next decade.
2. Investors own a GP stake in the studio. Studio Funds I, II, & III over next 10 years will generate management fees and carry for the HoldCo.
3. The HoldCo creates startup equity at minimal or sometimes even no cost. If management fees from sidecar funds cover costs of the 10-person studio team, the HoldCo gets equity in startups "for free" and doesn't need to fundraise.
Cons of Investing in HoldCos:
1. Usually, you can invest in HoldCos only during the early stages, which is more riskier. Late-stage investments in HoldCos are either not available, or costly, or difficult to value.
2. It might be hard to get returns from startup exits, as studio management will decide on whether to distribute profits, and if yes – what % of it. It might be good for investors if the agreement obliges the studio HoldCo to distribute profits from startup exits at a minimum level of 50%, 60%, or even 80%.
Advantages of investing in studio Funds:
1. It’s similar to investing in a typical VC fund as an LP. Because a studio invests in its own startups, it reduces risks when making investment decisions, as the studio has full information about its companies. In contrast, external VC funds often face risks even after DD because there might still be unknown factors about the companies they invest in.
2. Investors receive preferred shares and immediate distributions from startup exits.
3. Liquidity: It is often easier to sell LP positions in studio funds on secondary markets compared to positions in HoldCos.
Cons of Investing in Studio Funds:
1. Investors gain exposure to only the next 10-15 startups launched over 3-4 years.
2. Losing 20-25% of capital for management fees over 10 years, plus 20% carry.
If you are interested in investing in venture studios, let me know, and I can provide deal flow and conduct due diligence. Conclusion in the comment.
Proper Due Diligence
It all begins with an idea.
Saravanan RathakrishnanSaravanan Rathakrishnan • 2nd • 2ndSenior Associate at RHTLaw Asia LLP | Specializing in Funds, M&A and Venture Capital | Legal500 Rising Star (Investment Funds) | Structuring High-Impact Private Equity/Debt & Venture Capital Investment FundsSenior Associate at RHTLaw Asia LLP | Specializing in Funds, M&A and Venture Capital | Legal500 Rising Star (Investment Funds) | Structuring High-Impact Private Equity/Debt & Venture Capital Investment Funds
Due diligence is more than just a formality—it’s the key to making informed startup investments that protect your capital and future returns.
Many investors dive into exciting startup opportunities without fully evaluating the risks.
But neglecting a thorough review of key areas can expose you to unforeseen legal and business pitfalls.
What often happens is that investors overlook crucial elements in the due diligence process, focusing too much on the product and less on underlying risks.
This can lead to missteps that affect both their investment and the startup's future.
The truth is, conducting proper due diligence helps you uncover potential issues early on, providing clarity on the risks and helping you make better investment decisions.
Are you conducting thorough due diligence before making startup investments?
Here’s a checklist of key areas investors should focus on when evaluating a potential startup investment: