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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.
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.
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To go deeper, you can find in the comments the full article about the 4 fits framework 💬
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.
Brand Strategy is a Statement
It all begins with an idea.
Jason VanaJason Vana • 2nd • 2ndAttract the RIGHT customers to your business | Brand & content strategist | Founder at SHFT | Known as #sassyjasonAttract the RIGHT customers to your business | Brand & content strategist | Founder at SHFT | Known as #sassyjason
A brand strategy is a statement.
One that defines your:
- unique value
- ideal customer
- market or category
So your business can stand out and attract the right clients.
But don't be fooled.
This will be the most challenging, frustrating, and excruciating statement you will ever write.
Period.
Try taking everything your company does.
Everything you want to be known for.
Everything that makes you unique.
Everything that defines your ICP.
Everything you provide.
And explain it in one clear and compelling sentence.
I'll wait. 🥱
This sh*t ain't easy.
But, there is a framework I use to define that statement.
One that helps me nail it with every single client.
I share it in the carousel below.
Along with an example of a brand strategy statement I wrote for a client.
Give it a look.
You may just find ways to level up your brand.
If you want more and better clients, that is.
✌🏼
What do VC’s kow that the rest of us don’t?
It all begins with an idea.
Burak BuyukdemirBurak Buyukdemir • 2nd • 2ndFounder of Startup IstanbulFounder of Startup Istanbul
What do VCs know that the rest of us don't? VCs have a few tricks.
I'll be hosting Professor Ilya Strebulaev on my podcast to discuss his book, "The Venture Mindset"!
Ilya breaks down how top VCs think and make decisions.
He shares 9 key principles that can help anyone make smarter bets in business and life:
1. Business Model: Home Runs Matter, Strikeouts Don’t
2. Deal Sourcing: Get Outside the Four Walls
3. Initial Screening: Prepare Your Mind
4. Due Diligence: Say No 100 Times
5. Selection Criteria: Bet on the Jockey
6. Decision Making: Agree to Disagree
7. Follow-On Rounds: Double Down or Quit
8. Incentives: Make the Pie Bigger
9. Exit: Great Things Take Time
Whether you're an entrepreneur, investor, or just curious about innovation, this episode is for you!
Got questions for Ilya? Drop them in the comments below, and I'll try to ask them during our chat.
SEO has evolved
It all begins with an idea.
Rohan ShethRohan Sheth • 2nd • 2ndTop Growth Marketer & Business Owner | We’ve driven over $2 billion in ROI through our marketing strategies.Top Growth Marketer & Business Owner | We’ve driven over $2 billion in ROI through our marketing strategies.
SEO Has Evolved
Here's 7 ways how:
SEO isn’t what it used to be.
The tactics that worked a decade ago?
Most are ancient history now.
Here’s a sneak peek at how SEO has evolved,
and how you can keep up:
1.
Old Way: Keyword Stuffing
↳ Google no longer rewards pages crammed with keywords.
New Way: Intent-Driven Content
↳ Now, understand what users actually want when they search.
💎 Focus on creating content that answers real questions.
2.
Old Way: Backlinks = Authority
↳ Ten years ago, any link was a good link.
New Way: Quality Over Quantity in Link-Building
↳ Now, spammy backlinks can hurt your rankings.
💎 Prioritize building genuine, high-authority links.
3.
Old Way: Exact Match Keywords
↳ Search engines only picked up exact matches, so keywords had to be precise.
New Way: Natural Language and Synonyms
↳ Search engines now understand context and synonyms, not just exact phrases.
💎 Write naturally, using related terms and phrases.
4.
Old Way: Desktop Optimization
↳ Desktop was the primary focus, with mobile as an afterthought.
New Way: Mobile-First Indexing
↳ Google now indexes and ranks sites based on their mobile versions first.
💎 Ensure your site is mobile-friendly, with responsive design and fast load times on mobile.
5.
Old Way: Clickbait Titles
↳ Clickbait was enough to bring traffic, regardless of the content’s quality.
New Way: Engagement-Focused Content
↳ Google now cares about how long users stay on your page.
💎 Write catchy titles but make sure your content keeps readers engaged.
6.
Old Way: Focus on Individual Pages
↳ Each page was optimized individually, without much focus on the broader topic.
New Way: Topic Clusters and Internal Linking
↳ Google values depth on a topic; it’s now about clusters of related content rather than single-page ranking.
💎 Group your content into topic clusters, with pillar pages and supporting articles.
7.
Old Way: Local SEO Was Optional
↳ Local SEO was often ignored, especially if you weren’t a local business.
New Way: Local SEO Is Critical for Visibility
↳ “Near me” searches and mobile searches make local SEO a huge ranking factor.
💎 Optimize your Google My Business profile and get local reviews.
Check out the carousel for more in-depth insights!
Follow these changes, and you’ll stay ahead of the game.
🔘🔘🔘🔘🔘🔘
Want to invest in SEO and ads?
Here is how Limited Partners investing in Venture Capital assess a firm's Partners.
It all begins with an idea.
Myrto LalacosMyrto Lalacos • Following • FollowingEx-VC turned VC Builder | Principal at VC LabEx-VC turned VC Builder | Principal at VC Lab2w • 2 weeks ago
Here is how Limited Partners investing in Venture Capital assess a firm's Partners.
🟢 Green Flags
✦ Anyone who knows them speaks very highly of them.
✦ The Partners are clear in their communication and inspire a high level of trust.
✦ They have significant experience and notable achievements relevant to the fund's investment thesis.
🌕 Yellow Flags
✦ The Partners are building a generalist fund without a clear focus or differentiation in the market.
✦ Their resume shows short role tenure and frequent bumps. VC is a lifelong career, can they commit?
✦ They are not interested in raising future funds, what is the incentive to manage the present fund for the next 10 years?
🟠 Orange Flags
✦ The team dynamic is not great, and the role division is unclear.
✦ None of their investments have been growing rapidly - are they really exceptional pickers and backers?
✦ They have not proven they can lead or win competitive deals. It's easy to spot a good deal, the question is can they get in?
🔴 Red Flags
✦ The Partners lied about or misrepresented their track record or experience.
✦ They displayed unprofessional behavior or withheld important information.
✦ Signs they cannot raise the target fund size - can they set realistic targets and execute on those?
I'm trying to bring to life how LPs conduct due diligence on the Partners of VC firms.
But we're just scratching the surface...
For those wanting to go deeper on the diligence Limited Partners carry out on VC funds, I've linked additional resources below!
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✍️ Myrto Lalacos
Follow for regular content on launching and investing in Venture Capital firms.