If you watch the show Silicon Valley, you know how painful it was for PR executives to hear Richard, the inventor of Pied Piper, say – after receiving a huge round of funding – “I just want our startup to fly under the radar.”
Unfortunately for Richard, it doesn’t work that way. Once your business files its funding with the SEC, the information is public. The best approach is to not let press find the SEC filing on their own, but own the messaging from the beginning with a funding announcement. But besides owning the story, you may be wondering: What’s the benefit and how do I leverage PR?
From a small seed round to a big Series B, the story is the same: Stakeholders have faith in your product or service and they’ve backed you financially as a result. Each investment represents inflections in your company’s history that cause individuals to take notice.
Sharing investments makes it easier to recruit talent, alerts other investors of your financial attractiveness and helps potential customers realize the value of doing business with you. Also, it’s a great way to turn tech media contact’s heads that have ignored you in the past.
You may have read articles denouncing the celebration of fundraising and commending startups that are bootstrapped. But this just takes us back to my first point; you need to own the message. Whether your company hasn’t even begun generating revenue, like Richard’s Pied Piper; or you’re tenured and looking for later-stage funding, you can still be a media darling.
According to Business Insider, “The amount of money raised has become a way some people benchmark a startup’s success. The more an investor pours into a startup, the better the startup’s idea and team must be. It will have enough money to live a little longer, at the very least.” As a startup, this message will resonate with your target audience. Don’t be afraid to own the support your company, employees and product garnered.
In regards to later-stage funding, leverage your bootstrapping message. Focus on the revenue generated in prior years and the choice to receive funding as one to aid in robust growth.
Quick recap on the benefits of funding announcements:
• Ownership of the message
• Proof of concept and the company’s worth demonstrated by financial support
• Securing attention from other VCs
• Reaching potential customers
• Earning media coverage for your business
• Recruiting talent and growing your company
If you’re fundraising and need assistance spreading the word, contact Lindsey@blastmedia.com. She can help you understand the best way to get the most coverage for your news and additional strategies for getting the most out a campaign.
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- Pros and Cons of Offering an Exclusive for Your Funding Announcement - October 8, 2019
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