WID - SoSyncd is one of the most promising startup dating apps in the industry at the moment. Founders Jessica and Louella Alderson wanted to create a service that focused on personality and strong connections, rather than superficial decisions based solely on physical attraction.
Q: A recent report by Harvard Business Review cited that in 2020, 2.3% of venture capital will be invested in female-led companies. What challenges did you overcome to be successful at your first $1M seed round?
JA: The stats around funding for all-female-led teams are shocking. In fact, female-led businesses make twice as much revenue per dollar invested compared to those founded by men.
LA: There is another Harvard Business Review article showing that male and female entrepreneurs get asked different questions. Of course, not all investors have such extreme biases and we are lucky to have incredible investors who have invested in us the basis of results and potential rather than more superficial factors.
Q: Throughout the fundraising process, what were the key learnings that helped with the overall success of reaching your goal?
JA: Warm introductions are massively important.
LA: Fundraising is a full-time job.
JA: Finding investors who are aligned with your vision makes all the difference.