Female founders: It’s Not Personal. It’s Fundraising

Every time I post anything related to female founders, someone drops in with a variation of:

“I won’t even try, only X% of female-led startups get funded.”

That number is not a reflection of your personal chances. It’s the reality of all startups. The majority don’t get VC money - male-led or female-led. That’s the game.

Yes, there’s bias. I’ve worked six years in VC and I’ve seen it. But even without it, fundraising is just pure grind. Everyone goes through the same loops.

For every portfolio company I’ve helped raise, we start by building a longlist of 200–300 investors. We segment, tier, match, and run full-on outreach. 100+ conversations before you get a single real “yes” is completely normal. Often, that’s the best-case scenario.

As a founder of Herizon, it took me over 130 meetings to get a proper “yes.” And I had investor contacts already.

This isn’t to discourage you. It’s to normalize the effort. If your biggest mental blocker is hearing a hundred no’s before one yes, maybe VC isn’t the right route.

And that’s okay. Bootstrapped companies are valid, powerful, and often more sustainable. Just be clear on the tradeoffs.

But don’t convince yourself that not getting funding is personal.

It’s not. It’s the default.

And if you do have a fundable business, a clear vision, and a team that can build - go for it. Grind through. Everyone else is too.

How to actually fundraise then

So what do you do if you do want to fundraise properly?

First of all: have a good business. Not an idea. Not a pitch deck with fancy slides. A business. Something that solves a real problem and shows signs of working. If you don’t know whether you’re ready, ask ChatGPT or Google what the ballpark ARR or traction is for your stage. There’s no magic number, but you need something.

Then: do the long list. I’m not kidding. Fundraising is sales. You wouldn’t start B2B sales without building a long list of ideal customers - you shouldn’t start investor outreach without a long list of potential VCs or angels. It’s part of the job.

Next: write your blurb. This is your cold outreach message. Short and sharp. Nobody wants your entire life story in the first message. What are you building? What traction do you have? What makes this interesting? Keep it under 5 lines. If you can’t say it short, you haven’t clarified your story.

Then: do the outreach. Cold messages. Emails. Intros. LinkedIn. Slack. DMs. Calls. All of it. Most people won’t respond. That’s normal. Some will say no. Also normal.

If they do say no, ask why. You won’t always get an answer, but sometimes you will - and then you learn, iterate, and improve. Maybe your case isn’t strong enough yet. That’s fine. Most people don’t get funded on the first try.

Worst case? You don’t raise now. You improve your business. And then you try again.

That’s how it works for everyone.