The Pitch Season 14 Finale: The Mad Scientist, The Foxhole, and a $48M Power Move
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Nov 26, 2025 Sarah Lucena, founder and CEO of MAPA, shares her journey in boosting her startup’s valuation from $15M to $48M through savvy negotiation and strategic timing. She discusses her successful fundraising experience with angel investors and VCs. Matt Truby, founder of Above Health, takes on the role of a mad scientist, explaining his innovative approach to acquiring clinics to fuel AI diagnostics and commercialization. Together, they reveal their tactics for creating impactful startups in the competitive health tech landscape.
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Valuation As A Timing Play
- Raising valuation can be a timing play tied to near-term revenue milestones rather than pure bravado.
- Sarah Lucena asked for $48M because she expected ARR to scale into that multiple within two months of diligence.
Power Move That Closed
- Sarah doubled her valuation target in conversation and then negotiated down to a $30M close with investors who stayed engaged.
- Cyan and Rohit ultimately signed and wired money, with Rohit entering as an individual for $50K.
Let Investors Open Terms
- Let interested investors start the terms conversation instead of fronting terms yourself.
- This lets you gauge enthusiasm and avoid scaring off partners with a lone, high anchor number.