How I Raised It - The podcast where we interview startup founders who raised capital. Ep. 274 How I Raised It with May Habib of Writer
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Mar 21, 2024 May Habib, co-founder of Writer.com, shares her expertise in enterprise AI and generative technology. She discusses the evolution of Writer from a basic assistant to a full-stack solution, focusing on automating complex tasks in industries like recruitment and wealth management. May highlights the challenges of raising capital in a booming market and selecting the right investors. She also delves into innovative data use cases across sectors, emphasizing AI's transformative potential in large enterprises.
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Seed Round Challenges
- Writer raised $126M over three rounds: a $5M seed, $21M Series A, and a $100M Series B.
- The seed round was challenging, closing right before COVID lockdown, but they secured $3M initially and later reached their $5M goal.
Wait Until Ready
- Don't raise too early; wait until you're ready, even if the market is hot.
- May Habib waited for Writer to hit $1M ARR before raising Series A, despite investor pressure to go earlier.
Strategic Fundraising
- Raising a large Series B was a strategic decision to demonstrate commitment to enterprise customers and fund an ambitious innovation roadmap.
- This approach reassured customers that Writer was building a lasting business and not just chasing hype.