EP #492 - Laurent Decrue & Arijana Walcott: Fundraising Through the Investor’s Lens — What Founders Get Wrong

Apr 30, 2025

Arijana Walcott, Founder of DART Ventures, and Laurent Decrue, Co-CEO and CFO at Holycode, dive into the world of startup fundraising. They discuss how much equity founders should give up during Series A and the nuances of startup valuation that can make or break a deal. They also highlight the differences between good and bad investors, revealing why some may lead founders on. With smart strategies for approaching investors, they emphasize the importance of effective communication and adapting to evolving market dynamics.

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ADVICE

Maintain a Clean Cap Table

Keep your cap table organized and lean to facilitate decision-making and future funding rounds.
Pool small investors where feasible to avoid complexity and maintain clarity on your cap table.

INSIGHT

Valuation Is More Art Than Science

Company valuation at Series A/B is more art than science, blending team strength, KPIs, and market comparables.
Negotiation power affects valuation, but many other terms like liquidation preferences play bigger roles.

INSIGHT

Risks of Liquidation Preferences

Liquidation preferences protect investors but can heavily dilute founders in moderate exits.
High liquidation multiples in successive rounds risk leaving founders with little to no exit gains.

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Timestamps:

6:21 - How much equity to give up in a Series A

13:32 - How investors assess valuation at Series A/B

17:55 - What makes a good vs. bad investor

26:29 - Why some investors lead founders on

36:50 - Don’t spray and pray: smarter ways to reach investors

This episode was sponsored by Relai. Get started with Bitcoin by downloading the Relai app today, and profit from 10% less fees by entering code SWISSPRENEUR at checkout.

(Disclaimer: Relai services are exclusively recommended for Swiss and Italian residents.)

About Laurent Decrue and Arijana Walcott:

Laurent Decrue is the Co-CEO and CFO at Holycode, a product and engineering powerhouse serving fast-scaling startups. After building and exiting companies like DeinDeal, Bexio, and MOVU, Laurent Decrue now supports founders as an investor, board member, and operator. Laurent Decrue brings real-world startup empathy to every cap table conversation—and a no-BS attitude about what actually moves the needle.

Arijana Walcott is the Founder and General Partner at DART Ventures, where she backs early-stage European startups tackling climate and health challenges. With roots in San Francisco’s tech scene and a sharp eye for scalable impact, Arijana Walcott is on a mission to change how—and why—we invest. Arijana Walcott is also a board member, educator, and startup ecosystem builder focused on helping founders go big instead of going home.

The cover portrait was edited by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.smartportrait.io⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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