When it comes to Steady, the platform that helps hourly workers manage their income, maximize their income, and access deals on things like benefits and financial services, the strengths of the business are clear. But it took time for founder and CEO Adam Roseman to clearly define and communicate each of them in his quest for fundraising.
To date, Steady has raised just under $30 million with investors that include Loeb.nyc, Recruit Strategic Partners, Propel Ventures and Flourish Ventures. In fact, Flourish’s Emmalyn Shaw sits on the board, having led the company’s Series A round in 2018.
As a partner at a $500 million fintech fund, her expertise in not only how fintech companies should think about fundraising but what it takes for them to be successful is invaluable. Lucky for us, we got the chance to sit down with both Steady CEO Adam Roseman and Emmalyn Shaw for a recent episode of Extra Crunch Live.
The duo were gracious enough to walk us through Steady’s Series A deck, explaining the importance of highlighting the strengths of the business. They went into detail on how Steady was successful in that during that fundraising process, and what the company could have done differently to be more effectively.
Shaw and Roseman also gave some fantastic advice for founders during the Pitch Deck Teardown, wherein speakers give their expert feedback on decks submitted by the audience. (If you’d like to have your pitch deck featured on an episode of Extra Crunch Live, hit up this link.)
Roseman shared that the best investors are ones that not only understand the business but understand you as a founder and a person. He explained that he and Shaw had plenty of time to get to know each other before the Series A deal.
“I’ve been a part of businesses in the past as an entrepreneur and on boards where it’s been the worst situation, especially when they don’t understand your business,” said Roseman. “Flourish took the time to understand it through and through and was entirely aligned. That makes for the best long-term partnership.”
While it’s a cliche, it remains true that investors often place bets based on a team and not an idea or a product. But what exactly makes a great team or founder? According to Shaw, it’s about vision and passion.
“In Adam’s case, he has a direction connection to what Steady is trying to do,” said Shaw. “That makes a huge difference in terms of commitment because you have ups and downs. They bring experience in terms of understanding the space, how to penetrate and scale and a deep understanding of fintech.”