MARKETING

How to Go From Series A to Series B in Six Months

Listed below are some tried-and-true tips for raising funds quickly so you can handle your first investment round smartly. 

01. Appreciate Your Employees 

A company is only as strong as the people working there, so after you close your first round of funding, you should celebrate this milestone with your employees. There's a good chance your Series A wouldn't have been possible without your team's expertise, professionalism, & positive attitude. Even if your employees are working remotely, you can show them appreciation. An appreciative email also goes a long way. Make sure each employee knows they play a crucial role in propelling your company forward. 

02. Expand Your Team

It's important to expand your team with world-class talent following your Series A. Look closely at where your company lags behind competitors, and add resources there. If you are acquiring new customers rapidly, you may need to add employees to your customer success teams to ensure the onboarding process runs smoothly. Maintain a strong preference for promoting internal candidates whenever possible, as you want to help your existing team grow. A place for professional growth is important to keeping employees happy and motivated. 

03. Over-Communicate Your Goals

Now that your organization is growing, it is more important than ever to ensure your employees and organization are prepared for success. Keeping everyone aligned will be more difficult with more team members. Hire a Head of People to lead your HR team, help each department establish quarterly goals, and set up a method for discussing progress. The use of goal-tracking software such as Lattice can be particularly useful in accomplishing this. Be sure to communicate and over-emphasize your larger department and corporate goals. Reiterate them during your monthly "all hands" meetings and in your weekly update emails. This keeps goals front of mind and encourages collaboration to attain shared goals.

04. Ramp Up Your Spending 

Initially, it may be uncomfortable for you to ramp up spending after being conservative with cash after your Series A. It’s important to shift your mindset in order to remain competitive. However, Funding certain activities does not automatically translate into success.  

05. Support Your Community

With additional funding, you may feel obligated to support startup entrepreneurs. It's never easy to launch a company, but just as a rising tide lifts all boats, supporting innovative startups will help the entire SaaS industry achieve long-term success. Founder mentoring is an impactful way for you to give back. If you have the bandwidth, consider offering a free or low-cost version of your product to small startups.