How EirSystems raised a $1.5M seed round

What to do if an investor said: "You're too early"? The founders of EirSystems decided they need to demonstrate growth for 12 months. And they did.

Result: $1.5M seed round.

I interviewed the founders about how they raised it and here's my summary of the interview.

Round details

Company name: EirSystems
Round size: $1,500,000
Stage: Seed
Date: September 2022

How EirSystems raised a $1.5M seed round

1️⃣ “Investors invest in lines, not dots”

The founders of EirSystems had to hit certain benchmarks laid out by the VC firms to receive both tranches of funding. They spent 6 months demonstrating progress and revenue growth.

2️⃣ Be ready for lots of calls.

The founders spoke to a total of 72 investment firms. Only 14 were interested. Only 1 led the round (and a few other firms joined).

3️⃣ Use all available options to connect with investors

The founders did cold reach outs to most investors. But they had a warm intro to their lead investor. Also, the incubator they participated in, made a few intros too.

4️⃣ The hardest thing:

“The hardest thing for us personally was navigating how each firm wanted different things before they would commit to anything with us.”

5️⃣ Advice for founders:

“Take every meeting you can, never say no. Every meeting can lead to something positive and you never know where it might lead! Believe in your product and never give up, live the dream baby!”

Thanks for reading!

You can find the full interview here: https://shizune.co/blog/how-eirsystems-raised-a-1-5m-seed-round/.