5 things I’ve learnt helping startups with Fundraising

By Tom Leigh, Founder of Tommy Popcorn

Fundraising is one of the hardest parts of building a startup. 

You can have the best idea in the world, but without capital, you’re stuck.

I’ve spent the past few years consulting companies on securing investment. From supporting Prograd in their seed raise to closing raises for Arcube and Beauty Shelf, I’m now in the middle of raising funds for my own venture, Tommy Popcorn, which is launching in the US this year.

It’s one thing to advise founders on how to approach investors, structure a round and position their story. It’s another to sit on the other side of the table, pitching your own dream. 

Here are five things I’ve learnt along the way.

1. Investors buy into people as much as numbers

The first deck you ever show might be full of projections, traction slides and market sizing graphs. But time and again, I’ve seen investors make decisions based on their confidence in the founding team. 

And they don’t just want to see smart people in front of them. They want to see drive. I’ve also noticed that startups that bootstrap in the early stages tend to be more appealing as the founders themselves have also taken on risk.

In short: A strong founding narrative, who you are, why you’re doing this, and what makes you one to back, is just as powerful as a polished spreadsheet.

2. Clarity wins over complexity

In finance, there’s a temptation to show every metric possible. But complexity rarely convinces. In fact, too often I’ve seen the vision get lost in the numbers.

The best fundraising decks are simple, clear and defensible. When helping Prograd, for example, I suggested that we strip everything back to three core messages: the size of the problem, their solution, and the path to scale. This led us to successfully pitch to a number of investors, eventually closing the round together.

Now, in fundraising for Tommy Popcorn, I’ve adopted the same approach. Rather than drowning people in data and marketing metrics, we show how popcorn is an overlooked category ready for disruption, with bold products and a brand story that stands out in the US.

3. Traction matters earlier than you think

It’s easy to think you can raise your vision alone. But the bar for early-stage traction keeps rising. 

Even pre-seed investors want proof that people genuinely want your product. That’s something I’ve carried into Tommy Popcorn’s US launch. 

Before speaking to investors, we’d already tested flavours with a number of customers, collected letters of intent from businesses and built a brand identity that had legs. Early validation helps investors see the potential early on.

4. Valuation is a negotiation, not an exact science

Founders often obsess over valuation. In reality, it’s rarely an exact science. A “too high” valuation can scare off later investors, while “too low” can dilute you too much. 

What I’ve learnt is that valuation is less about the numbers and more about who else is backing you, how hot the market feels, and how well you tell your growth story. That traction makes conversations easier because you’re not just selling an idea, you’re showing evidence that it works.

5. Raising money is a full-time job

Founders underestimate the energy that fundraising demands. It’s not just a pitch here or there, it’s weeks of calls, follow-ups, due diligence, and endless repetition of the same story. 

In fact, many of the companies that I helped raise funds for have now employed me to consult them on a regular basis. Managing investors doesn’t just happen when you raise, it’s a part of the business that you need to nurture from the moment the money lands in your account, to the moment you exit. 

When we started raising for Tommy Popcorn, I realised quickly that it required as much discipline and resilience as launching the brand itself. The process is exhausting, but if you get it right, it’s a real launchpad.

Raising funds for your startup

Having been on both sides – consulting startups and now raising for my own – I’ve come to see fundraising as more than a financial process. 

Yes, it’s about securing capital. But the real prize is building relationships and connections that last. The right investors don’t just provide cash; they provide networks and expertise too.

For Tommy Popcorn, the funds will fuel our US launch. But what excites me more is finding investors who believe in building a snack brand with global growth, one that fuses storytelling, culture, and flavour into something unforgettable. 

That’s ultimately what makes the grind of fundraising worth it, not just the cheque, but the partners who want to be part of the journey.