How to Raise a Large Round for a Category-Defining Startup

You don’t raise $75 million, you assemble it.

When PortalOne, a startup building a new category of “hybrid games,” raised $75 million from top-tier investors like Coatue, Temasek, and Founders Fund, it wasn’t because they had a good idea. It was because they had a story, a strategy, and a plan that made a massive, ambitious vision feel inevitable.

For you, the founder trying to raise for your own world-changing idea, this isn’t just a headline. It’s a playbook. Raising capital for a category-defining company is a different game than raising for a SaaS tool with predictable ARR. You’re selling a future that doesn’t exist yet. Let’s break down the tactics required.

The Unfair Advantage of the Second-Time Founder

PortalOne’s founder, Bård Anders Kasin, is a second-time founder. This is a massive advantage. Investors are pattern-matchers. A founder who has previously built a company, hired a team, and managed a P&L is significantly de-risked. They have a pre-built network and a track record.

If you're a first-time founder, you can't fake this. But you can build your own version of it.

How to Manufacture Credibility From Scratch

Become the expert: Start writing, speaking, or building a following around the problem you solve. A blog with deep industry insights or a widely shared analysis on Twitter can make you "the person" for that space. Investors fund people they believe are obsessed with and uniquely suited to a problem. · Build in public: Document your journey. Share your learnings, your small wins, your customer discovery process. This builds social proof and makes investors feel like they’re part of the journey before you even pitch them. · Advise or angel invest: Even if it’s just $1,000, participating in other startups gives you a view from the other side of the table and expands your network. Advising a slightly earlier-stage company in your space demonstrates expertise.

Selling a Future They Can’t See Yet

PortalOne aims to merge gaming with live shows. This is a "hybrid" concept that isn’t easily defined by existing categories. Pitching a novel product is a common failure point for founders. You’re excited about the future, but investors are worried about the risk.

The Common Mistake: Pitching the Vision, Not the Plan

Founders in love with their idea often spend the whole pitch talking about the multi-trillion dollar future. Investors nod along, but they’re thinking: "So what are you going to do on Monday?" Without a concrete plan, a big vision just feels like a fantasy.

The "Vision-Traction Sandwich" Framework

A better way to structure your pitch is to sandwich your traction and plan inside your vision.

Start with the Vision (The "Why"): Briefly and powerfully, paint the picture of the future you’re creating. "Entertainment is siloed. We are building a world where playing a game and watching a live show are a single, unified experience." · Ground it in Traction & Plan (The "How"): Immediately pivot to what you have already done and what you will do with the capital. "We’ve built a working prototype that demonstrates the core mechanic, and we have a waitlist of 5,000 users. This funding gets us to a public launch, 100,000 users, and our first three content partnerships." · End with the Market (The "How Big"): Return to the grand vision, but now it’s anchored in reality. "By achieving these milestones, we will have proven the model for hybrid gaming, unlocking a $100B+ market opportunity."

Deconstructing the $75M Pitch Deck

No one outside PortalOne and its investors has seen the deck, but a raise of this magnitude requires specific components. Your deck for a large, ambitious round needs to do more than just present information; it needs to build conviction.

Key Slides for a Category-Defining Pitch

The "Why Now?": For a new category, timing is everything. What technological, cultural, or market shift is happening right now that makes your idea possible and necessary for the first time? · Product Demo: You cannot tell someone about an immersive experience. You must show them. An embedded video or flawless live demo is non-negotiable. It’s the single best way to make your vision tangible. · Team, Team, Team: Why are you the only people in the world who can build this? This slide must go beyond logos. It should detail the unique, complementary skills of your core team and why your past experiences led you to this exact idea. Mentioning Bård’s previous startup was surely key. · Go-to-Market: Don’t just say "network effects." How will you get your first 1,000, then 10,000, then 100,000 users? Is it via a viral loop, content marketing, or partnerships? Be specific and quantitative. · Use of Funds & Milestones: For a $75M raise, this is critical. You must show exactly how the capital will be deployed and what it "buys" in terms of progress. For example: "$25M for engineering to build X features, $30M for marketing to acquire Y users, $20M for content and operations. This gives us 24 months of runway to hit Z revenue and A engagement metrics." A typical $75M raise on a $300M pre-money valuation means selling about 20% of the company ($75M / ($300M + $75M)). You must be able to justify that valuation with a clear path to a 10x return.

The Case Against Stealth Mode

One of the key lessons from the PortalOne story is the founder’s view on the cons of operating in stealth. Many founders believe they must protect their idea by keeping it secret. This is almost always a mistake.

Why Stealth Mode Kills Startups

Your idea is not that special. Your execution is. Hiding your idea prevents you from getting the feedback you need to execute well.

No Early Feedback: You build in a vacuum, risking that you create something nobody wants. · No Recruiting Magnet: The best people want to join a mission. They can’t get excited about a mission they can’t see. · No Investor Relationships: You can’t build relationships with VCs if you’re a ghost. A "big bang" launch rarely works. Good fundraising is the result of months of updates and conversations.

Attracting Top-Tier VCs Like Coatue and Founders Fund

These funds see thousands of deals. They don’t take cold calls. Access comes from a deliberate, strategic networking process.

Warm Intros Are Everything

A warm intro from a trusted source (like a founder they’ve backed) is the only reliable way in. Your job is to find that path.

Map Your Targets: Make a list of 10-15 target funds and the specific partner at each fund who invests in your space. · Map Your Network: Use LinkedIn’s connection-of-connection feature. Who in your network knows the partner or someone else at that firm? · Find the Strongest Path: An intro from a portfolio founder is an A+. An intro from another VC is a B+. An intro from a shared university connection is a C. Always push for the strongest possible path.

The Forwardable Email

When you ask for an intro, make it effortless for your contact. Write a short, powerful, forwardable email they can send directly to the investor.

My friend [Your Name] is building [Your Company Name], a platform to [Solve X Problem]. I thought of you given your interest in [Their Area of Interest].

They’ve achieved [1-2 Key Traction Points] and are building a massive vision to [Grand Vision].

How to Apply This This Week: An Action Plan

Refine Your "Vision-Traction Sandwich": Write down your pitch in this three-part structure. Can you articulate it in 30 seconds? · Kill Stealth Mode: Write one public post—on your blog, LinkedIn, or Twitter—about a non-secret learning from your journey of building your company. Announce your mission. · Map One Investor Path: Pick your #1 dream investor. Spend one hour mapping your network to find the absolute best person to introduce you. Don't settle for the first path you find. · Pressure-Test Your "Why Now?": Write down the three biggest reasons why your startup must exist now versus three years ago or three years from now. If you can’t, your premise may be weak.