The Fundraising Fieldguide deck is a unique educational asset that functions more as a keynote presentation than a traditional startup pitch. Authored by Carlos Eduardo Espinal, a Partner at Seedcamp, the deck uses the high-stakes metaphor of climbing Mount Everest to frame the difficulties of securing institutional capital. It establishes immediate credibility by showcasing Seedcamp's performance metrics, specifically a $310 million total funding figure for its portfolio and a 91% yearly average for follow-on funding. The deck transitions from these macro statistics into a series of tactical…
Key takeaways
- The deck establishes authority on slide 4 by citing a 91% yearly average for portfolio companies raising follow-on funding.
- Seedcamp reports a total of $310 million raised by its portfolio companies since 2007, as shown on slide 4.
- The average funding raised per portfolio company is stated as $1.8 million per deal on slide 4.
- Slide 7 provides a sobering reality check, stating that 80% fail to climb Everest and 90% of startups fail.
- Founders are advised on slide 10 to secure a minimum of 12-18 months of cash runway during their first seed round.
- The deck identifies that 29% of startups fail specifically because they run out of cash, according to slide 15.
- Slide 18 highlights that the primary cause of startup failure is a lack of market need, affecting 42% of companies.
- The presentation concludes by emphasizing that fundraising is an iterative process rather than a one-time event on slide 20.
Introduction and Professional Context
Slides 1-3: The Author and the Organization
The deck opens with a title slide identifying the content as the Fundraising Fieldguide @CEE by Carlos Eduardo Espinal. It immediately provides two primary URLs: seedcamp.com and fundraisingfieldguide.com. This establishes the deck as both a promotional tool for a book and an educational resource from a recognized venture capital firm.
Slide 2 defines Seedcamp as "The First Round Fund," focusing on "Capital - Support - Network" for Pre-Seed and Seed investment rounds. This slide is critical for setting the stage; it tells the viewer exactly what the author's vantage point is. Slide 3 provides a team photo with labels for various roles, including Partners (Carlos, Reshma), Business Development (Dave, Ricardo), and Tech Lead (Miguel). Including the full team, down to the interns (Bianca, Francesca), humanizes the firm and suggests a robust support structure beyond just the check-writers.
Establishing Credibility Through Data
Slide 4: The Track Record
Slide 4 is the most data-dense slide in the deck and serves as the "Proof of Authority." It lists a 91% yearly average of companies raising follow-on funding. It breaks this down by year, showing consistency: 89% in 2014, 87% in 2013, and 100% in both 2008 and 2009. The slide also notes $310 Million in total funding raised by companies since 2007, with an average of $1.8 Million per deal .
To further bolster credibility, the slide displays logos of top-tier VCs that have invested in Seedcamp companies, including a16z, Index Ventures, USV, Bessemer Venture Partners, and Atlas Venture . For a founder, this slide answers the question: "Why should I listen to this person's advice on fundraising?"
The Everest Metaphor: Framing the Difficulty
Slides 5-9: The Reality of the Journey
Slide 5 introduces the book cover for the "Fundraising Fieldguide," which uses a mountain trail illustration. Slide 6 pivots to a full-bleed image of Mount Everest with the text "Everest The TV Show." This begins a prolonged metaphor comparing startup life to high-altitude mountaineering.
Slide 7 delivers a harsh reality check: 80% fail to climb Everest and 90% of startups fail . The text "Seeking institutional funding isn't for everyone" warns founders that this path is inherently high-risk. Slide 8 emphasizes that "Past experience & a great team matter," while Slide 9 notes that "Your context matters," equating a climber's body to a startup's country and team. This section is designed to manage expectations and filter for founders who are truly committed to the venture-scale path.
Tactical Fundraising Advice
Slides 10-12: Preparation and Support
Slide 10 provides one of the few concrete financial recommendations in the deck: "Shoot for 12-18 months of cash runway on your first seed round." It frames this as the minimum funding needed just to get to "Basecamp." Slide 11 continues the metaphor, clarifying that "Basecamp = Pre-Seed" and "Advanced Basecamp = Seed." This helps founders understand the sequential nature of fundraising.
Slide 12 advises founders to "Pair up with an experienced advisor or investor," noting that there are different tiers of each. This is a subtle nudge toward firms like Seedcamp that provide more than just capital, emphasizing the "Support" and "Network" mentioned on slide 2.
Slides 13-16: The Fundraising Process
Slide 13 uses a social setting image to state that "Fundraising is like dating." This is a common industry trope used to explain that chemistry and long-term compatibility are as important as the terms of the deal. Slide 14 shifts to a more disciplined view: "Run the whole thing like a process." This suggests that while dating is the mindset, project management is the execution method.
Slide 15 highlights a major failure point: 29% of startups fail because they run out of cash . This slide links back to the runway advice on slide 10, emphasizing that setting milestones and understanding cash needs are survival skills. Slide 16 focuses on "Storytelling & Your Materials," listing the three essential documents: the One-Pager, Pitch Deck, and Financials .
Market Awareness and Final Iteration
Slides 17-21: The Pipeline and the End
Slide 17 instructs founders to "Create an investor pipeline," reinforcing the idea of fundraising as a sales process. Slide 18 provides more statistical warnings: 42% of startups fail due to lack of market need and 19% fail because they are out-competed . This slide encourages founders to be "keenly aware" of their market and competition.
Slide 19 encourages self-education ("Read books, read blogs, read term sheets"), and Slide 20 features a large infinity symbol with the text "Iterate 'The Process'." This acknowledges that fundraising is rarely successful on the first attempt and requires constant refinement. The deck concludes on Slide 21 with a call to "Get in touch" and repeats the primary URLs.
What Works in This Deck
1. Authority Building: By placing the portfolio metrics (91% follow-on rate) early in the deck, the author ensures that the subsequent advice is taken seriously. It transforms the deck from a collection of opinions into a set of observations based on successful outcomes.
2. Clear Metaphor: The Everest metaphor is consistent. It allows the author to explain complex concepts like "funding rounds" and "runway" using intuitive physical concepts like "camps" and "supplies."
3. Use of Industry Statistics: Citing specific failure rates (29% due to cash, 42% due to market need) adds a layer of objective truth to the presentation. It moves the conversation away from "hustle culture" and toward risk management.
What Is Missing from This Deck
1. Specific Case Studies: While the deck mentions that 91% of companies get follow-on funding, it does not provide a single specific example of a company that followed this "Fieldguide" to success. Real-world examples would make the tactical advice feel more attainable.
2. Visual Variety in Data: Almost all the tactical slides are text-heavy overlays on stock imagery. While the Everest photos are high-quality, the deck lacks diagrams or charts that could explain the "Investor Pipeline" or "Fundraising Cycles" more effectively than text alone.
3. Actionable Templates: The deck mentions the need for a One-Pager and Financials but does not show what a good version of those looks like. For a "Fieldguide," it stays at a relatively high level of abstraction.
Founder Takeaways
Founders should study slide 4 to understand how VCs measure their own success—it isn't just about the initial investment, but the ability of the company to attract follow-on capital . If your deck can demonstrate that you are a "follow-on magnet," you become a much more attractive prospect for seed investors.
Additionally, the advice on slide 10 regarding 12-18 months of runway is a standard benchmark that many founders ignore in favor of smaller, shorter rounds. This deck argues that anything less is insufficient to reach the next "camp." Finally, the emphasis on market need (slide 18) as the primary cause of failure (42%) should serve as a reminder to founders to spend as much time validating their problem as they do building their solution.
Frequently asked questions
- Is this a pitch deck for a startup seeking investment?
- No. This is an educational deck created by Carlos Eduardo Espinal of Seedcamp to promote the 'Fundraising Fieldguide' book and provide a framework for founders. It uses Seedcamp's internal metrics to validate the advice given, but it does not contain an 'ask' for capital or a specific product roadmap for a new venture.
- What are the key portfolio metrics shared in this deck?
- Slide 4 contains the most significant data points: a 91% follow-on funding rate, $310 million in total funding raised by portfolio companies since 2007, and an average of $1.8 million raised per deal. It also lists high-profile follow-on investors like a16z, Index Ventures, and USV.
- How does the deck use metaphors to explain fundraising?
- The deck uses a mountain climbing (Everest) metaphor throughout. It equates 'Basecamp' to a Pre-Seed round and 'Advanced Basecamp' to a Seed round (slide 11). It uses this imagery to emphasize that fundraising is a multi-stage journey with high failure rates, rather than a single 'summit push.'
- What tactical advice is given regarding runway and failure?
- The deck is very specific about survival. Slide 10 recommends 12-18 months of runway. It also cites industry statistics to warn founders: 29% fail due to lack of cash (slide 15), 42% fail due to lack of market need, and 19% are out-competed (slide 18).
- Who is the intended audience for these slides?
- The audience is primarily early-stage (Pre-Seed and Seed) founders, particularly those in the CEE (Central and Eastern Europe) region as suggested by the '@CEE' tag on the title slide. It serves as a guide for those unfamiliar with the institutional fundraising process.
