My Fund Raising Journey Pitch Deck Teardown: A Post-Mortem

Introduction: A Retrospective on Mobile Infrastructure

The deck titled "My Fund Raising Journey" by Raomal Perera is a comprehensive retrospective on the growth and financing of Network365, which later became Valista. Unlike a standard pitch deck designed to solicit immediate investment, this 84-slide presentation (of which 21 key slides are analyzed here) functions as an educational case study. It tracks the company from its inception in the early 2000s through multiple rounds of venture capital and strategic acquisitions.

Slide 1: Title and Context

The cover slide introduces Raomal Perera and his association with INSEAD and LeanDisruptor.com. It identifies the subject companies as Network365 / Valista . The imagery of a horse-drawn carriage transitioning into an early automobile suggests a theme of technological evolution and disruption, setting the stage for a discussion on the shift from traditional commerce to mobile payments.

Slide 5: The Business Environment

This slide utilizes the Strategyzer Business Model Environment framework. It categorizes external pressures into four quadrants: Industry Forces (competitors, new entrants, substitutes), Key Trends (technology, regulatory, social), Market Trends (market segments, needs, and demands), and Macro-Economic Forces (global market conditions, capital markets). This framework demonstrates that the founders were looking beyond their own product to the broader ecosystem that would dictate their success.

Slide 9 & 13: The Human Element

Slide 9 is a simple placeholder for questions, while Slide 13 features a quote from Warren Buffett: "Look for 3 things in a person—intelligence, energy & integrity. If they don't have the last one, don't even bother with the first two." This inclusion emphasizes the founder's belief that investor-founder relationships are built on character rather than just metrics.

Slide 17: The Investment Dance

This is one of the most practical slides in the deck. It visualizes the fundraising process as a linear timeline lasting 3-9 months . It identifies key milestones: 2-pagers, PPTs, working sessions, onsite visits to suppliers, and the final partnership pitch. The slide serves to manage founder expectations regarding the speed of venture capital, highlighting that the "fun part" (receiving the check) only happens after exhaustive due diligence.

Slide 24: Technology Roadmap and History

Titled "network365 history to-date," this slide provides a chronological view of the company's technical achievements from 2000 to 2002+. Key milestones include:

2000: First transactional system using WAP with O2. · Mobile Wallet technology: Launched under the mzone brand. · Europe's first 3G trial: Partnered with mmO2. · Global presence: SMS messaging with Oskar and MMS applications with Nokia. · 2002+: First loyalty program in Japan/ePurse and a global payments agreement with Hutchison 3G.

Slide 26: The Valista Value Proposition

This slide breaks down the value for three distinct groups: Buyers (secure, easy payments), Service Providers (monetizing web/mobile premium services for higher ARPU), and Sellers (efficient 24/7 access to 1000+ digital and real goods merchants). It claims that 150+ million users could purchase using Valista technology, showcasing significant scale by 2004.

Slide 32: The Starting Point

A stark contrast to the later millions, this slide shows the company's humble beginnings. The Value of Founder's Share was initially IEP 22,503 (Irish Pounds) with 100% ownership and external funding of only IEP 22k . This illustrates the bootstrapping phase before significant venture involvement.

Slide 37: Categorizing Investors

Slide 37, "Angel Types," provides a cynical but useful guide to early-stage investors. It identifies categories like the "Newbie" (easily seduced by story), "Captain Diligence!" (requires a virtual colonoscopy of the business plan), and the "Network Angel" (leverages groups to build a syndicate). The strategy for each is noted, such as "skip the followers" and "teach the thought leader something new."

Slide 40: Angel Funding Series A2

This slide details a specific round: 724,700 shares at IE £1.75 , resulting in a total of 3,375,000 shares. The valuation is cited as "just under IE £6 million." A tip at the bottom suggests that founders should not hesitate to give mentors a small success fee for helping raise money.

Slide 41: Building the Pipeline

A brief traction update showing a "Second Telco customer (HK-CSL) at over 50% probability." This slide represents the type of internal reporting used to justify valuations to investors during active rounds.

Slide 42: Liquidation Stacks

This technical chart shows how proceeds are distributed at different exit values. It compares the D Round , A-B-C Rounds , and Common stock. It visually demonstrates that common shareholders (usually founders and employees) often receive nothing until the exit value exceeds a certain threshold—in this example, roughly $60 million—due to the liquidation preferences of preferred shareholders.

Slide 45: What Makes a Good Pitch?

This slide lists the requirements for a successful VC presentation. It notes that a pitch must be "about your business, not about your product" and must excite VCs about the opportunity to build a market leader. It explicitly states that a VC pitch is different from a customer sales pitch.

Slide 47: VC Funding Series B - The Crash Impact

This is a critical historical document. It details a €15m round with a €30m pre-money valuation . Crucially, it notes the valuation "dropped from €38m due to dot com crash." The price per share similarly fell from €7.54 to €6.14. It lists high-profile investors like Amadeus, JAFCO, TVC Holdings, and Enterprise Ireland , and mentions a 20% employee option pool.

Slide 53: Acquisition Series C-1

To enter the US market, the company spent €11m to acquire iPIN . The slide lists Sutter Hill Ventures and Accel Partners as associated entities. The goals were to create a clear market leader and accelerate growth and profitability through inorganic expansion.

Slides 61-82: The Appendix and Educational Frameworks

The final section of the deck functions as a "how-to" guide for other founders:

Slide 62 (Company Overview): Lists what investors want to know (financing history, advisors, board) and warns against the "Bermuda Triangle" of lack of clarity. · Slide 66 (Business Model): Asks "Who pays you?" and warns against confusing a product plan with a business plan. It emphasizes knowing the Customer Acquisition Cost (CAC) . · Slide 69 (Financials): Focuses on capital efficiency. It demands a 2-3 year P&L, burn rate, and a snapshot of the break-even point (MRR, churn, employees). · Slide 76 (Pitching): Contrasts "Pitch Killers" (monotone lecturing, weak closing) with "Killer Pitches" (opening with 'The Promise', Kawasaki's 10/20/30 rule). · Slide 82 (Sample Elevator Pitch): Provides the actual text used for Network365, citing an IDC market estimate of $13B by 2003 and a revenue model based on license and usage fees.

What Works in This Deck

The deck's greatest strength is its transparency . By including the specific valuation drops during the dot-com crash and the exact cost of their US market acquisition, the author provides a level of detail rarely seen in public fundraising documents. The Liquidation Stack slide (Slide 42) is an excellent educational tool for founders who may not understand the implications of taking on multiple rounds of preferred capital. Furthermore, the Technology Roadmap (Slide 24) effectively uses logos and dates to prove a consistent track record of execution over several years.

What Is Missing

Because this is a retrospective, it lacks a Forward-Looking Ask . There is no slide detailing what the company currently needs or what the next milestone is. Additionally, while the deck mentions Unit Economics in the appendix (Slide 66 and 69), the actual historical CAC and LTV (Lifetime Value) figures for Network365 are not provided in the analyzed slides. The Team Slide is also missing from this selection, though the appendix mentions its importance.

Founder Takeaways

Founders should emulate the Environment Analysis (Slide 5) to show investors they understand the macro forces at play. The Investment Dance (Slide 17) is a perfect template for managing internal team expectations during a raise. Most importantly, the distinction between a Product Pitch and a Business Pitch (Slide 45) is a vital lesson: investors are buying a share of a profitable entity, not just a piece of software. Finally, the use of a Sample Elevator Pitch (Slide 82) that includes market size, revenue model, and the specific problem being solved is a gold standard for concise communication.