You do not need foreign investors to raise a large round. Thousand Oaks Biopharmaceuticals' record — $109M raised, a $64M Series B closed entirely with regional funds — shows the sequencing that works: close with investors who already understand your market, then meet foreign funds with a funded round rather than an ask.
Key takeaways
- Rounds of real size close regularly with entirely regional syndicates.
- Local investors underwrite faster when customers, regulators and supply chain are local.
- Foreign investors are worth it for market access, capital depth or exit path — usually later.
- Close locally first, then approach foreign funds with an update rather than an ask.
- Chasing distant funds first is the most common way to lose six months.
Plenty of founders outside the US spend their first six months of fundraising trying to reach American funds, and their next six wondering why nobody replied. The record shows the alternative more often than the advice does: rounds of real size closed entirely with regional capital.
Rather than arguing the point abstractly, this works through the decision using a documented record: Shun Luo, chief executive of Thousand Oaks Biopharmaceuticals, a biologics company based in Jiangsu, China.
| | | |---|---| | Founder | Shun Luo | | Company | Thousand Oaks Biopharmaceuticals (Jiangsu, China) | | Total raised | $109M | | Latest round | Series B — $64M | | Round date | July 2026 | | Named backers on record | CICC, Jiatai, Goldstone Investment, CCB International, Wens Investment, Shanghai Huaxu Investment |
Every named participant is regional. The round is still more than half of everything the company has raised.
When your customers, regulators and supply chain are local. Investors who already know the approval path and the buyers underwrite faster and ask better questions.
When speed matters more than brand. A fund two time zones away that understands the market will beat a famous fund that needs three months to learn it.
When the round is large enough to matter but small enough not to need a global balance sheet. Most Series A and B rounds fall here.
Market access. If the next stage of the plan is selling into another region, an investor based there buys introductions you cannot buy otherwise.
Capital depth. Later rounds in capital-intensive categories can outgrow the local pool. That is a Series C-and-beyond problem, not a Series A one.
Exit path. If the realistic acquirers or listing venue are foreign, having a credible investor in that market early shortens the path.
The common error is to reverse the order: chase foreign funds first, get slow soft passes, then approach local investors from a weakened position months later. The better sequence is the opposite.
1. Close the round with investors who already understand your market. Momentum is a local asset. 2. Use the funded round as the reason to meet foreign investors — not the ask, the update. 3. Bring one of them in at the next round, when market access rather than capital is the reason they are on the cap table.
The structured funding record covers total raised, round stage, round amount, round date and named participants. It does not include valuation, ownership, board composition or terms — so read the composition of the syndicate as the lesson, not the price.
Frequently asked questions
- Can I raise a large round without US investors?
- Yes. The funding record shows rounds well into eight figures closed with entirely regional syndicates, particularly where customers and regulators are local.
- When should I target foreign investors?
- When the next stage of the plan needs their market — distribution, regulatory reach, or an exit path — rather than simply their capital.
- Does a local-only cap table hurt later rounds?
- Not if the business performs. It becomes a constraint only when the capital requirement outgrows the local pool, which is typically a Series C-and-later issue.
- What is the biggest sequencing mistake?
- Spending the first months chasing distant funds, collecting slow passes, then approaching local investors from a weaker position.
- Where do the figures in this article come from?
- From the structured founder funding records we maintain: total raised, round stage, round amount, round date and named participants. They exclude valuation, deal terms and board composition.
