How mNectar used DocSend to raise $7m
We have another great example of a use case for DocSend for you today: fundraising. mNectar recently used DocSend to raise their series A round of $7 million from NEA, and we’re happy to share some of the details on how and why DocSend was involved.
Who is mNectar?
mNectar is changing the look of mobile advertising. Banners and video trailers are obsolete compared to mNectar’s interactive ads that allow users to test out mobile apps and games before downloading. Their playable ads allow app makers not only to increase exposure of their app, but also to gain quality users – in short, they match the right user to the right app.
mNectar was founded by Daniel Cheng, Artem Grigoryan, and Wally Nguyen in early 2013. From their humble beginnings working out of a living room, they raised quickly $625,000 in seed funding and grew into a revenue-generating company with office space. With their continued growth, Wally knew it was time to raise more money. This time around, he was looking for an investor that would also serve as a partner and advisor, and he had a much higher fundraising goal: $5 million.
How did mNectar use DocSend to help with fundraising?
Wally is no stranger to fundraising, so he knows there are issues every startup must contend with when sending out the pitch deck and searching for the right investor. Here are just some of the ways DocSend helped Wally and mNectar overcome some fundraising obstacles:
Keeping the deck polished and up-to-date
So you think your deck is ready to send out, but how can you be sure it’s as good as it can be and you’re at the top of your game? Or what do you do if you’ve already sent your deck out, but soon find that something has changed and you need to adjust your deck accordingly?
Wally used DocSend to send his deck to advisors before fundraising, so he could get feedback and make it as strong as it could be before sending it out to potential investors. And whenever he made changes to his deck, all he had to do was update the DocSend links. No need to worry about old versions of the deck still floating around out there.
Knowing who’s interested and prioritizing investors
You send your deck out and then you wait . . . and wait . . . and wait. How do you know anyone even looked through your pitch? How do you know who’s involved in the process or who you should follow up with?
With DocSend, Wally could tell how many partners looked at his deck and how much time they spent on it. He knew who gave it a quick scan and never looked at it again. He knew who returned to his deck several times or forwarded it on to other colleagues. This information gave Wally a sense of which firms were still interested, so he could prioritize his follow up and avoid chasing down dead ends.
Keeping the pitch deck secure while on the go
You’re full of innovative ideas and your startup is cutting-edge. The last thing you want is for a competitor to get ahold of your pitch deck and scoop your hard work. How do you make sure your deck doesn’t fall into the wrong hands?
Wally used DocSend’s security features to keep the links to his deck secure. Better yet, Wally used the mobile site to instantly turn off access to the deck once a firm said “no” to him. He kept tabs on who was viewing his deck and was always in the driver’s seat when it came to managing who had access.
And the results?
Wally raised $7 million, exceeding his $5 million dollar goal. And he chose an investor that’s behind them 100%: NEA is a top VC firm with over $13 billion under management. And to top that off, Wally opened an additional $1 million for strategic investors.
“DocSend really helped move the fundraising process faster. I knew which firms to focus on, I could be confident my deck was engaging, and I could keep control of my materials throughout the fundraise.”
DocSend brings back a sense of control to the fundraising process and takes out the guesswork. With DocSend’s analytics and mobile access at your fingertips, fundraising can be efficient, fairly painless, and wildly successful.
@mNectar, congrats on the fundraising success and we’re thrilled we could be part of the process!
For more details on how mNectar uses DocSend, check out the full case study: