SAN FRANCISCO, June 25, 2020 /PRNewswire/ -- DocSend, a secure document sharing platform, today unveiled the DocSend Fundraising Network, a new data-driven service to connect quality founders with committed venture capital firms and investors. The service's screening process is based on the company's real-world research into successful fundraising and removes inherent bias from traditional fundraising approaches.
With over 12,000 customers and 190,000 professionals on its platform, DocSend has aggregated activity from interactions with over 100,000 pitch decks and analyzed millions of data points to identify successful indicators of a startup that lead to introductory meetings and eventually to term sheets.
"Historically, there has been a clear geographic and demographic inequity in the venture capital and startup world. Combining this challenge with the new way of conducting business virtually, it's time for a new approach to startup fundraising," said Russ Heddleston, CEO of DocSend. "The DocSend Fundraising Network is designed to expand the opportunities for founders with a less-established network and create new paths of discovery for VCs. Our new service connects founders and VCs that otherwise might have never met and focuses on the fundamentals – promising companies and committed investors."
At a fundamental level, the DocSend Fundraising Network removes common biases from the preliminary screening process by focusing on key elements of a fundraising pitch deck and matching up a startup with an investor seeking specific qualifications. The service is available for Pre-Seed and Seed fundraising rounds and is planned to soon expand to Series A rounds.
Founders initiate the process in the DocSend Fundraising Network by submitting their company's pitch deck to the DocSend Pitch Deck Analyzer, which scores the prospective deck based on 11 criteria that DocSend has identified as being the most important to a successful pitch. The initial screening process focuses on business qualifications, removing the potential for bias or preference based on the location or makeup of the startup team.
If a deck meets the standards and filters determined by the Pitch Deck Analyzer, the startup founder is provided with a list of venture capital firms with matching criteria that can lead their investment round. The startup selects the VC firms they want to meet with, and DocSend will determine if there is interest on the VC's side, and if so, connects the founder and VC directly.
"This new service is something we are very passionate about here at DocSend. We have truly put our research to work and built a unique, data-driven approach to screen for quality pitch decks without bias," said Alex Poulos, VP of Marketing at DocSend. "Our goal is to surface meaningful new deal flows for VCs while helping founders who have quality ideas, but might be under-represented or without easy means to get in front of the right investors through current channels."
"Social distancing has created a world where I no longer have the option to meet a founder at an event or conference and by default, narrows the visibility into quality deals," said Ullas Naik, Founder and General Partner of Streamlined Ventures. "This is actually an opportunity to break out of our typical patterns and broaden the field of options. And today, that's not only a good idea, I think it is an imperative. The DocSend Fundraising Network connects me with founders from all over the world, creating a more diverse set of companies and quality investment opportunities."
"While having an existing relationship or referral to a VC always helps when you're trying to raise capital, the DocSend Fundraising Network is an entirely new way to break through and get noticed, and for the right reasons: my team, my business model, my product," said Tim Desmond, Founder of Peer Collective.
DocSend currently has over 50 VCs who have applied for the DocSend Fundraising Network, including Cowboy Ventures, Uncork Capital, LHV and 500 Startups. The company has a waiting list for new VCs that want to join.
About DocSend: DocSend enables companies to share business-critical documents with ease and get real-time actionable feedback. With DocSend's security and control, startup founders, investors, executives, and business development professionals can build business partnerships that have a lasting impact. Over 12,000 customers of all sizes use DocSend today. Learn more at docsend.com.