Asking friends and family for seed money can be awkward, but no one will give you better terms than your loved ones.When launching their companies, entrepreneurs often turn to their friends and family first to raise money. This is known as a friends and family round, or friends and family funding.
Still, the fact that founders so routinely turn to friends and family loans — despite the messy strings and relationship complications — is testament to their value. No one will give you more money, on better terms, with less requirement of proof than your family. Very few people get an opportunity to invest in a startup on the ground level, a point Luong emphasized to his friends and family when pitching. Normally, only institutional investors have the resources to inject cash into a small company, because they have established the pipelines that enable them to seek out, research, filter, and then invest in promising startups. Andrew Luong
Luong and Kasad were able to raise more than $100,000 in family and friends funding, before then approaching institutional investors. The Doorvest founders were confident that they would receive venture capital funding, so their friends and family outreach served mainly to give their loved ones a valuable financial opportunity.
Dailly also says that your friends and family round is the perfect time to test out the pitch deck and presentation you plan on using with professional investors. This way, you go through the work of putting together all your resources, and you get a practice audience that will be much more forgiving.
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