Learn what VCs actually want, from a founder who’s raised $1B

A Build Mode episode features Sasha Orloff, founder and CEO of Puzzle, discussing what investors expect from founders during fundraising. He argues that messy financial data, misunderstood metrics, and raising too late can weaken leverage, valuation, or even derail a term sheet.

The discussion underscores how fundraising has become more metrics-driven as investors scrutinize burn, runway, and business fundamentals. Startups that maintain financial discipline early may be better positioned to negotiate favorable terms in a tighter venture market.