Homecoming in Marseille
Time flies ! 20 years ago, I was on stage in Marseille, getting thousands of students dancing. Last wednesday was different : I was there to explain to a hundred entrepreneurs how to raise millions.
Last wednesday I had the pleasure of returning to Aix-Marseille (where I lived for 3 years) to participate in a roundtable organized by France Digitale. Waking up at dawn, I enjoyed the magnificent reflection of the sun on the Mediterranean Sea, the cruise ships arriving in the port, and the imposing CMA CGM tower.
This tower brings back a memory: it was on the 34th floor, in 2022, that I had the privilege of meeting Rodolphe Saadé to pitch OVNI Capital. Unsuccessfully. In hindsight, I probably hadn't grasped the stature of the person in front of me. It was likely a bit too early. Was I too impressed? Did I do too much, or not enough? I'll never know, but I didn't manage to convince him to invest. Being fair play in sport, I also took time to congratulate Marc Menasé who announced the same day (coincidentally) his partnership with Founders Future.
Anyway, arriving fasting at Gare Saint Charles, I walked for a few minutes, made a call to my partner Thomas (who immortalized the moment with a screenshot while I was making the Jul hand sign), grabbed a quick breakfast, and started my day with the roundtable. I admit I love these moments: trying to concisely share what I've learned over the past ten years about fundraising. I also had the chance to chat with a dozen founders looking for funding (during speed meetings) and share the stage with two other inspiring speakers: Béatrice, founder of Deki, and William, founder of Télémédicare.
Their paths to growing their companies are very different. Béatrice had to raise funds. Her project, a complex mathematical engine, required significant R&D that she couldn't finance alone. She candidly shared the post-fundraising challenges, especially the difficulty of regular reporting:
“I know reporting is key… but I don’t prioritize it. I work late, I’m everywhere, and the update email always comes after everything else.”
I added that, in my experience, the most successful founders are often those who master their reporting best.
William chose a different path: no fundraising (except for an operational partner). He built his growth client by client, meeting an immediate need of nursing homes facing a shortage of coordinating doctors.
“We preferred to bet on organization, not tech. And that allowed us to sell very quickly.”
Today, he works with 200 establishments and aims for 750 within five years. Yet, a doubt lingers:
“Are we doing enough? Are we holding ourselves back because we self-finance everything and are afraid to commit the resources?”
Caught between these two approaches and labeled as the panel's "villain" venture capitalist, I tried to offer nuance. I explained that I respect all entrepreneurs, not just those who raise large rounds. I recalled that my own professional adventures between 2005 and 2015 were more in line with bootstrapping. It's only since 2015 that I've been operating in the dynamic of venture capital, hyper-growth, and fundraising – for better, and sometimes for worse.
I tried to bring maximum clarity by recalling some "classics" from my VC profession:
“Raising money is not success.” – Fred Wilson
“Every funding round must prepare for the next one. Otherwise, you're on borrowed time.”
To conclude, I shared a few key factors that, in my opinion, contribute to entrepreneurial success:
Lucidity: They have a clear understanding of their situation.
Management: They master their pace, burn rate, and KPIs.
Founding Team: Aligned, ambitious, solid.
Direction: They know where they're going, even when things get rough.
Openness: There isn't just one truth. They surround themselves with advisors, ask questions, listen.
The real question isn't "To raise or not to raise?". It's rather: Why are you doing this? With whom? What is your 5- or 10-year vision? Raising funds is just a tool to execute a plan.
Thanks, France Digitale ❤️, it was a great day.