Learn what VCs actually want, from a founder who’s raised $1B
From the collection Build Mode
4:32 PM PDT · August 20, 2026
43 min
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Investors want founders who understand the financial reality of their business. Messy data, misunderstood metrics, or waiting until you’re nearly out of cash to start fundraising can cost founders leverage, valuation, and even a term sheet.
In this episode of Build Mode, host Isabelle Johannessen sits down with Sasha Orloff, founder and CEO of Puzzle and Startup Battlefield alum, to talk about what he’s learned from building companies that have raised more than $1 billion collectively.
Sasha breaks down what investors look for during fundraising, which financial metrics founders should know by heart, and why VCs don’t expect your startup to be perfect — they just expect you to understand its reality. He also shares how he nearly lost a term sheet because his data room wasn’t ready, how fundraising diligence changes...
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