How Mindbloom Raised Over $50M in Venture Capital

Jason Yeh
February 28, 2024

Recently, I got to sit down and talk with Dylan Beynon, a 3x founder who has raised hundreds of millions of capital throughout his career.

His most recent venture is Mindbloom, a company that provides at-home psychedelic care and transforms mental health. Dylan’s raised raised over $50M for Mindbloom across 3 rounds.

Dylan's success with Mindbloom is amazing, but his why is what I think allowed him to get there. You'll have to watch the episode to hear that though 😜

For now, I'll share a few takeaways from the episode that stood out to me.

Let's get into it:

Focusing on investors who get it up front

“It's not that I went to investors and then convinced them by showing why this, why now, why us, market opportunity, traction… within the first 5 or 10 minutes, I uncovered that they already wanted to invest in something like this, if not this exact thing, and then I just came along.

The investors I've worked with, pretty much all of them up front were like, “I've been looking for something just like this.” I think [investors] make an intuitive and emotional decision and then find the facts to backwards fill it.

Now I really look for people who get it up front. “

I don’t think many investors will openly admit this, but they’ll often have their minds made up VERY early on in the meeting (or even before it) based on how they were introduced to you, whether or not they feel like they’ve “discovered” you at just the right time, and their first impressions of you. Their opinions will be shaped well before the full pitch and diligence process.

Even if the cold hard facts are on your side, there’s so much outside your control when it comes to how these investors perceive your opportunity. So don’t take it too personally if they don’t want to invest. It might just not be the right time, or they’re not predisposed to the space you’re working in.

Be strategic when it comes to announcing your fundraise

"[Announcing your fundraise] makes it harder for certain types of founders, especially first-time founders, to be agile with what they're doing and iterate and test because they've announced it to the world that this is what they're going to do... I think for everyone, you gotta think about it as a tool and be intentional about it. Not just blindly go out and announce every round just because people think it's great for hiring or something."

He hit the nail right on the head! Broadcasting your fundraising plans isn't always the way to go, and let me tell you why I think that is.

Announcing your fundraise without carefully setting your intentions doesn't do much for your company other than giving it a little PR boost and having a proud parent moment (which don't get me wrong, is always nice).

An important point that Dylan brought up though is that if you share too much, it can box you into a fixed strategy. And I'm sure as we all know, plans change a lot when you have a startup.

This isn't to say don't share your fundraise, this is just a reminder to be intentional about when you do. Take time to weigh the pros and cons carefully and make sure your decision aligns with your overall business goals and roadmap!

Sell your losses

"We are very thoughtful and rigorous about how we are making decisions on what we're investing our capital on, what's working that we're going to double down on, and even more importantly, what's not working that we're going to sell... which is a common failure mode I see is that companies don't sell losses... they don't sell people who no longer are the right fit... and they just keep compiling costs because they're not selling losses"

Smart money management isn't just about what you invest in, it's also about what you're willing to let go of for the good of your company. It's kinda like cleaning out your closet – if you're holding onto stuff you never wear, it's just taking up space. Space that could otherwise be allocated to new clothes (or new projects, new people, new products).

It stings to admit it, but there's probably one or two things you could name in your company right now that you know you no longer need.

Being smart means knowing when to say goodbye to what's not working and doubling down on what is. It's worked out pretty well for Dylan!

You’ll find a lot more insights in the full episode. If you want to:

  • Learn about Dylan's heartwarming reason for starting Mindbloom
  • Hear about Dylans past raises prior to Mindbloom
  • Learn the story behind all of Mindbloom's venture rounds
  • Hear Dylan share advice around fundraising as a startup founder

Make sure to listen to the full episode. I'll leave the links below!

Be chased,

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