Why do some founders get a "yes" from top VCs, and others don’t?

I sit down with Freddie Kalfayan, Principal at Smedvig Ventures, to unpack how Series A and B investors really assess SaaS startups, and why some pitches still miss the mark.

Freddie shares what separates a ‘maybe’ from a ‘must-invest’ and how founder clarity can be the deciding factor in a crowded market.

Freddie shares the red flags that turn VCs off fast, the real impact of founder storytelling, and why trying to manufacture hype often backfires. We also dig into what great traction actually looks like at A/B stage, and why seeing multiple reps hit quota often says more than having a heavyweight VP of Sales.

If you’re building towards a Series A or B raise, or trying to reverse-engineer what top funds really care about.

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Freddie Kalfayan (guest)

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Find out more about the Smedvig Ventures

Matthew Codd (host)

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Find out more about my business, Cosmic Partners

In this episode, I sit down with Kenneth Thomas, Principal at BackFuture Ventures, to dig into what makes early-stage SaaS startups actually fundable, and why so many promising founders still fall short.

We talked about what VCs really look for at pre-seed and seed stage, how to spot a backable founding team, and why too many startups miss the mark by overcomplicating their story or failing to show progress in a tangible way.

Ken shares what he sees from both sides of the table, including why community and founder support are baked into BackFuture’s approach, what makes investor updates so valuable (even before you’ve raised), and the telltale signs a founder actually knows how to sell.

Plus, we got into some classic early-stage pitfalls, overspending on the wrong things, hiring sales too early, and the common pitch mistakes that turn off VCs fast.

If you’re an early-stage SaaS founder thinking about raising capital, this is the episode you need to watch before you reach out to another VC.

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Kenneth Thomas (guest)

Connect with Kenneth on LinkedIn

Find out more about the BackFuture Ventures

Matthew Codd (host)

Connect with me on LinkedIn

Find out more about my business, Cosmic Partners

In this episode, I sit down with Mattias Ljungman, founder of Moonfire, to dig into what sets apart the most investable early-stage B2B tech startups.

We covered what too many founders still get wrong when it comes to pitching, how to build real legitimacy in the eyes of VCs, and why great products aren’t enough if your sales motion isn’t repeatable.

Mattias shares his perspective as a seasoned investor, explaining what separates founders who scale from those who stall, including why mission-driven founders with relentless executional energy tend to win, how the best founders think about GTM strategy, and when it’s actually the right time to make your first sales hire.

Plus, we talked about overlooked fundraising basics, from why warm intros matter to how to avoid looking transactional when you’re building relationships with VCs.

If you’re a B2B tech founder thinking about raising capital, this is the episode you need to hear before you send another pitch deck.

Find out more:

Mattius Ljungman (guest)

Connect with Mattius on LinkedIn

Find out more about the Moonfire

Matthew Codd (host)

Connect with me on LinkedIn

Find out more about my business, Cosmic Partners