What Investors Want From First-Time Founders From pitch decks to rejection, an early-stage investor on what matters most before and after raising capital.

Raising a first round of funding is as much about clarity and relationships as it is about ideas. From explaining complex products in plain language to pacing investor outreach and learning from rejection, an early-stage investor, Jasmin Thomas, Venture Partner at Ada Ventures shares what founders should focus on - and what really stands out when backing companies at pre-seed.

What are the top three things founders should focus on when preparing to raise their first round of funding?
It goes without saying that this will vary depending on the industry you're working in, but I think there are some universal truths that apply to everyone. Firstly, I'd say focus on clearly communicating the problem you're solving. So many of the world's problems are complex, so their solutions aren't likely to be straightforward. But you won't get any buy-in if nobody can recognise how brilliant your idea is. I find deep tech fascinating, for example, but I also own the fact that I don't have an academic background in science, and plenty of investors won't. While your technical expertise might be your USP when it comes to your product or service, your ability to make people believe in it is what will ultimately win investment. So use as plain, concise language as possible, especially when you're making first contact with investors. I try to read all of the inbounds I get from founders, but it's the ones who tell me exactly what they're working on in 2-3 sentences that pique my interest.

And then bring that energy to your pitch deck. Which brings me onto my next bit of advice: make sure your deck does you justice. Make the information digestible, do your market research, and tell a story with it. Read successful pitch decks in funding round articles online and make use of ecosystem resources. My colleague at Ada, Michael Tefula, has built a free-to-use tool that reviews pitch decks for founders and offers tailored feedback, for example.

My last piece of advice would be to pace yourself when you're pitching to potential investors. A scattergun approach that lands in the inbox of 50 funds when the pitch deck isn't quite strong enough is 50 missed opportunities. Take it slow, collect feedback, and be intentional with your outreach. And think more broadly about who might be interested. A scout might be a better 'in' to a fund or an angel might open doors to networks you wouldn't otherwise reach. Building those relationships can be just as valuable as securing a term sheet.

When evaluating early-stage start-ups, what key factors do you prioritise?
My background is in recruitment, so one of the main things I look for is talent in the founding team. Ada invests at pre-seed meaning the startups we back are nascent, with pretty limited existing traction and a product still in development. So having confidence in the team and their potential is essential.

To be clear, I'm not looking for any kind of founder archetype. In fact, we recently published research which found that highly-successful founders share a staggering number of intrinsic traits regardless of their background. What matters most is promise. Often that comes in the form of founders with lived experience or deep technical expertise in the problem they're solving, or both.

That's also why Ada built its scout programme so early on. We want to find potential wherever it crops up and, as a result, our scouts refer 6x more all-black teams and 10x more all-female teams than the UK benchmark at seed stage. I'm always on the lookout for talent above all else.

How should founders handle a "no" from an investor? What's the best way to build long-term relationships, even if they don't secure investment straight away?
Investors review thousands of pitch decks a year and typically spend around 2-3 minutes assessing each one. Capturing their attention and receiving a response or securing a meeting is no mean feat, so my first piece of advice is not to be discouraged by rejection. "It's not you, it's me" might be cliché elsewhere, but in VC, it's often true. You might be brilliant, but just not the right fit for that particular investor or fund.

Secondly, I'd say go out of your way to get feedback whenever you can. It doesn't take long to fire off a quick email thanking somebody for reviewing your deck, and asking for some pointers on what was missing. It shows you're serious about refining your offering and could even lead to a referral. You won't get a reply from every investor, but the advice you do receive might just help you find a winning formula.

I would caveat that, though. Any demands on someone else's time should be mutually valuable wherever possible. So think about what you can offer in return, whether that's introductions to useful contacts or flagging new opportunities. I've had companies come to me that weren't the right fit in terms of investment, but because we built enough of a rapport I've helped them in other ways - like introducing them to other relevant funds, connecting them to syndicates I work with or, if I really believe in them, I've even helped pull together a syndicate of HNW investors. Reciprocal relationships really can keep doors open.

What start-up sector or trend excites you the most at the moment, and why?
There are so many areas I'm excited about at the moment - from robotics to consumer tech - but I think, for the sheer scale of its potential, it has to be space tech. So many different avenues are being explored because the scope of what can be achieved feels almost limitless. From pharma and propulsion to satellites and renewables, I find it endlessly fascinating, and it's also on track to deliver groundbreaking developments and enormous returns.

Which three start-ups that you funded this year excite you the most - and why?
I'm genuinely excited about every single company in our portfolio and it's hard to single any out over the others. But to narrow it down while keeping it varied, I'll choose one from Ada's Danish Angels and two led by Ada's co-founders.

First is Interhuman, backed by four Ada Angels from our Danish Angel Programme. They're building the first social intelligence layer for AI. By integrating psychology and behavioural science with computer vision and audio analysis, their tech can interpret the 93% of human communication that isn't spoken – like shifts in tone of voice or subtle facial expressions. They're focusing on sectors where the stakes are highest, like healthcare, and just raised €2m in pre-seed funding to build a future where AI can process what we say and understand how we feel when we say it.

Next is Jack & Jill – a deal Check Warner headed up for us. These conversational AI agents are transforming recruitment for the better. Jack talks to candidates to understand their experience, what motivates them, and the kind of role they might be looking for. Jill hooks up with talent teams to find out what their ideal candidate might look like. And then the two come together, giving top talent access to perfectly tailored opportunities. The platform has gone from strength to strength over the last 6 months, with 50,000 candidates now having used Jack to look for jobs. We've backed them since pre-seed, and took part in their $20m seed round announced in October.

And finally, Toothfairy, which Matt Penneycard took the lead on. With NHS dental services stretched and private clinics often prohibitively expensive, Toothfairy's digital dentistry app offers patients faster, safer, and more affordable access to care. Their partnership model also supports dentists directly, enabling surgeries to extend care out-of-hours. We co-led their pre-seed round in 2021 and were proud to take part in their $10m Series A earlier this year.