Table of Contents

• 👉🏻 Introduction

• 💰 Deals done this week

• Today's Deep Dive: When the startup band breaks up …

• Want some 121 time with me?

• 🤖 AI in fundraising

• Interesting Things I Read

• Founders’ Guidelines

• About Raise Like a Pro

👉🏻 Introduction

Life as a startup founder is a constant roller coaster of ups and down (more downs than ups if we’re honest).

Having a co-founder has advantages particularly when it comes to raising. According to Carta’s 2025 Founder Ownership Report (covering 45,000+ startups from 2015–2024), 35% of new startups in 2024 were solo-founded, but solo founders made up only ~17% of the startups that secured VC funding that year

One of the hardest things to weather is when a co-founder leaves. It happens. For a whole variety of reasons. Maybe the business hasn’t progressed as quickly as possible. There’s a new child on the way. They can’t afford not to take a job-offer that comes along.

Or the band falls apart quicker than Liam and Noel.

It happens more often than we like to admit. And it’s painful. It’s hard. It’s hugely distracting, destructive and potentially fatal to the business.

Today I want to unpack how to spot that happening in advance and to put the pieces in place to stop the company breaking up too.

💰 Deals done this week

• Buena, a Berlin-based startup digitising property management, secured €4.9M in fresh funding to expand its end-to-end platform. (Read)

• PayPERCUT, a Sofia-based fintech platform building a multi-provider BNPL hub, raised €2M to accelerate product development and market entry. (Read)

• Alva Energie, a Berlin-based cleantech company enabling decentralised energy solutions, raised over €5M to scale operations and product rollout. (Read)

• Jalle Technologies, an Estonian deeptech startup tackling the global battery waste crisis, bagged €2M to advance its proprietary recycling technology. (Read)

• Internxt, a Valencia-based startup aiming to be the ethical alternative to Big Tech, raised €3.3M to grow its privacy-focused cloud services. (Read)

Today's Deep Dive: When the startup band breaks up; how to not to do a Liam and Noel.

Forgive me. I’ve just lived through 5 x free Oasis concerts in my back garden so the Gallagher brothers are top of mind!

Life as a startup founder is a constant roller coaster of ups and down (more downs than ups if we’re honest).

Having a co-founder has advantages particularly when it comes to raising. According to Carta’s 2025 Founder Ownership Report (covering 45,000+ startups from 2015–2024), 35% of new startups in 2024 were solo-founded, but solo founders made up only ~17% of the startups that secured VC funding that year

One of the hardest things to weather is when a co-founder leaves. It happens. For a whole variety of reasons. Maybe the business hasn’t progressed as quickly as possible. There’s a new child on the way. They can’t afford not to take a job-offer that comes along.

Or the band falls apart quicker than Liam and Noel.

It happens more often than we like to admit. And it’s painful. It’s hard. It’s hugely distracting, destructive and potentially fatal to the business.

Today I want to unpack how to spot that happening in advance and to put the pieces in place to stop the company breaking up too.

Spot the Cracks Early

Most co-founder splits don’t start with shouting matches. They creep in. You’ll spot it in things like diverging priorities — one founder obsessed with product perfection, the other pushing hard for growth. Different worldviews. Different energy. Maybe one of you is driven by the possibilities of the technology and the other is spending their time selling a product that doesn’t yet exist - any maybe never will.

Radically candid conversations early on can really highly these issues before they blow up.

As co-founders you’re married. Or partnered. Or throupled. Or whatever. Communication is key.

If you’re starting to worry things are going south start putting a plan together. Who owns the technology roadmap, the customer relationships, who has the passwords to the platforms.

In all honesty it’s not a bad idea to have this plan in any event; tragic, sudden events are unfortunately a fact of life and continuity planning can save a business in case anything happens.

Back to Basics

First principle thinking is an important skill. Break the company mission down to its constituent parts. Why did you start the company? What problem did you set out to solve? Has that problem been validated by the market? Are you still solving that original problem.

If you don’t already have a Shareholders’ Agreement — get one. Seriously. It’s effectively a pre-nup in many ways. This isn’t just paperwork. It’s the thing that saves your rear when things go sideways and spells what happens if things fall apart. It tells you who does what, how decisions get made, who owns what, and what happens if someone wants out (or gets pushed).

If you do have one, dust it off and actually read it. Especially the exit and dispute clauses. Don’t wait until you’re halfway into a row to figure out what you signed.

Decide: Work It Out or Walk Away

Some issues can’t be fixed by more standups or strategy offsites. If things have really broken down, take a proper time-out and meet somewhere neutral — not the office. Talk openly. This is about whether you’re going to keep building together, or call it.

No blame, no point scoring. Just honesty.

If you can’t find a path forward yourselves, get someone neutral involved. Doesn’t have to be a lawyer straight away — just someone who’s got experience handling founder breakups. Mediation isn’t woo-woo; there’s a whole industry of people whose sole job is to help two people get to an agreement without the emotional obstacles that stop that agreement happening.

If it’s time to part ways, the key question is: who stays and who goes? And what does the person going take with them? Think in terms of technology, IP, relationships and shares.

If it’s clear and everyone agrees - great - get the docs in place quickly whilst everyone is still friends.

If it’s messier (e.g. 50/50 ownership, or both still involved day-to-day), then lean on what’s real: who’s still driving the business forward? Who’s got the product, the customers, the traction? That’s the person who should probably stay. If someone’s mentally checked out or chasing a different life, it’s time for them to exit.

Keep It Clean (and Don’t Burn Bridges)

The goal: no drama, no courtroom, no investor panic.

This is where your Shareholders’ Agreement and Articles come into play — especially the “leaver” clauses. If the founder’s a good leaver (leaving on decent terms), they keep what they’ve earned and hand back what they haven’t. Usually that means keeping vested equity, with the rest going back into the pot.

But this isn’t just a box-ticking exercise. Even with legal docs in place, talk it through. Negotiate something that keeps the cap table clean and fundraising-friendly.

As a rule of thumb: if the exiting founder has less than 5% post-exit, it’s fine. If they’ve got more, you might need to convert their shares into a different class — maybe non-voting, or with reduced upside.

Definitely better to own 3% of something big and thriving than 20% of something that never gets funded again because the cap table scared off every investor.

When It’s Not So Friendly

Sometimes things don’t end the way we’d prefer.

Hostile exits are hugely distracting. They drag on, cost money and emotionally drain everyone involved.

Common headaches:

• They won’t resign as a director.

• They’re fighting over share value.

• They threaten legal action or demand mediation.

Get your docs in order. Bad leaver clauses might let you claw back shares or strip rights, but enforcing those isn’t always simple. Employment law and company law can muddy the waters fast.

So even if it’s tense, try to negotiate. It’s faster and cleaner than a legal war. But do it with a lawyer quietly advising you in the background — before you start talking terms.

Golden rules:

• Keep notes of everything.

• Don’t lash out.

• Get legal advice early.

• Don’t try to brave it alone.

Just because you’re getting legal advice doesn’t mean you have to go full scorched earth. It’s about having options and not tripping yourself up by saying the wrong thing too soon.

The End is Nigh

Co-founder exits happen. All the time They’re often just a sign the business is evolving. People change. Priorities change. And startups are intense — not everyone’s in it for the same chapter length.

They don’t have to destroy your business - but I’ve seen it too many times to count.

The worst thing you can do is ignore the signs or pretend it’ll fix itself. Deal with it. Be open with your investors. Get your docs sorted. And above all — protect the company.

That’s your job. Not keeping the band together at all costs.

Want some 121 time with me?

I've recently been taking a whole bunch of calls from founders all over the world where either I don’t have the time to work fully on their raise—or just need some specific targeted advice around different areas of their fundraising campaign, be it GTM, market sizing, pitch deck, or whatever.

I've now opened up additional slots, which you can book here.

🤖 AI in fundraising

Fundraising is undeniably time-intensive and often pulls focus from the critical work of building your business. The good news? The landscape of AI tools is rapidly evolving, offering increasingly sophisticated ways to save precious time – whether you're summarising investor requests, meticulously preparing for meetings, or streamlining the management of due diligence materials.

This week, I've been diving into a few platforms that have truly impressed me with their potential to be game-changers for any fundraising effort:

Lavender is an AI assistant specifically designed to enhance your email communication. It scores and provides real-time feedback on your email drafts, helping you optimize tone, clarity, and the likelihood of a positive response. In the competitive world of investor outreach, this added layer of quality assurance on your cold emails can significantly improve your conversion rates.

Lemlist provides a compelling alternative for email sequencing, with a strong emphasis on personalization. Its features allow for dynamic image/video embeds and robust warm-up tools, making your outreach campaigns feel far more bespoke and less automated. For those looking to run more creative and highly personalized campaigns, especially when integrating LinkedIn automation, Lemlist offers a distinct advantage.

Mixmax blends powerful automation with seamless Gmail integration, making it ideal for founders juggling investor conversations. Its features—like one-click scheduling, multi-step sequences, and real-time engagement tracking—help streamline follow-ups and maintain momentum. While not solely AI-based, its smart templates and workflows are a time-saver for scaling personalized investor comms without sacrificing quality.

Interesting Things I Read

SaaS Valuations in 2025: Selectivity & Strategic M&A
SaaS valuation multiples rose slightly to 7.3x EV/Revenue in Jan 2025 but remain volatile amid ongoing geopolitical and economic uncertainty. Still, M&A activity is set to rise, fueled by lower interest rates and abundant dry powder from PE/VCs. While funding is more selective, strong customer retention and solid growth can drive exits. Founders should prioritize healthy unit economics and stickiness. (Read)

B2B SaaS Growth & the Rise of Vertical AI
The B2B SaaS market is on track to hit $1.3T by 2030 (26.9% CAGR), far outpacing legacy software (Mordor Intelligence, June 2025). Growth is driven by GenAI copilots embedded in vertical SaaS. Success now depends on applying AI to complex, domain-specific problems—generic models won’t cut it. Founders with deep industry expertise and curated data stand to win big. (Read)

Europe’s Ecosystems: Resilient but Pressured
According to GSER 2025, Europe’s startup hubs are holding ground but facing rising competition from Asia and North America. London leads but feels the squeeze; Paris is gaining momentum. Europe's ecosystem value fell, and AI investment remains U.S.- and China-heavy. To stay competitive, EU founders need adaptive policies, stronger capital flows, and deeper cross-border collaboration—especially in AI and deep tech. (Read)

Founders’ Guidelines

• 5 Valuation Methods Every Founder Should Know
  Your valuation isn’t just math—it’s narrative, leverage, and strategy. 
  🔗View Post

• H1 2025 VC Trends in Emerging Markets
  MAGNiTT’s latest report breaks down Saudi Arabia's record-breaking VC activity and the biggest deals across MENA. 
  🔗View Post

• How Venture Capital Really Works
  From angels to exits, this is a beginner-friendly walkthrough of the full VC journey. 

  🔗View Post

• The Guide to Securing Ten-Figure Growth Rounds
  From pre-pitch prep to the top 100 investors who can actually write the check—this guide has it all. 

  🔗View Post

• The Complete VC Guide for Founders
  A tactical playbook covering intros, decks, term sheets, and investor management—built for first-time fundraisers. 

  🔗View Post

About Raise Like a Pro

Raising a funding round isn’t rocket science. It’s not even brain surgery. But it's incredibly time-consuming, HARD and emotionally challenging.

As a founder, your time is better spent building product, finding product-market fit, signing up customers, and building your team. Yet fundraising demands an enormous amount of your attention and energy.

I've witnessed countless founders struggle with this balance. They get stuck in the cycle of endless pitch meetings, confusing feedback, and the dreaded "no's" that seem to pile up without explanation. Even successful companies like Canva, now valued at $25.5 billion, started with their CEO Melanie Perkins hearing "no" over 100 times before getting that crucial first "yes."

My promise to you

Every piece of advice in this newsletter comes from actual experience: deals I've closed, terms I've negotiated, and strategies I've refined through real-world application.

I'm not here to give you startup platitudes or generic advice. Instead, you'll get practical, actionable tactics that you can implement immediately in your fundraising journey. This is the playbook I use each and every day to help founders all over the world raise money from investors all over the world.

The type of things we have and will continue to cover:

• The actual processes I use to close deals.

• Step-by-step morning routines for effective fundraising.

• Real email templates that get responses.

• Meeting scripts that convert to term sheets.

• Pipeline management techniques that close deals.

• The stuff you really need to know so you don’t get screwed by investors.

The goal? To help you raise money faster, at better valuations, while protecting your interests and your time.

– David

Raise like a Pro is what David Levine does every single day though this business Glenluna Ventures. An exited founder, he raises money each and every day for founders all over the world from investors all over the world.