How to break into Silicon Valley as an outsider
- The lightning-fast Series A (that was 3 years in the making)
- Founders seeking their first check need a fundraising sales funnel
Domm Holland, co-founder and CEO of e-commerce startup Fast, appears to be living a founder's dream.
His big idea came from a small moment in his real life. Holland watched as his wife's grandmother tried to order groceries, but she had forgotten her password and wasn't able to complete the transaction.
I just remember thinking it was preposterous," Holland said. It defied belief that some arbitrary string of text was a blocker to commerce."
So he built a prototype of a passwordless authentication system where users would fill out their information once and would never need to do so again. Within 24 hours, tens of thousands of people had used it.
Nothing beats building human networks. That's the way that you're going to get this done in terms of fundraising.
Shoppers weren't the only ones on board with this idea. In less than two years, Holland has raised $124 million in three rounds of fundraising, bringing on partners like Index Ventures and Stripe.
Although the success of Fast's one-click checkout product has been speedy, it hasn't been effortless.
For one thing, Holland is Australian, which means he started out as a Silicon Valley outsider. When he arrived in the U.S. in the summer of 2019, he had exactly one Bay Area contact in his phone. He built his network from the ground up, a strategic process he credits to one thing: hard work.
On an episode of the How I Raised It" podcast, Holland talks about how he built his network, why it's important - not just for fundraising but for building the entire business - and how to avoid the mistakes he sees new founders make.
Reach out with relevanceHolland's primary strategy in building networks sounds like an obvious one - reach out to relevant people.
When I first got to the States, I wanted to build networks," Holland said, but I didn't really know anyone here in the Bay Area. So I spent a lot of time reaching out to relevant people - people working in payments, people working in technology, people working in identity authentication - just really relevant people in the space working in Big Tech who were building large-scale networks."
One of the people Holland connected with was Allison Barr Allen, then the head of global product operations at Uber. Barr Allen managed her own angel investment fund, but Holland wasn't actually looking for money when he reached out to her. He was much more interested in her perspective as the leader of an enormous financial services operation.