E10: How to Raise $45M in 10 Days

In this episode of the SaaS Operators podcast, we unpack how FERMAT raised a $45 million. Rishabh breaks down why they went raised more than they initially planned to, how market pull forced their hand, and the exact process he used to close the round in just 10 days.

We also get into ad efficiency, pricing psychology, why most brands under-segment their websites, and how generative AI is already building full funnels off a single goal input. The episode wraps with a spicy take on angel investing, risk math, and why you probably shouldn’t change your entire life strategy right after it starts working.

00:00 Raising $45 Million: A Surprising Success
02:42 Market Demand and Strategic Fundraising
05:27 Capital Deployment and Hiring Strategies
08:20 Optimizing Ad Spend and Business Outcomes
11:17 The Importance of Messaging in Marketing
13:48 Navigating Investor Relationships and Fundraising Process
20:15 Long-Term Alignment with Investors
24:11 Navigating Secondary Transactions and Employee Benefits
25:23 Investor Dynamics and Demand-Driven Supply
25:59 Valuation Perspectives: Cashing Out vs. Long-Term Investment
27:09 Angel Investing: Serendipity and Personal Connections
28:37 Investment Criteria: Personal Connections and Market Knowledge
30:20 Risk Management: Balancing Investments and Personal Life
32:04 The Psychology of Risk: Understanding Probability and Size
33:56 Foundational Security: The Role of Stability in Risk-Taking
35:45 High Agency: Embracing Risk and Opportunity
37:36 The Importance of Moving Goalposts in Investment
39:39 Creating Guardrails: Boundaries for Successful Entrepreneurship
41:27 Shifting Paradigms: Valuing Time and Outcomes
48:48 Final Thoughts: The Value of Conversations and Learning