How to Raise from Top VCs in 2025 — Mercury x Sequoia

What does it really take to raise from top investors?

In this conversation, Mercury's CEO Immad Akhund sits down with Sequoia Capital partner Sonya Huang to talk about the founder–investor relationship, how fundraising has changed, and what each side looks for across different stages.

They cover:
How Mercury approached its latest fundraise
What Sequoia looks for in early vs. later stage startups
Common mistakes founders make while fundraising
Where the startup and investing landscape is headed

Timestamps:

00:00 - Welcome and introductions
01:33 - Sonya and Immad on how they met
06:03 - Behind the scenes of Mercury’s Series C fundraise
09:44 - Sequoia’s process and what sealed the deal
13:04 - Why the fundraise moved quickly
16:35 - Why Immad chose Sequoia
18:30 - How fundraising changes across stages
26:18 - What made Mercury stand out in FinTech
32:36 - Balancing narrative and metrics at early stage
47:20 - Product-market fit and Mercury’s origin story

About Mercury:
Mercury is the fintech that brings all the ways people and businesses use money into a single product that feels extraordinary to use. Anchored by a powerful bank account*, Mercury gives 200K+ ambitious companies the banking, credit cards*, and software they need to power their financial workflows.

Learn more: https://mercury.com
Try Mercury out: https://demo.mercury.com
More resources and inspiration for ambitious builders:
https://mercury.com/blog

*Mercury is a financial technology company, not a bank. Banking services provided through Choice Financial Group, Column N.A., and Evolve Bank & Trust; Members FDIC. The IO Card is issued by Patriot Bank, Member FDIC, pursuant to a license from Mastercard®.