How Lunchclub landed a preemptive term sheet from Lightspeed

Despite the fact that his firm was not trying to raise money at the time, Lunchclub co-founder Vlad Novakovski had a large term sheet from Lightspeed Ventures in less than seven days. What happened to cause that? The startup was an investment opportunity that Lightspeed’s Nicole Quinn could not pass up because of its sticky product experience, user feedback, and growth. Novakovski and Quinn appeared on TechCrunch Live a week ago to talk out Lunchclub’s Series A deck and explain how they bonded at the start of the campaign. Lunchclub is an AI-powered networking solution that connects professionals from various industries and levels virtually.

Every Wednesday at noon PDT/3 p.m. EDT, TechCrunch Live, formerly known as Extra Crunch Live, takes place. Every week, audiences get to hear from founders and the investors that led their round about their origins, best practices, and must-haves. Founders in the crowd get a chance to live-pitch to the guests in the second half. Below are some significant takeaways from our conversation with Vlad and Nicole, as well as a link to the full episode with the live pitch-off.

The influence of your early-stage investors can be significant. In the early months of the pandemic in 2020, Nicole Quinn learned about Lunchclub from one of the company’s early investors. Nicole remembers receiving an email from Greg Arrese, an angel investor in Lunchclub, saying, “Lunchclub just started hosting fireside chats.” “These fireside conversations have successfully identified product-market fit.” ‘I mean, we just started them, and they already have thousands of members.'”

Despite the fact that his firm was not trying to raise money at the time, Lunchclub co-founder Vlad Novakovski had a large term sheet from Lightspeed Ventures in less than seven days. What happened to cause that? The startup was an investment opportunity that Lightspeed’s Nicole Quinn could not pass up because of its sticky product experience, user feedback, and growth. Novakovski and Quinn appeared on TechCrunch Live a week ago to talk out Lunchclub’s Series A deck and explain how they bonded at the start of the campaign. Lunch club is an AI-powered networking solution that connects professionals from various industries and levels virtually.

Founders work hard to create products that answer problems, but the actual test comes from the customers. Series by Novakovski Customer feedback in the form of social media screenshots was included in a deck, but they’re is a lack of statistics and case studies – a move he wishes he had done earlier.