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| "Every Great Idea Deserves a Fair Chance—Vandana Tolani on Bridging the Gap Between Startups and Investors" |
My journey started with over 15 years of working in investment banking and advising family offices in Singapore and Jakarta. During this time, I got the opportunity to help diverse startups—from FinTech to consumer-focused ventures—navigate the complexities of fundraising and growth. When I decided to return to India, I saw a significant gap in the ecosystem: startups had great ideas but often struggled to connect with the right investors or structure their businesses effectively to secure funding.
When I returned to India, I noticed this gap was even more prominent. While the startup ecosystem was growing rapidly, many founders struggled with structuring their businesses for growth or finding the right investors who truly believed in their vision. This realization inspired me to create Convanto.
My vision for Convanto has always been holistic, inclusive, and sensible. I wanted to go beyond just raising funds; I aimed to create a platform where startups could receive personalized, long-term guidance that catered to their unique challenges. My investment banking experience gave me the ability to deeply understand the financial nuances and align the needs of both startups and investors. Similarly, my venture capital background highlighted the importance of spotting potential early and nurturing it with sensitivity and foresight.
Convanto reflects these learnings. We’re a boutique investment bank, meaning we offer tailored, hands-on support to founders. We help them craft strong narratives, refine business strategies, and connect with our global network of over 300 investors.
To me, Convanto is a reflection of what the startup ecosystem needs—a platform where founders are supported not just financially but also strategically and emotionally. I believe every great idea deserves a fair chance, and Convanto is my way of ensuring those ideas have the opportunity to thrive.
2. Convanto focuses on fundraising for early-stage startups. What are the most common challenges founders face in securing their first round of funding, and how do you help them navigate these obstacles?
Securing the first round of funding is one of the hardest challenges I see founders face. Statistics show that less than 1% of startups globally succeed in raising venture capital. It’s not just about having a good idea—it’s about convincing investors that your idea can evolve into a scalable, sustainable, and profitable business. The hurdles are real, but with the right guidance, they can be overcome.
One of the most common issues I notice is a lack of clarity in the business model. Many founders have a strong vision but struggle to show how it will generate consistent revenue or scale effectively. Investors want to see a clear roadmap with realistic milestones and robust financial projections. At Convanto, I work closely with founders to refine these elements. For example, I recently worked with a SaaS startup to fine-tune their go-to-market strategy, and that clarity helped them secure $2 million in seed funding.
Credibility is another big hurdle, especially for first-time entrepreneurs. Investors often prioritize the founding team over the product, which can be challenging for those without a track record. I help founders focus on their unique strengths, whether that’s deep market knowledge, technical expertise, or even early wins like customer feedback or partnerships. It’s about building a narrative that shows investors they are capable and prepared to execute their vision.
Market validation is equally crucial. One common reason startups fail is a lack of demand for their product or service. To counter this, I guide founders in showcasing evidence of demand, such as initial sales, customer testimonials, or pilot results. Even small wins can make a big impact during funding discussions.
Another challenge I see is founders pitching to the wrong investors. Not every investor is the right fit, and pitching to someone who doesn’t align with your sector or stage can be a waste of time. With Convanto’s network of over 300 investors globally, I help startups connect with those who understand their vision and are genuinely interested in their space. For instance, I recently helped a health tech startup find an investor who not only provided funding but also became a strategic advisor, helping the company scale faster.
And then there’s the pitch itself. I always tell founders that a great pitch is more than just a polished deck—it’s about communicating your story with confidence and clarity. Data shows that investors listen to hundreds of pitches each year but invest in only a tiny fraction. That’s why I focus on helping founders refine their decks, practice their delivery, and prepare for tough questions. A strong pitch can make all the difference.
For me, Convanto is about more than just raising funds—it’s about empowering founders to build a solid foundation for their ventures. I find it incredibly rewarding to see startups I’ve worked with not just secure funding but thrive in the long run. It’s this impact that drives me every day.
3. With a sector-agnostic approach, how do you tailor your strategies to meet the unique needs of startups across industries like FinTech, B2B Tech, and D2C?
At Convanto, our sector-agnostic approach is rooted in understanding the nuances of each industry and tailoring strategies that align with the unique challenges and opportunities of startups in different sectors. While the fundamentals of fundraising remain consistent, the way we approach each startup varies significantly depending on their industry, growth stage, and market dynamics.
For example, in FinTech, the regulatory system plays a significant role. FinTech startups need to demonstrate not only innovation but also compliance with laws and guidelines. Investors in this space are particularly cautious about risk management and scalability. For these startups, we focus on showcasing their regulatory readiness, the strength of their technology, and their ability to scale while maintaining security and compliance.
In B2B Tech, the emphasis is often on customer acquisition strategies and long-term contracts. Investors want to see how well the startup understands its target market and how it plans to establish itself as a critical player in the value chain. Here, we guide startups to highlight their product-market fit, the potential for recurring revenue, and their ability to secure enterprise clients. A recent example is when we helped a B2B SaaS company refine its pitch to emphasize the value of its solutions for cost optimization during a global economic slowdown.
For D2C brands, the focus shifts to consumer behavior, branding, and digital reach. With rising competition in this space, investors are keen on understanding the startup's customer acquisition cost (CAC), lifetime value (LTV), and brand differentiation. For D2C clients, we often work on creating compelling narratives around their brand identity and use data to showcase customer loyalty and traction. For instance, we recently helped a D2C wellness brand secure funding by emphasizing its innovative use of influencer marketing and its impressive 70% repeat purchase rate.
What ties all of this together is our ability to adapt to the needs of the startup and the expectations of the investor. Whether it's understanding complex technology stacks in DeepTech or the importance of design and aesthetics in consumer brands, we dive deep into the specifics of each industry. We then bridge the gap by presenting these startups in a way that speaks directly to what investors are looking for in that particular space.
This adaptability, combined with our network of 300+ investors and years of experience across diverse industries, ensures that we can offer startups not just funding connections but also strategic guidance tailored to their unique journey. It’s about being both versatile and deeply informed—a balance that I believe sets Convanto apart.
4. Fundraising often requires more than just capital. How does Convanto support startups with services like marketing, growth advisory, and go-to-market (GTM) strategies?
Fundraising is only one part of the journey. Startups need more than just capital to succeed—they need the right strategies, networks, and expertise to navigate growth challenges. At Convanto, we’ve always believed in a holistic approach to supporting startups, which means going beyond fundraising to provide advisory services that help founders build strong, scalable businesses.
For instance, one critical area we focus on is go-to-market (GTM) strategy. Many startups struggle with taking their product or service to the right audience in a cost-effective and impactful way. We help them identify their target market, refine their value proposition, and select the best channels for reaching their customers. For example, we worked with a B2B SaaS startup to craft a GTM strategy that focused on a niche industry segment, enabling them to quickly gain traction and establish themselves as a leader in that space.
In terms of marketing and branding, we guide startups in telling their story effectively. A great product won’t sell itself—it needs to be presented in a way that resonates with customers and investors alike. We’ve helped D2C brands develop their marketing strategies by emphasizing key metrics like customer acquisition cost (CAC) and customer lifetime value (LTV) while showcasing the emotional connect their brand has with consumers.
Growth advisory is another key component of our services. Growth isn’t just about scaling fast; it’s about scaling smart. We work closely with founders to analyze their operations, identify bottlenecks, and implement strategies that optimize efficiency. Whether it’s improving unit economics for a consumer startup or helping a tech company streamline its onboarding process for enterprise clients, our goal is to ensure that the growth is both sustainable and investor-friendly.
What makes our support effective is that it’s tailored. We don’t believe in a one-size-fits-all approach. Each startup’s journey is different, and our role is to adapt to their needs—whether that’s navigating regulatory hurdles, building partnerships, or improving operational efficiency. At Convanto, our goal is to be a partner in their success, providing actionable insights and strategies that help them build businesses with strong foundations.
5. Building a compelling investor presentation is crucial for startups. What are the key elements that make a pitch deck stand out to potential investors?
A compelling investor pitch deck is about more than aesthetics—it’s your chance to make a strong first impression and demonstrate why your startup is worth the investment. What sets a deck apart is its ability to communicate your vision clearly and convincingly while backing it up with data and strategy.
The first thing that grabs attention is how well you define the problem your startup is solving. Investors are drawn to ideas that address real, pressing challenges. Your problem statement should be concise and relatable. For example, instead of saying, "Healthcare is inefficient," frame it with specifics like, "Millions of people wait weeks for a specialist appointment; we reduce that to 48 hours using our AI-driven platform." This immediately establishes the relevance of your idea.
Equally important is how you present your solution. Investors need to see not just innovation but also feasibility. What makes your product or service better than what’s already out there? Avoid jargon; focus on the value proposition and the impact.
Your business model is critical. It’s not just about how you’ll make money but how you’ll sustain and grow that revenue. For instance, a SaaS startup might show how its subscription-based model ensures recurring revenue, coupled with strategies to reduce churn. Numbers like CAC (Customer Acquisition Cost) and LTV (Lifetime Value) should be front and center here.
A strong market opportunity slide is about balance. Investors want to see that the market is big enough to scale, but they also value focus. Instead of saying, “We’re targeting a $50 billion global market,” narrow it down to the segment you’re addressing and why your startup can dominate it.
The team slide often doesn’t get the attention it deserves. This is your chance to show why you’re uniquely equipped to solve the problem. Highlight relevant experience, but also explain how your skills complement one another. If there are gaps, show how you’ve filled them with advisors or collaborators.
Traction is perhaps the most convincing part of any pitch. Whether it’s early revenue, user growth, partnerships, or even pre-launch metrics like waitlist signups, investors want evidence that your idea has potential. If you’re still early-stage, even strong pilot results or customer testimonials can carry weight.
Lastly, end with a clear and specific ask. Investors should walk away knowing how much funding you need, what it will be used for, and the milestones you plan to achieve. This clarity not only builds confidence but also demonstrates that you have a well-thought-out plan.
The best pitch decks tell a cohesive story—one that’s easy to follow, backed by data, and full of confidence. At Convanto, we often help startups refine their pitch decks to ensure they stand out by combining compelling narratives with hard facts.The goal is not just to make a deck look good but to make it work—telling a story that investors find credible, exciting, and worthy of their support.
6. Given your broad range of ticket sizes, from $1M to $100M, how do you match startups with the right investors and funding opportunities?
Matching startups with the right investors isn’t just about aligning numbers—it’s about building relationships that make sense for both sides. With ticket sizes ranging from $1 million to $100 million, I’ve realized that understanding the nuances of both the startup’s needs and the investor’s priorities is critical.
For startups, the first step is clarity. What are they truly looking for? Is it purely funding, or do they need strategic guidance, market access, or mentorship? For instance, an early-stage FinTech founder might benefit from an investor who’s scaled similar ventures, whereas a growth-stage D2C brand might prioritize someone with retail connections.
On the other side, investors have their own focus—sector preferences, risk appetite, geographic interest, and, of course, return expectations. For example, family offices often lean towards steady-growth businesses, while VCs might prefer high-risk, high-reward opportunities. Knowing these nuances is what helps us make the right introductions.
A good match also goes beyond just capital. I’ve seen deals where the investor’s expertise has been as valuable as the money itself. For instance, a HealthTech startup I worked with paired with an investor who had deep ties to the hospital network. That connection accelerated their growth far more than just the funding would have.
At Convanto, we don’t rely on guesswork. Years of building a global network of investors has taught us which investors are genuinely active in specific sectors or stages. We combine that network with a careful analysis of the startup’s potential and align them with the right backers.
It’s also about setting realistic expectations on both sides. Startups often want immediate commitments, but building trust takes time. Similarly, investors want assurance about the business model and scalability. My role is to bridge this gap and ensure both sides see the value in the partnership.
Ultimately, it’s a tailored process. No two deals are alike, and that’s the challenge I enjoy the most.
7. In your experience, how has the fundraising landscape evolved over the past few years, and what trends do you anticipate will shape the future of startup funding?
Over the past few years, the fundraising landscape has undergone a significant transformation, driven by both global events and changing investor priorities. If we look back, the funding environment a few years ago was quite different. Startups could raise capital relatively easily, and the focus was often on scaling rapidly, even if that meant operating at a loss in the early stages. This "growth at all costs" mentality was prevalent, especially in sectors like FinTech, EdTech, and SaaS. However, recent global challenges—such as inflation, market volatility, and disruptions from the pandemic—have led to a noticeable shift. In 2022, global VC funding fell by about 35%, and India saw a 25% dip in venture funding in comparison to the previous year. This shift has made investors more cautious, with a growing focus on companies that can demonstrate clear unit economics and a path toward profitability.
But even though the funding environment has become more selective, there are several key trends that are shaping the future of startup funding. One of the most significant shifts is the increasing emphasis on profitability over rapid growth. Investors are no longer solely focused on top-line revenue figures; they want to see how sustainable the business is, especially in times of uncertainty. This means that startups with strong financial foundations and a solid business model are more likely to attract investment.
Another trend is the rise of alternative funding sources. Traditional venture capital funds are no longer the only game in town. Angel investors, family offices, and corporate venture capital arms are becoming more active in the funding space. In fact, angel funding in the U.S. alone grew by 10% in 2023, and this trend is mirrored in India, where more investors from non-institutional backgrounds are providing capital to early-stage ventures. These investors tend to be more flexible and sector-specific, offering opportunities for startups in niches that may not be attractive to larger VCs.
Corporate venture capital has also grown substantially, as many large corporations are looking to invest in startups that complement or enhance their existing business models. In India, for example, CVC funding nearly doubled from $2 billion in 2020 to $4.2 billion in 2023. This kind of strategic investment not only brings funding but also offers startups valuable market access, partnerships, and resources that they would otherwise struggle to obtain.
There’s also been a marked shift toward tech-driven and sustainable businesses. Investors are increasingly prioritizing startups that focus on ESG (Environmental, Social, and Governance) issues, with sectors like clean energy, climate tech, and healthtech seeing significant growth. In 2023 alone, investments in climate tech increased by 20%, a trend that is gaining momentum globally, and India is no exception. More investors are looking for startups that can make a positive impact on the environment and society while also offering strong returns.
Furthermore, the role of data and AI in shaping investment decisions has grown. Investors are relying more on data-driven insights to evaluate potential investments, using AI tools to predict startup growth, assess market potential, and understand customer behavior. It’s no
longer enough to have a good product; investors want to see how startups are leveraging data to drive growth and optimize operations.
Looking ahead, I believe the future of startup funding will be shaped by more sector-specific funds and platforms that allow for smaller, more targeted investments. We might also see more democratized models, where startups can tap into a broader range of investors through crowdfunding or decentralized finance options. As these trends continue to evolve, the funding landscape will likely become more diverse and accessible, giving entrepreneurs more opportunities to secure the capital they need to scale their businesses.
8. If you could offer one piece of advice to early-stage founders looking to scale their startups, what would it be?
If I could offer one piece of advice to early-stage founders looking to scale their startups, it would be to focus on building a solid foundation—both in terms of your business model and your team. It’s tempting to chase growth right out of the gate, but without a strong, sustainable foundation, scaling becomes a lot harder and riskier.
You need to ensure that your product or service is solving a real problem, and there’s a market demand for it. It’s easy to get caught up in the excitement of raising funds or expanding quickly, but I’ve seen many startups falter because they didn’t spend enough time validating their product or refining their model in the early stages. If you don’t get this right, scaling becomes more of a challenge than an opportunity.
On the team side, having the right people is absolutely critical. Early-stage founders often underestimate the importance of building a cohesive, dedicated team that shares your vision and passion. As your startup grows, the ability to delegate effectively and trust your team becomes more important than ever. And while a strong product is crucial, a strong team with complementary skills is often the key to navigating the complexities of scaling successfully.
Lastly, be prepared for setbacks. Scaling doesn’t happen overnight, and there will be bumps along the way. It’s important to stay focused on your long-term vision while adapting to the challenges you face. Building a business is a marathon, not a sprint, and success comes from persistence, learning from failures, and constantly refining your approach.
Bio:
Vandana Tolani is the Founder and CEO of Convanto, bringing over 25 years of expertise in International and Domestic Business Advisory and Fundraising. Convanto is a boutique investment banking firm that specializes in fundraising and consulting for early-stage startups. With a sector-agnostic approach, Convanto offers customized solutions to drive growth and secure strategic financial backing for startups across various industries.
Notable Accolades:
Top 10 Women Leaders in Wealth Management
Women Entrepreneur of the Year 2021 and 2023
Global Woman Leader awarded by the World Women Congress
The Best Financial Institution in Supporting Start-Ups in India awarded by Dr. Kiran Bedi
Pioneering Woman Leader in Investment Banking honored by acclaimed actress Hema Malini
Featured by The Times of India, Hindustan Times, and Gurgaon Times
In addition to her role at Convanto, Vandana Tolani serves as a Venture Advisor with Loyal VC, an INSEAD-led Canadian VC Fund with a portfolio of over 220 investments in more than 45 countries. She has also helped five VC funds with their fundraising.
Vandana has delivered 350+ talks on various topics related to business and investment.
which are listed on the Convanto website: www.convanto.com.
Interviewed by : Shivam Sharma
Edited by : Shivam Sharma
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