Most founders believe fundraising success comes from perfect pitch decks and impressive metrics. But Toby Egbuna's journey to raising $1.2 million for Chezie reveals a different reality – one where community connections and a compelling vision matter more than spreadsheets.
On a recent episode of Inside the Round, Toby broke down his unconventional path to funding a company that now serves giants like the NBA, Airbnb, and Docusign. His honest account offers invaluable lessons for founders navigating today's challenging fundraising landscape.
THE METRICS TRAP
Like many first-time founders, Toby initially believed his traction would speak for itself. With $100K in pre-seed revenue and paying customers, he expected investors to jump at the opportunity.
They didn't.
"I met with 87 total funds," Toby revealed to Helena Fogarty. After 30 meetings with nothing to show for it, he was reaching his breaking point.
The problem wasn't his numbers – it was his narrative. A pivotal email exchange with Christina Cacioppo, founder of Vanta, finally clarified the issue.
"One of her mentors had told her that in the early stages, you can pitch on traction or vision, but never both," Toby explained.
He had been focusing entirely on metrics. Once he pivoted to articulating a bigger vision – connecting employee resource groups to business objectives across organizations – everything changed.
"I started to see investors leaning in and paying attention," Toby shared. "They were asking questions and I was getting follow-up meetings."
COMMUNITY BECOMES THE CATALYST
Fundraising is notoriously isolating. For Toby, the game-changer wasn't a perfect pitch – it was finding his people.
After moving to Atlanta, he connected with Goody Nation, a founder community that organized weekly huddles with 5-10 entrepreneurs at similar stages.
"Being a founder is really hard and can feel lonely even if you have a co-founder," Toby admitted. "Having other CEOs you can message with questions or for feedback is invaluable."
These connections weren't just emotional support – they translated directly to capital. Through these networks, Toby discovered grant opportunities that secured $275K in non-dilutive funding before ever taking VC money:
- $50K from NPR's "How I Built This" Fellowship
- $125K from AWS
- $100K from Google for Startups
"I can confidently say that Chezie would not be where it is today without that funding," Toby emphasized.
THE GRANT BEFORE THE RAISE
While most founders immediately chase VC dollars, Toby's first meaningful funding came from a grant that changed everything.
"I had told my sister half-jokingly, 'If we win this NPR grant, I'll go full-time,'" Toby recalled. "And then we won. I thought, 'This is enough money with my savings to take the leap.'"
That initial $50K created momentum. It gave Toby the confidence to leave Accenture and commit completely to building Chezie.
His sister followed a similar path a year later after they won the AWS grant, allowing her to join full-time with a modest but sustainable salary.
These stepping stones provided runway without dilution – critical breathing room that let them build value before talking to VCs.
THE CO-FOUNDER DYNAMIC NOBODY TALKS ABOUT
While most startups emphasize 24/7 collaboration between co-founders, Toby and his sister discovered something counterintuitive: distance strengthened their working relationship.
"We're fully remote – I'm in Atlanta, she's in Chicago," Toby explained. "Being that close to your co-founder might get to be a lot, especially working with your sister."
This separation created natural boundaries and clear ownership areas. She handles sales and marketing; he manages finance, legal, and product development.
"We haven't had a whole lot of co-founder drama," Toby noted. "We've been really good at keeping our sibling relationship first."
THE PERSISTENCE FACTOR: 87 MEETINGS
Perhaps most revealing was Toby's sheer persistence – 87 investor meetings to secure his round. The barriers weren't just about his pitch; they were structural.
"Warm introductions very much favor people who have connections, who are often those founders who went to Stanford, grew up wealthy," he explained.
Toby's proposed solution was straightforward: "Ban warm intros entirely in favor of standardized applications that level the playing field."
Though unlikely to happen, this approach would remove gatekeeping for talented founders from all backgrounds.
What's clear is that persistence matters. After that 30th pitch, most founders would have given up. Toby kept going until meeting #87 with Carmen, who became his lead investor.
THE COUNTERINTUITIVE CAPITAL STRATEGY
Most founders chase as much money as possible. Toby's reflection offers a different perspective:
"Looking back, there's definitely a path to where we are today without raising that money," he admitted. "If I had raised $5 million, I would have burned through it way faster."
The $800K in VC funding helped Chezie experiment without tanking the company. But Toby believes raising less was actually beneficial:
"We raised just enough to step on the gas but not floor it," he explained. This constraint drove intentionality about spending and focus.
Today, Chezie is profitable – a milestone many venture-backed companies never reach.
WHAT FOUNDERS CAN LEARN
Toby's journey reveals several counter-intuitive truths about fundraising:
- Choose vision or traction – At early stages, focus on one compelling narrative, not both.
- Find your community first – Founder networks aren't just support; they're direct pathways to capital.
- Grants create runways – Non-dilutive funding provides critical breathing room before VC.
- Consider raising less – Sometimes constraints create better outcomes than abundant capital.
- Persistence trumps perfection – 87 meetings led to one critical "yes" that changed everything.
The fundraising landscape has unique challenges, especially for underrepresented founders, but Toby's journey shows that with the right approach, community support, and persistence, funding is attainable.
WANT MORE INSIGHTS LIKE THIS?
If you found Toby's story helpful and want to hear more value-packed, unfiltered conversations from founders who've raised in the last 6 months, follow Bamboo Crowd. We sit down with the people building and backing the next wave of tech, and we keep it honest: no fluff, just real stories that help you make smarter moves.
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