On the TechTO stage ×2
Forget Everything You Know About Fundraising
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Founders Journey ft. Liran Belenzon of BenchSci
Listen to the episode ↗First seen on the TechTO stage in 2023. Every talk is searchable — ask the archive about Liran ↗
In their words
The reality is that investors don't need more than three weeks to make a decision. That is true for a million-dollar check and that's also true for a $100 million check.
Your goal is to get people to a yes or no — not a very slow maybe that's just going to suck all of your resources as a company.
We basically taught a computer how to understand science like a PhD scientist would.
I probably spent personally nine months of my time trying to figure out how to fundraise and getting 100 notes until I got a yes.
If I have to spend time away from them I want it to be worth it and I don't think about a more noble cause than applying cutting-edge technology to make a big impact on health.
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Quick answers
What does BenchSci do?
BenchSci taught a computer to understand science like a PhD scientist and built a platform on top of a knowledge graph. The Toronto-based company has over 400 people and serves 14 of the top 20 global pharmaceutical companies.
How does Liran Belenzon recommend founders raise money?
Pick 20 investors max that fit your company, don't build relationships before you're ready to fundraise, and pitch everyone within one week to create urgency and competition. Investors need no more than three weeks to decide — no decision after three weeks means no.
How did he raise over $130M in Canada with no network?
He moved to Canada knowing almost no one; an early meeting came through CDL after persistent emailing. His process came from trial and error across seven rounds in seven years — he says he did it wrong the first time and right the other six.