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Here’s everything we know about startups. And investing. And hippocorns.

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Articles

When a VC raises a fund, the money from their LPs doesn't hit their bank accounts all at once. And that's strategic. Here's how (and why) the system works.
It's heartbreaking to hear stories of founders who feel isolated, depressed, and hopeless. But it's not uncommon. Here's what we recommend.
Unpacking the world of early-stage investing
If you want people to open your emails, don’t blast the same message to everyone on your list. Instead, improve the copy so that more of those people actually open it. And the first step is having a great subject line. To do that, you need to write like a human. Here are three ways to do that.
There are a few ways you can become accredited. And while it's not the most exciting part of investing in startups, it is pretty critical. Here's a guide.
Developing a product for two totally different customers sounds like an impossible task. But SaaS company Beefree did it. Here are their 5 big lessons learned.
When a startup is barely out of the idea phase, how are you supposed to know if it's going to be a breakout company? Here's an investor's guide to due diligence.
Back in the olden days (like... the '90s), competition among startups didn't really exist. Today, it's a founder's biggest obstacle. Here's what you need to know.
With the rise of AI and technology improvements, the cost to build and scale a software company is lower than ever. And that's given rise to a new type of startup.
You know that moment when you're meeting someone for the first time over coffee, and you don't know how to connect? Yeah. We got you.
Every investor has a story about "the one that got away". Hustle Fund GP Eric Bahn's version of this story includes a crypto startup that's now worth billions.
Most founders are focused on impressing investors, not interrogating them. But before you accept their term sheet, please ask the VC these three questions.
The no-shop clause prevents startups from using your term sheet to negotiate better terms, a bigger check, or a different lead. Here's how it works.
Using AI to serve and retain more customers isn't just smart - it's essential if you want to extend your runway. Here are the top 10 AI tools we recommend.
Much like the startups they serve, venture funds will sometimes pivot. This isn't an inherently bad signal, but it can have some downsides.
For a startup trying to fundraise, understanding a VC's timeline is crucial. See, VC funds have a lifespan of 10 years. And the order of operations matters... a lot.
Many investors have an investment thesis... a hypothesis about what makes a startup likely to succeed, and a framework for deciding where to place their bets.
Dunky, Hustle Fund's purple hippocorn mascot, wrote a comic book about entrepreneurship and cookies. It's wild, wonderful, and just a little bit ridiculous.
Fundraising
The deal-killer
It's common for startup investors to ask founders: "What could kill this business?". If you reply "nothing", that could result in a quick end to the meeting.
When a startup investor decides to back a company, she'll need to run some form of due diligence. But that investigation should vary depending on check size.
Grant Lee is the co-founder of Gamma, an AI company with 50 million users. And he's speaking at Camp Hustle 2025.
When an investor asks to set up a meeting to talk about your startup, founders need to be prepared to go from outreach mode to pitch mode.
Sandy Naidu, GP at Marathon Fund, has a unique way of evaluating startups. He looks at the "5Ts" - team, target market, tech, traction, and terms.
When it comes to a startup's market, investors care deeply about how big it is. This is because a small market will limit the investor's potential for returns. So when you're pitching your market to investors, focus on TAM and SAM. Let's break it down.
Many founders don't have the experience to manage hundreds of thousands or even millions of dollars once they raise their round. These are the areas we see founders overspend: talent, marketing, and infrastructure. And here are a few things investors can do to help mitigate a high burn rate.
You don't need a fully built out product to pitch a VC. But you do need an MVP, a deep understanding of your customer persona, and a vision for the future.
The Latin American fintech ecosystem is experiencing a seismic shift.For many years, a few massive financial institutions dominated the financial market in the region. But recently a surge of digital-first financial startups have challenged the status quo. And it’s working.These fintech startups are bringing financial products to millions of underserved users… and attracting billions in investment.
How should a startup founder prepare for a follow-up call with an investor? We created a guide to help you prep for this important meeting, including how to anticipate the investor's questions, and which metrics to come prepared to discuss.
When a startup is based in one market, but serving customers in another... is that risky? What should investors be prepared to face, and what needs to go right in order for those companies to win?
When an investor requests a follow-up call with you about your startup, it's your job to come prepared. Here's what you should be ready to talk about in this important conversation with your potential investor.
Getting press for your startup is about more than a one-time mention in an obscure article. It requires the patience and persistence of building a relationship, adding value to the reporters in your industry, and crafting a compelling narrative about a story that is actually interesting (not just a press release about your latest fundraising round).
A startup's metrics might look super impressive and indicate market pull, but watch out for vanity metrics that don't tell the whole story. Here are 6 vanity metrics to beware of, and what to look for instead.
How do you validate your startup idea to potential investors? It's not enough to tell them you're solving a big problem, or that your solution is the thing that customers want. You have to show them.
Getting LPs to re-invest in your fund is only possible if you've built trust with them already. Here's how to do that.
Investor Stories
The Great GP Exodus
A bunch of venture capitalists (VCs) are leaving their jobs at mega funds like a16z and Sequoia to start funds of their own. What are these investors hoping to achieve, and what challenges will they face on their journeys?
Divvy Homes was a darling in the proptech world of Silicon Valley for a number of years. And then in 2025 it was acquired for $1 billion. But despite the hefty price tag, most investors didn't make any money on the deal. Even the founders walked away empty handed. So what happened?
Financial forecast models might sound boring, but for a startup, they are crucial. A forecast model is kinda like giving yourself a compass. It won't show you the future, but it'll give you a pretty good idea of where you're headed and help you make critical decisions along the way. If designing a forecast model sounds time consuming, complex, or overwhelming, good news. Mercury made a financial forecast model template that you can customize for your own business.
Dealing with an angry customer is an unfortunate and inevitable part of running a business. But it's also possible to turn those angry customers into loyal brand ambassadors. In this episode of Uncapped Notes, Hustle Fund's Eric Bahn and Janel Spilker break down the three-part framework that could turn a dissatisfied user into your best friend.
A quick guide on QSBS - a tax treatment that benefits startup founders, early employees, and early investors - and how to take advantage of those benefits.