Raising venture capital has never been straightforward. But in the UK right now? It’s painful. Series A deals are thin on the ground. Investors are nervous. Due diligence drags on. And if you’re a founder trying to scale fast, the clock never stops ticking.

So what does it actually take to get money in the bank? Dominic Monkhouse sat down with three founders who’ve been through it recently – and lived to tell the tale. Paul Archer, CEO of Duel (a brand advocacy SaaS platform), Jo Saxby, co-founder of Spruce (software for heat pump installers), and John Readman, CEO of ASK BOSCO® (AI-powered e-commerce analytics), have each raised significant rounds in a hostile market. Between them they’ve spoken to hundreds of funds, negotiated term sheets on ski trips, and endured due diligence marathons.

Their stories aren’t the glossy PR version of startup fundraising. They’re candid accounts of what works, what doesn’t, and what they wish they’d known before starting. If you’re a founder preparing to raise capital – whether pre-seed, Series A, or beyond – there’s gold here.

The harsh reality of fundraising today

Ask any founder who’s just closed a round: it’s never easy. But the last couple of years have been particularly savage.

Take Paul Archer, who recently closed a $16m Series A for Duel. On paper, the business looked great: 100% year-on-year growth, enterprise clients, strong US traction. But getting investors to write a cheque was like pulling teeth.

“I spoke to 72 funds over six weeks. That was 230 meetings. We ran it like a military operation – first round, second round, data room after data room. It was brutal.”

Paul created what he calls a “sexy data room” for the early stage: just the deck and high-level numbers to hook interest. Then he layered in deeper diligence only once a term sheet was in play. It was a relentless process of chasing, updating, and playing the game.

Jo Saxby had already been through the wringer with Spruce at pre-seed, speaking to over 100 funds before finding the right backers. This time, things went a little smoother:

“We had some real traction to point to. And crucially, one fund pre-empted the round. That created urgency and got others moving faster. It was still painful, but less drawn-out than before.”

John Readman took a different approach with ASK BOSCO®. He refused to send his deck unless an investor gave him a meeting first.

“If you won’t give me 15 minutes, I won’t send you my deck. That put a lot of people off – but the ones who stayed were serious. We ended up with three competitive term sheets and raised more than we wanted at a good valuation.”

Different strategies, same conclusion: raising capital is a full-time job. And founders underestimate just how consuming it becomes.

UK vs US venture capital: worlds apart

One of the panel’s strongest themes was the difference between UK and US venture capital. If you’re raising a Series A, it matters where you go fishing.

Paul’s experience is telling. Around 80% of Duel’s revenue already came from the US, but at the time they hadn’t set up an office there. That put off American funds.

“We were promising we’d go big in the US, but we weren’t fully there yet. US investors got cold feet. Now we’ve opened a New York office and moved the team – but back then it cost us.”

Lesson one: US VCs want proof, not promises.

Lesson two: understand the maths. Different funds have different return requirements.

“If you’re pitching a $500m fund, every investment has to have the potential to return that fund. That means they need to see you getting to a $700m exit. If your TAM doesn’t support that, it’s not going to fly.”

In contrast, UK funds (especially tier-2 and tier-3) operate differently. Some think more like accountants than entrepreneurs. And size matters. A £20m fund has very different expectations to a £500m fund.

Jo learned this the hard way when feedback from one investor baffled him:

“They said: we love the business, we love the team, we can see you hitting £20m revenue… but we don’t think you’ll get to £400m. So it’s a no.”

For Jo, £20m felt like a huge win. For the fund, it wasn’t big enough.

The takeaway? Don’t take rejections personally. Often it’s not about you – it’s about the fund’s thesis and return profile.

The hidden costs of fundraising

Even once you’ve got a term sheet, the work isn’t over. If anything, it gets harder.

Due diligence came up repeatedly in the panel as one of the most gruelling parts of the process. John described it as:

“Like someone rummaging around in your drawers. We thought we were super organised, but investors will always ask for the same data in three different ways. You’ll spend late nights rebuilding pivot tables just to get the deal across the line.”

For Paul, having two co-leads in his Series A doubled the pain:

“Every question had to go through twice as many people. Legal was longer, more expensive, and every decision took twice as long. In hindsight, I’d avoid a co-lead structure.”

Then there’s the cost. Founders often forget that due diligence isn’t free. In fact, you end up paying for the privilege of investors probing your business.

The advice from all three? Don’t try to do it alone. You need a solid CFO or COO to share the load. And if you can, do a mock diligence process ahead of time – pay experts to point out weaknesses before the VCs do. It might save you millions.

Lessons they wish they’d known earlier

Every founder has battle scars. The panel didn’t hold back on what they’d do differently next time.

For Jo, it was about timing and preparation:

“You often only get one shot with a fund. If you go in too early with a weak deck or vague answers, you burn the relationship. I wish we’d spent more time rehearsing answers to the 30–40 common VC questions before those first meetings.”

Paul regrets downplaying the AI angle in Duel’s story:

“At the time I thought, I don’t want to be another company jumping on the AI bandwagon. So I underplayed it. In hindsight, leaning into our AI work would have made us much more attractive to US funds.”

John wishes he’d explored family offices earlier:

“I only discovered that world a few weeks before we closed. They’ve got big cheque books, they move faster, and there are fewer strings attached. It’s an option too many founders overlook.”

All three agreed: fundraising is a game, and you have to learn the rules fast. Whether it’s structuring your deck, staging your data rooms, or sequencing investor meetings, strategy matters.

More than money: choosing the right investors

Capital is one thing. But who you take it from can shape the next five years of your life.

Jo was clear:

“We optimised heavily for people we liked. You’re going to spend a huge chunk of your life with these investors. When things go wrong – and they will – you need people you trust.”

That meant back-channelling hard. Speaking to other founders who’d taken money from the same funds. Asking blunt questions: What are they like when times are tough? Do they overload you with pointless reporting? Can you push back when needed?

John restructured ASK BOSCO®’s board before taking institutional money, to avoid having directors imposed on him later. Paul, meanwhile, learned the downside of co-leads: every decision bogged down in duplicated approvals.

The message for founders is simple: the wrong investor can slow you down more than they speed you up. Don’t just take the money. Choose the partner.

After the raise: culture, talent and scaling

So you’ve got the cash. What next?

For John Readman, ASK BOSCO® has made headlines for its four-day work week. They pay full salaries, offer strong benefits, and measure by output – not hours.

“We had eight sick days across 40 people last year. Nobody wants to call in sick. People come to work energised. The data proves it.”

Investors didn’t push back. In fact, some said he didn’t make enough of it. Combined with ASK BOSCO®’s CSR initiatives – the company is named after a children’s orphanage they support – it became part of the pitch. Purpose attracts talent and capital alike.

Jo Saxby has found Spruce’s mission – helping the UK reach net zero by decarbonising home heating – is a magnet for applicants. Despite limited employer branding, they’ve had thousands of candidates for recent roles. Bristol has become a talent sweet spot too, with ambitious people who want to join a fast-growing company outside London.

Paul Archer is tackling a different challenge: New York. To break into the US, Duel needed boots on the ground in the world’s fashion capital. The cost is eye-watering. Two-bed flats in Brooklyn for $9k a month. Salaries 50% higher than London. But for a business serving global beauty and fashion brands, there’s no alternative.

“Nearly 40% of our ideal customer base is in New York. If you want to scale in the US, that’s where you need to be.”

The raise gave them the firepower to do it. But it also forced a mindset shift: founders need to spend faster than feels comfortable. As Paul put it:

“Capital is time. If you’re not deploying it fast enough, you’re falling behind.”

Key takeaways for founders

So what can other startup leaders learn from this panel?

  • Fundraising is full-time. Don’t underestimate the grind. Line up support in advance.
  • Know your market. US vs UK VCs expect different things. Pitch accordingly.
  • Prepare for due diligence hell. It’s long, it’s expensive, and it’ll expose every weakness.
  • Play the game. Sequence your investor meetings, refine your deck, and build competitive tension.
  • Optimise for fit. The wrong investor slows you down more than lack of money.
  • Spend faster. Once the cash is in, deploy it to accelerate growth – not drip-feed it to survive.

Conclusion

Raising a Series A in the UK right now isn’t for the faint-hearted. The market is tight, investors are cautious, and the process takes a toll. But as Paul Archer, Jo Saxby and John Readman show, it can be done – if you’re strategic, resilient, and prepared to learn fast.

Their stories cut through the hype. Fundraising isn’t champagne and TechCrunch headlines. It’s 200 meetings in six weeks. It’s nights rebuilding pivot tables. It’s learning which investors to chase, and which to walk away from.

For founders gearing up to raise, the message is clear: know the rules of the game, choose your partners wisely, and remember – capital is time. Spend it well.