Ten years ago, I was working on a biotech startup. We had solid data and even positive feedback from potential end-users. At that time, I was in charge of the science side as designing studies, interpreting results, and turning everything into crisp, persuasive graphs.
When it came time to raise funds, everyone thought: “We’ve got this.”
But all we got was silence. A few polite investor calls. Some lukewarm interest. Then… nothing.
After I’ve been working in a few successful startups which turned into listed companies, I understand why.
We don’t lose funding because the science was weak. We lose because we don’t know how to make the science fundable.
There is a Gap
If you’ve come from the lab (like I did), fundraising feels like a foreign language. You’re used to proving things, showing controls, defending data. But that’s not what investors are looking for.
They’re not peer reviewers. They’re portfolio managers. Many of them even have no scientific background at all.
Here are the places where even well-prepared biotech teams slip but they are on the investor’s checklist:
- No milestone-based roadmap: You know what happens next in the lab. But does your plan clearly show how investor money reduces technical risk and drives valuation?
- Fluffy use-of-fund tables: “Lab costs” and “headcount” don’t cut it. Investors want to see exactly where their money goes and what it unlocks.
- Explaining instead of positioning: You’re great at walking through the data. But do you have a story that shows why this science matters in this market?
- Missing commercial logic: Nobody expects a full GTM plan. But some sense of who might buy, and how you’ll reach them, goes a long way.
- No clear exit vision: If you’re not aligned with the kind of return your target investor needs, you’ll quietly fall off their radar. Remember, the ultimate goal of an investor is to make money.
A Checklist Worth Having Before You Pitch
This is the fundraising prep list based on my experience:
- Scientific Core
- Why this target? Why now?
- Who else is in the space?
- Clear, compelling data
- IP overview (filed / granted / planned)
- Development Strategy
- Milestones that tie to value
- Go/no-go decision points
- Timeline with budget alignment
- Early risk mitigation plan
- Commercial Lens
- Why this indication?
- High-level market size and dynamics
- Optionality: multiple shots on goal or platform potential
- Financial Narrative
- How much you’re raising and why
- What the money buys, clearly mapped
- Headcount vs outsourcing strategy
- Exit thinking even if it evolves later
- Investor Materials
- A deck that tells a story, not a lecture
- Organised data room with readable filenames
- Short bios of team and advisors
Where Kriosbio Fits In
This is the kind of work I do now with founders through Kriosbio. If you have the science but aren’t sure how to make it resonate with funders, we can sit down and take a look.
- Roadmap & Milestones: We work with you to lay out a credible, fundable development plan.
- Use-of-Fund Structuring: Not just line items but real and justifiable planning.
- Deck & Data Room Review: No more 60-slide decks. We help you tighten your story and visuals.
- Second-Brain Strategy Support: Need someone to challenge assumptions before a big meeting? That’s where we come in.
We’re not here to run your raise. We’re here to make sure you’re ready for it, with both the science and the structure.
Even if you don’t end up working with us, no worries, I hope this gave you something useful. Fundraising isn’t just about how good your results are. It’s about making investors see the path forward and want to be part of it, “To Make Things Happen”.
If you’re in this stage, feel free to reach out. Happy to swap stories, or help you sanity-check your materials.