You DON'T need revenue to raise $20m.
VCs fund Series B companies with $0 revenue.
Not pre-seed. Not seed. Series B.
First Momentum Ventures analyzed 100+ hardware rounds (2024–2025). Here's what they found:
70% of Series A startups raised ~$10M with no repeatable sales.
30% of Series B startups raised ~$20M with zero revenue.
The lesson for founders: Revenue is one kind of proof and it often shows up late. Investors are underwriting an inevitable future, not last quarter.
Stop obsessing over your revenue. Instead:
Make the future you're building unavoidable with you as the team to shape it.
Once the investor shares your vision, describe the mandatory attributes of this inevitable solution (which just happens to be what you're building).
How do you raise without revenue?
Replace traction with warm intros to get in the room app.warmintro.net/sephi
Replace evidence with rational certainty when you're in it.
