Mastering "The Ask": Capital Raising in 2025

Fundraising has fundamentally changed in the last few years. The "growth at all costs" era revealed its cracks, and in 2025, we are in the era of "Sustainable Ambition." To raise successfully today, you need to master "The Ask"—not just asking for money, but asking for the right money on the right terms.

Valuation Realism: The New Benchmark

In 2025, the "valuation-to-revenue" multiples have returned to historical norms. Founders who try to raise at 2021 valuations are finding themselves in "dead-end" rounds.

The Danger of Overvaluation

Raising too high too early can lead to "down rounds" later, which are devastating for team morale and existing investors. In 2025, "The Ask" should be based on a valuation that allows you to easily triple your value by your next milestone.

Focus on the Pathway to Cashflow

Even at the seed stage, investors in 2025 want to see a "Pathway to Cashflow." You don't need to be profitable on Day 1, but you need to show that you could be if you stopped growing today.

The Strategic Ask: More Than Just a Check

When you pitch, "The Ask" should include specific strategic goals.

Hiring and Customer Acquisition

Don't just say the money is for "Growth." Say: "We are raising $3M to hire 5 AI engineers and acquire 10 Fortune-500 design partners." This shows precision.

Partnering Beyond Capital

In 2025, the best founders ask: "What can you do for me beside writing a check?" Whether it's access to a hardware supply chain, an intro to certain CEOs, or technical expertise, your "Ask" should be a two-way street.

Negotiating Your Round in 2025

1. Multiple Term Sheets = Leverage. The best way to negotiate is to have options. Never stop pitching until the money is in the bank.
2. Focus on Control, Not Just Price. Board seats, liquidation preferences, and veto rights matter as much as the valuation.
3. Be Transparent. Share your "Bad News" early. It builds trust and avoids deal-killing surprises during due diligence.

The Tech-Enabled Founder

In 2025, every founder is a tech founder. Whether you are building AI or logistics, you need to understand your stack.

// Sample implementation of a fundraising tracker
interface FundraisingRound {
  target: number;
  committed: number;
  investors: string[];
}
 
function calculateProgress(round: FundraisingRound): number {
  return (round.committed / round.target) * 100;
}
 
const seriesA: FundraisingRound = {
  target: 5000000,
  committed: 1200000,
  investors: ["Orkust Capital", "Sequoia"]
};
 
console.log(`Round Progress: ${calculateProgress(seriesA)}%`);

Conclusion

Mastering "The Ask" is about being a sophisticated partner to your investors. It's about showing that you understand the mechanics of finance as well as you understand the mechanics of your product. At Orkust Capital, we act as a co-founder to help you navigate these exact negotiations, ensuring you get the best deal for your long-term success.

Ready to master your next raise? Let the Orkust Team guide you.