Founder Fridays No. 123
December Funding Data
Welcome to January 2025 and happy 1st Friday of the year! Below you’ll see the December venture capital funding data from AngelList.
But before we get into that… Recently, I worked with a storyteller named Tyler Schwartz to help me tell the origin story of our firm better. It was a fun process. As it’s the beginning of a new year, I thought I’d share it here for those of you that don’t know me personally. If you’re interested in working with Tyler on your own (or your company’s story) check him out at Learn Through Stories.
My journey began with a deep inspiration to help those who are often overlooked. But as I grew up, I became discouraged by how often this ideal was poorly executed or neglected altogether. Determined to make a difference, I set out to equip myself with the tools to create real, meaningful change, earning degrees in public policy, economics and law.
I launched several businesses driven by that mission. But along the way, I faced a recurring frustration. As an early-stage founder, I often felt like I wasn’t getting the best effort from the law firms I hired. I didn’t trust their results, and I worried that my work was being deprioritized in favor of larger clients. And of course, their fees were always a surprise and billing was opaque.
I realized I wasn’t alone. Entrepreneurs deserve legal partners who truly understand their journey. That’s why I created Westaway, a law firm built by an entrepreneur, for entrepreneurs. At Westaway, every founder is treated with care, respect and clarity. By removing the fear and uncertainty from the legal and billing process, we empower entrepreneurs to focus on what they do best: building their dreams.
Today, Westaway has become a trusted partner for founders striving to change the world.
Pre-Seed
Median Money Raised:
$990,000
Median Post-Money Valuation:
$9,900,000
Seed
Median Money Raised:
$2,696,400
Median Post-Money Valuation:
$20,000,000
Series A
Median Money Raised:
$14,682,800
Median Post-Money Valuation:
$78,100,000
Series B
Median Money Raised:
$31,150,000
Median Post-Money Valuation:
$222,500,000
Startup Funding Guides
I’ve put together a series of guides to equip founders to excel at fundraising. These guides break down the deal term by term and give you negotiation tips so that you can speak to investors with confidence.
Convertible Note: Guide / Video
Should a Seed Round Cost $100,000?
A friend recently told me his relatively straightforward $7 million seed round costs over $100,000 in legal fees — much higher than initially quoted. Unfortunately, this is becoming more common. However, for an experienced startup law firm, a standard seed round based on NVCA docs should cost $20,000 to $40,000 all in. At my firm Westaway, this complete seed round package is a flat $30,000. (It’s also included in our General Counsel — Grow plan.) No runaway legal costs. No surprise bills. Just transparent pricing. If you’ve got an upcoming fundraise, let’s talk.
Post of the Week
