Want to ensure your fundraising announcement is a success? Follow these insider tips by PR expert Cédric Voigt
You’ve just raised fresh money and think the entire planet should know about it? Perhaps, although not necessarily. A fundraising announcement is often an ephemeral piece of news that is of interest primarily to a few targeted media outlets. Plus, with four or five announcements made every day, it’s becoming harder for fresh, young startups to stand out. Eutopia spoke with PR expert Cedric Voigt to get an inside look at how professional PR firms ensure these announcements have the best chance of success.
#1: Ask yourself why
Why are you contacting the media? Having a clear answer to this question is your first and most important task. Primarily, this question provides a good indication of the key messages which need to stand out in your press release and secondly it allows you to focus on the right media/influencers.
Generally, startups have two objectives when they make a fundraising announcement: a corporate objective, such as to gain awareness; and a business objective, like attracting new talent, clients, partners... Raising funds is a great opportunity to speak out about the ambitions of your company and gain grounds for the future. It is also important for investors to be involved in the fundraising announcement and for both the objectives of investors and the startup to be well-known and aligned.
#2: Write a powerful press release
A press release is a written document that you send to journalists to communicate information about your company and tell your story. Journalists receive hundreds of press releases everyday. Here are some rules to follow to make yours stand out.
- Make it short and concise. It should be between 1 and 1.5 pages and never longer than 2 pages.
- The reader needs to find information quickly: which means the main information has to be in the title and subtitle.
- In the case of a fundraising announcement: you’ll need the name of the startup, the investor(s), the amount raised and the purpose of the fundraising — X raises Y from W to do Z… Yes, it is mandatory to disclose the amount you raised if you want to get press. Giving a range will get you very little or no coverage at all.
- The first paragraph should be a header of about 5 lines that gets the reader into the nitty-gritty. In other words, this paragraph exists for journalists who won’t have time to read the entire release and just want a short summary to see if they’d like to know more.
- The best way to get the attention of a journalist is to be transparent and give as many facts as possible: data on the market, where the funds are being allocated.
- The main body of your press release should contain 2 quotes: one from the investor and one from the startup. If you can only get one, that is still better than none.
- Have your most talented writer write the press release: a well written release will stand out from all the chaff. Never use jargon and make sure your sentences are neutral. And please, instead of merely saying you are a ‘leader’, talk more specifically about your expertise on a relevant topic.
- Finally, double check the details: make sure all investors who have contributed are mentioned, make sure you’ve spelt all the names correctly (you wouldn’t want to quote the wrong fund!) and get their final approval.
#3: Build a targeted press list
The best way to build a targeted press list is to look back at your objectives. Check the audience of each media outlet, look at articles their journalists have written recently and which sectors and topics they cover. This will help you find the ones that are most likely to be interested in your story. It is always better to be introduced to a journalist, if you can. People who know you are more likely to respond to you. If you don’t know any journalists, consider getting a PR agency that has existing relationships with the relevant media and will make contact for you. There is no rule as to how many journalists you should send a press release to, as long as they have been targeted. If you’re making a fundraising announcement in France, an agency like Ballou would make sure to include leading media like: BFM, Les Echos, Le Figaro, JDN, Maddyness and Frenchweb.
#4: Manage the timing of your release
Once your press release is finalized and ready to go, you need a plan to send it out. A good strategy is to set up an embargo for your story. An embargo means you give previews to a few selected media outlets ahead of the announcement. This way, they have enough time to run an interview, ask for more information and have an article ready to publish on the day of the announcement (not before, that would break the embargo and tarnish the journalist’s reputation). Make sure the media you have targeted are not competitors! You can’t do an embargo with two business magazines, but you can with a business and a fashion magazine. Another strategy is to organize an early release meeting with the startup and 3 to 5 non-competing journalists where founders can present their story. Please note that these are sensitive tactics, before trying anything, make sure you’re being properly advised.
Then, send the press release to all the journalists at the same time and at the right time. You need to be the master of your own timing. Make sure you don’t send it on a holiday or on a day where everyone is busy reading about other big news, like Facebook’s acquisition of Whatsapp or big political news. Avoid sending it on a Friday or the weekend. A good time is 6am so that journalists get your story as soon as they walk into their office. Set everything up so that all emails go out at 6am exactly. Everyone on your press list needs to receive it at the same time.
#5: Keep the momentum going
How do you keep the momentum going and capitalize on your fundraising news? A great way is to engage with journalists. They love startups that are transparent because this gives them more authentic, real stories. Regularly send information to your press list to give an update on your progress since you’ve fundraised. You can tell journalists how much your company has grown, how many people you’ve recruited, the latest deals you’ve signed. Your objective here is to continuously make sure you have information to talk about and are regularly producing content.
Wondering what it’s like to work with a PR agency?
A PR agency can help identify the right people to contact and build your press list. They have established relationships with influencers and are recognized in the ecosystem, which gives them more reach. A PR agency will help you handle your day-to-day relationships with journalists and guide you through the information you can share. They will make sure to make a positive impression by only sending quality stories that interest them — with the right messaging — making sure they meet your business and marketing objectives. They also help identify and create more content to send in order to keep up momentum. Being successful in PR is a long-term job, because it takes time for journalists to get to know people. One story alone will not have as much impact as one story every two weeks, which is why PR agencies prefer to work with clients in the long term, even though they can help on individual projects. In France, PR agencies generally charge startups on a per month basis between 2500 and 5000 euros.
At Eutopia we spend a lot of time identifying key partners to help our founders. We know it is best to have an agency which was recommended to you, and that’s why we’re sharing the names of some of our favorite PR agencies in Paris:
Founded by inspiring PR and tech leader + angel investor, Colette Ballou, Ballou PR has accompanied many tech startups over the past 15+ years. They built a large and trusted network and are now present in Paris, London and Berlin. We like them because they are open, transparent and thorough in their approach — covering all media outlets: from newspapers to influencers and local newsletters.
Sibylle de Villeneuve is the woman behind Raoul and a goddess. You may want to ping her team long ahead of your announcement as they’ve become quite the stars in Paris. We personally like Sibylle’s devoted commitment and new ideas. She recently organized a press tour for French startup journalists to get to know French startup founders based in New York, which we hear was a great success.
Anne de Forsan is another inspiring woman who definitely deserves a mention here. She founded Stories Out, a boutique agency focusing on tech and consumer startups. We love her no BS policy. She’s created a culture of straight-talking that any founder will appreciate.
Trust your corporate PR to Catherine Kablé and her team and rest assured you’re in good hands. She’s been running her agency since 2004, after spending over 11 years in the banking industry. She’s a passionate, seasoned professional who knows the business and finance media by heart.
When it comes to branding a founder or CEO as a thought leader, Alexis Bollaert is the man of the hour (and the only man on this list!). You can trust him with your reputation. His extensive experience and network make him one of the most sought after communications strategists in Paris.
Do you have any reactions or care to share the name of a topnotch PR professional or agency? Give us a shout at hello@eutopia.com
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Thanks to Chloé Cabantous for running this interview and Philippe Vella for his precious advice.
