The Series A Show with Fexingo: Early-Stage Funding, Pitch Decks, and Startup Milestones

In this episode of The Series A Show, Lucas and Luna explore a growing trend in early-stage funding: revenue share agreements (RSAs) — where investors get a percentage of revenue instead of equity or interest. They break down how RSAs differ from SAFEs and convertible notes, using the example of a hypothetical SaaS startup raising $500k with an RSA cap of 2x and a 5% revenue share. They discuss wh...

In this episode of The Series A Show, Lucas and Luna explore the surge in revenue-based financing (RBF) as an alternative to equity dilution for early-stage startups. They break down how RBF works, why it's gaining traction in 2026, and what it means for founders who want to retain control. Using specific data—like the recent spike in ARKG (genomics ETF) and the drop in COIN—they connect macro tre...

In this episode of The Series A Show, Lucas and Luna explore how startups are increasingly using rolling funds—a continuous capital raise model popularized by platforms like AngelList—to close rounds faster and reduce fundraising friction. They break down the mechanics of rolling funds, compare them to traditional SAFEs and notes, and discuss why VCs and founders are embracing this structure. With...

In Episode 77 of The Series A Show, Lucas and Luna dive into the mechanics of rolling funds — a fundraising vehicle that lets startups raise capital continuously rather than in discrete rounds. They break down how AngelList rolled out rolling funds in 2020, how firms like Weekend Fund and Calm Company Fund have used them, and why rolling funds are gaining traction in the current market where VCs w...

In this episode of The Series A Show, Lucas and Luna explore why early-stage startups are increasingly turning to rolling funds as a faster, more flexible alternative to traditional venture capital. They break down how platforms like AngelList and Republic make it easy for founders to raise capital continuously, without the pressure of a single close date. The hosts discuss the trade-offs—includin...

In episode 75 of The Series A Show, Lucas and Luna dig into the rising popularity of rolling funds — a structure that lets startups raise capital continuously from a pool of LPs, rather than closing a single fund. They break down the mechanics, why founders are choosing rolling funds over traditional VC, and what the data says about performance. Along the way, they touch on the recent volatility i...

A growing number of venture capital firms are demanding full cap table transparency before even scheduling a first meeting. Lucas and Luna break down why this shift is happening in 2026, how it changes the power dynamic between founders and investors, and what it means for early-stage startups with messy ownership structures. They explore the data behind the trend — including the recent sell-off i...

Episode 73 of The Series A Show breaks down a fundraising tactic gaining traction in mid-2026: the syndicate SPV. Lucas and Luna walk through a real example — a B2B SaaS startup that raised $3.2 million in under three weeks by pooling angel checks through a single-vehicle syndicate. They discuss why this works, the typical fee structure (the 20% carry and 2% admin fee), how it reduces cap table co...

Lucas and Luna explore the growing trend of startups using revenue share agreements to raise capital without diluting equity. They dive into the mechanics, why companies like Clearbanc (now Pipe) pioneered the model, and how founders weigh the cost of revenue-based financing against traditional venture capital. With public market volatility and high interest rates, more early-stage companies are t...

Episode 71 of The Series A Show covers the mechanics of rolling SAFEs—a fundraising trend gaining traction in 2026. Lucas and Luna break down why startups are using continuous fundraising rounds, citing examples like the recent news that Menlo Ventures raised a $3 billion fund after betting on Anthropic. They discuss how rolling SAFEs simplify the fundraising process for early-stage companies by a...

In this episode, Lucas and Luna explore the growing trend of startup founders using social audio platforms—like Twitter Spaces and Clubhouse—to build in public, share milestones, and attract investors. They discuss the case of a health-tech startup that raised a $2.2 million seed round after a series of weekly audio sessions where the founder discussed product roadmap and metrics. Lucas connects t...

Episode 69 of The Series A Show explores a funding trend that's quietly redefining early-stage venture: startups that build products for other startups. Lucas and Luna break down why the 'pick-and-shovel' model is attracting premium valuations in 2026, using the recent surge in ARKW and the pullback in MSFT as a backdrop. They discuss how companies like Canva and Stripe started as tools for other...

In this episode, Lucas and Luna explore the rising trend of rolling SAFEs in early-stage fundraising. They explain how this flexible instrument allows startups to close investors on an ongoing basis, avoiding the pressure of a single priced round. Using current data on ARK Innovation ETF and market volatility in June 2026, they discuss why both founders and VCs are embracing rolling SAFEs for spee...

Episode 67 of The Series A Show dives into rolling convertible notes — a funding instrument gaining traction in 2026 as an alternative to SAFEs with valuation caps. Lucas and Luna break down how rolling notes work, why founders like them for faster closes, and how VCs are adapting. They reference recent market moves in ARKK and RBLX to frame the risk appetite. Includes a real look at how listener...

In this episode of The Series A Show, Lucas and Luna unpack the growing trend of rolling SAFEs—where startups keep their fundraising round open for weeks or months instead of closing on a single day. They cite data from recent high-profile raises at companies like Palantir and Coinbase to explain why founders love the flexibility, and how investors are adapting. Lucas breaks down the mechanics of...

Lucas and Luna dive into the growing trend of startups using AI agents to automate investor outreach. They discuss a specific case: a SaaS startup that built a custom AI to personalize hundreds of investor emails, leading to a 40 percent reply rate and a $3 million seed round. They reference recent market data showing ARKK up 6 percent in five days, signaling renewed risk appetite, and touch on ho...

In Episode 64 of The Series A Show, Lucas and Luna break down the surprising trend of startups merging their data rooms with pitch decks. With VCs making faster decisions, founders are now embedding financials, cap tables, and customer metrics directly into the deck. Lucas cites a recent example where a seed-stage AI startup raised $4 million using a 12-slide deck that doubled as their data room,...

On this episode of The Series A Show, Lucas and Luna discuss how startups are now using artificial intelligence to generate personalized pitch decks for individual investors. They explore the tech stack behind this trend, including the use of large language models and investor CRM data to tailor content, design, and even financial projections. The hosts cite a recent example of a fintech startup t...

Lucas and Luna dive into the exploding world of fusion energy startups, focusing on the handful that have crossed the $100 million fundraising mark. They examine Commonwealth Fusion Systems, Helion Energy, TAE Technologies, and General Fusion, breaking down how these companies are spending massive capital before generating revenue. The hosts discuss the science gamble, the role of government contr...

In this episode, Lucas and Luna explore why a growing number of pre-IPO startups are turning to phantom stock plans as an alternative to traditional equity grants. They examine how companies like OpenAI (preparing for its IPO) and others in the AI space use these synthetic equity plans to reward key hires without diluting the cap table. The hosts walk through a real case: a Series B SaaS startup t...

Lucas and Luna explore a surprising trend in startup fundraising: founders are launching private podcasts for their investor updates instead of writing long email newsletters. They discuss a recent survey by DocSend showing that investor update open rates have dropped to 32%, and how audio-first updates are seeing engagement rates above 70%. Lucas shares the story of a SaaS startup that raised its...

In this episode, Lucas and Luna explore a growing trend in early-stage financing: revenue share agreements (RSAs), where startups promise investors a percentage of future revenue instead of equity. They discuss how RSAs differ from SAFEs and convertible notes, and why they appeal to founders who want to avoid dilution. Using live data, they note that companies like Roblox (up 10.4% in the past fiv...

In this episode of The Series A Show, Lucas and Luna explore a surprising shift in early-stage fundraising: startups are replacing traditional pitch decks with interactive, data-rich 'pitch decks as data rooms.' They discuss how this approach, pioneered by firms like Carta and backed by Y Combinator, streamlines due diligence and builds investor confidence. Lucas shares a conversation with a found...

Episode 57 of The Series A Show looks at the quiet return of the SAFE note with a valuation cap. Lucas and Luna examine recent data from Y Combinator and Carta showing that capped SAFEs now account for 60 percent of seed-stage deals in 2026, up from 40 percent two years ago. They break down why founders and investors are gravitating back to this instrument after years of uncapped notes and rolling...

This episode of The Series A Show examines a trend reshaping early-stage fundraising: venture capitalists increasingly demand that founders articulate a concrete exit plan before writing a term sheet. Lucas and Luna break down the logic behind the shift, using real data — including Rivian's recent layoffs after R2 deliveries and SpaceX's upcoming IPO — to show why VCs are asking 'how does this end...