Raising Millions...While Vacationing in Cabo

(By Beatriz Acevedo)

There is significant data that shows that fundraising takes a toll on our mental health, particularly on female founders who for the most part are also responsible for having the dual role of being the CEO’s of their households.?

According to a recent study by the Female Laboratory of Innovative Knowledge (FLIK ) 95.2 percent of female founders surveyed globally said they’d suffered from anxiety during rounds of seed funding.

Last spring, I raised a pre-seed round for my new startup Suma Wealth , that on paper was oversubscribed in less than 24hrs, but it took many more months to close as it went from a SAFE to a priced round, meaning months of additional stress, negotiations and legal paperwork, all while I was still continuing to grow my company.

Simultaneously, it also happened to be an extremely difficult time for me outside of work as my mother was having a mental health breakdown dealing with anxiety and depression. She needed my emotional support, while at the same time my younger brother was celebrating a big milestone birthday, and as the travel agent for my family (yes I also have that job) I was charged with planning a celebration for him and our entire extended family to Cabo.

What I thought could not be worse timing, vacationing in Cabo while trying to close my fundraising, ended up being an incredible blessing that forced me to raise capital very differently than how I had done it for my previous companies - where my life and my mental health were fully consumed with the process. I am a Type A Virgo Alpha Latina after all.

So here are my top 7 tips for fundraising while keeping mentally strong in the process.

?1 - Set Up Shop in a Happy Place

If you can set up a virtual office in a place you enjoy, do it! Taking a mental break from your usual routine will make a big difference. For me it was working from Cabo. As a native Baja girl, the Sea of Cortez is my happy place! (Thank you, Susie Albin-Najera from Los Cabos Tourism and Viceroy Los Cabos , for making this possible).?If you can’t leave town, try at least a different location in your home or office that feels new. Pick a new view. Add flowers to your desk. Or introduce anything visually pleasing to your space to help shake-up your routine - trust me it makes a difference.

2 - Limit Your Work Travel

Traveling between time zones takes a toll on me physically and mentally, so I was lucky that during my raise everyone was pitching virtually. Now that the world is opening up, try to mix up your pitches digitally as well as in person, so you have time to recoup in between them. There is no doubt that there is something very powerful about being in a room live and feeling everyone’s energy, but some meetings you can certainly do virtually, especially if it’s just an exploratory call or follow-up questions for due diligence. You don’t need to be in-person to point out the right document they can’t find in your data room!?

3 - Unplug Your Mind

Make meditation or whatever else you do to relax mandatory in your schedule. ?During fundraising try to do it a couple times a day. This is when I usually have my most creative moments and breakthroughs. I like Transcendental Meditation, but you can also use an app like Calm or Headspace.

4 - You are What You Eat

You need to be on top of your game as you prep mentally and physically to fundraise. Feed your brain with food that will make it function at its best, as this is not the time to be tired or have a foggy brain. You can’t afford that! I usually do a good healthy cleanse pre-fundraising.?My favorite one is CLEAN by Dr. Alejandro Junger, but there are plenty of options out there, at a minimum, stay away from sugar and anything white (except for Jicama with Tajin). Heavy refined carbs and sugar will jeopardize your energy levels and make it tough to get through the day.

?5 - Sweat Out Your Demons!

Exercise does not come natural for me, but I always feel better, re-energized and ready to take on the world after a good Peloton ride. My go to’s are:?In the Heights, Lizzo, and The Greatest Show Man. It’s a great idea that before you start your grueling pitch calls when you need to be “on” and at your best, that you exercise first. Make this a non-negotiable part of your fundraising process, by putting it in your schedule first thing in the morning. Getting good exercise also usually leads to a good night’s sleep, which is critical to allow you to recover before jumping into your next batch of calls and meetings the next day. But if you are pressed for time and need to choose between exercise and sleep, I recommend you prioritize sleep.

?6 - Pitch to Your Friendly Investors FIRST!

Now that you are prepped to start pitching, a good idea is to warm up your pitching skills with whomever you feel the most comfortable with. For me, it was my first two investors (Gracias?Samara Mejia Hernandez ?and?Anna Barber ), who before even asking me about my company’s metrics, always asked how I was doing, and that was PRICELESS.

Quick reminder to always do your due diligence on your investors, as not all money is the same. Ideally, take money from investors who really care about the problem you are trying to solve and care about - not only the success of the company, but your personal success and well-being as well.

7 - Don’t Be Afraid to Say “No”, Ask for Help, and Splurge on Efficiency

Asking for help is a hard one for me. I was programmed to be of service (like all Latinas) and put others before self, but I’m getting better at telling people when I can’t do something, can’t mentor them, can’t support their fundraising efforts because I sometimes just don’t have time. I’m doing a better job or recognizing when I need help, or need a nap, or when someone else needs to take care of dinner. I still feel guilty, but I’m working on it.

Whatever you can delegate or do to make your life easier, do it!... at least during fundraising, so you can not only free up some of your time but also your mental space. I now feel zero guilt for ordering warm tortillas on Instacart and paying the extra fee instead of having to drive to Northgate Market myself!

We know the stats, fundraising has always been tougher for women - particularly women of color, Latina immigrants with accents, and women over 50 (I hit all of those!). But even when I’ve been fortunate to be part of the elite 1% that has been able to successfully raise capital, I haven’t always successfully taken care of my mental and physical health, and all the millions of dollars in funding won’t be enough to make me succeed if I fail to keep my body and mind strong.

Finally, don’t forget to celebrate the small wins during the process, even the “no’s” and “passes” can have great learning nuggets and insights that will make you better and more resilient. Being a founder is a very long and tough road, but we know that growth is never comfortable, and success is never a straight line up.??

?Even though the current economic climate to raise capital is more difficult than in previous years, it's important to keep your spirits up, stay optimistic, and visualize a positive outcome. Remember that your mind is incredibly powerful.

You’ve got this, and just like Dolores taught us, ?Si Se Puede!

Beatriz Acevedo ?is the Co-founder and CEO of Suma Wealth, the leading Fintech company for young U.S. Latinos.