How Orca Fraud raised a $500K Pre-Seed as Female Founders from in Africa

How Orca Fraud raised a $500K Pre-Seed as Female Founders from in Africa

Imagine the joy of closing a $550K pre-seed round. Now, imagine you're Thalia Pillay and Carla Wilby, the co-founders of Orca Fraud, and this achievement isn't just a financial milestone, it's a triumph for female founders in African tech and a beacon of hope in the fight against fraud in emerging markets.

Their journey wasn't easy. As Thalia describes, the past few months have been a rollercoaster – exhilarating highs balanced by the inevitable lows that come with building a startup. Long days fueled by instant noodles and fueled by a shared vision to empower businesses with tools to combat fraud effectively.

But these challenges only strengthened their resolve. They realized very early that a strong pre-seed round was crucial in taking Orca forward. For you as a founder, the question is, how to navigate the competitive world of fundraising, especially during the seemingly quieter summer months when VCs might be trading boardrooms for beach chairs?

Here's where Orca's story becomes your blueprint for pre-seed fundraising success. Think of it as your summer prep for perfecting your pitch. And that's where Score My Deck can help you.

Understanding the Fight Against Fraud in Emerging Markets:

Orca didn't just offer another fraud-fighting solution. They understood the specific challenges faced by businesses in emerging markets.

For instance, unlike developed economies where credit card fraud might be prevalent, Orca focused on solutions to combat mobile money scams and fake e-commerce transactions, which are more common in Africa.

Building Your Fundraising Arsenal: Data, Networking, and Perfecting Your Pitch

The pre-seed fundraising stage can feel like an uphill battle, but fear not, we’ve been there too! Just like Orca Fraud, your journey to securing early stage funding can be a success story.

Orca leveraged data, storytelling, and resourcefulness to land a record-breaking pre-seed round. These same strategies can be your secret weapon.

Let's dive in and explore how to craft a power pitch, build strategic investor connections, and perfect your fundraising approach without breaking the bank.

Fueling Your Pitch Deck with Data-Driven Insights:

Score My Deck's AI analysis could have provided Orca with real-time data on investor preferences in the financial technology (FinTech) sector specific to emerging markets.

This would have ensured their pitch resonated with investors who understood the unique needs of the region and the potential impact of Orca's solutions.

Crafting a Story that Captivates:

While Orca's story is undeniably compelling, Score My Deck could have helped them hone their narrative even further. Imagine their pitch deck bursting with data-backed evidence of the financial losses businesses in Africa suffer due to fraud, alongside a clear roadmap showcasing how Orca's tools would be the solution.

Practice Makes Perfect:

Thalia mentioned the importance of a confident presentation. Score My Deck's investor meeting simulation feature could have been a game-changer.

They could have practised their pitch, received valuable feedback on their delivery and communication style, and refined their pitch before stepping into real investor meetings.

Building Strategic Connections:

Imagine replicating Orca's success by leveraging Score My Deck to connect with investors specializing in supporting early-stage FinTech companies focused on emerging markets. Targeted networking takes the guesswork out of the process, ensuring you connect with the right people who understand your vision and the specific challenges your solution addresses.

Learning from Orca's Resourcefulness:

One of Orca's key takeaways was the importance of a focused and resource-efficient approach. They opted for a strategic pre-seed round to prioritize profitability.

This aligns perfectly with Score My Deck's mission: helping early-stage startups secure funding without unnecessary overhead.

Your Summer Guide to Pre-Seed Fundraising Success

The fundraising frenzy might slow down during the summer, but that doesn't mean your pre-seed journey has to stall. In fact, these quieter months can be your secret weapon.

Imagine turning those lazy summer days into a goldmine of connections, a perfectly honed pitch deck, and a rock-solid fundraising strategy. Intrigued?

Here's your summer action plan for pre-seed success, inspired by the powerhouses at Orca Fraud. Let's leverage this time strategically and transform your startup from beach bum to funding magnet!

Your Summer Advantage:

Leverage Score My Deck to refine your pitch, build connections, and perfect your fundraising strategy. Just like Orca, you can lay a solid foundation now and ensure a smoother journey to securing your pre-seed round.

Moving Beyond LinkedIn:

Many savvy founders understand that LinkedIn can be a goldmine for networking within specific niches. Previously funded founders already know which investors have poured money into your sector.

Action Plan:

  • Warm Introductions: Start building a list of funded founders in your niche and aim to get connected through strategic introductions.
  • Transparent Sharing: Don't cloak your startup details in secrecy; transparency builds trust more quickly than any Non-Disclosure Agreement (NDA). Stay away from NDAs. Investors see so many pitch decks (some very similar solutions) it's waste of time trying to ask them to sigh one.

Score My Deck assists here too. You can easily create targeted lists and analyze which potential investors align best with your startup's needs. Plus, you'll receive actionable insights on perfecting your problem statement, making those cold emails all the more effective.

This approach is crucial. One key insight I've gathered? Founders who close rounds faster aren't afraid to share information or engage openly about their startups. If someone asks for your pitch deck? Share it. If they want a call? Book it immediately! This kind of transparent engagement significantly improves trust levels and accelerates due diligence processes.

Action Plan:

Strategic Database Building: Take advantage of the summer slowdown by organizing databases of previously funded founders and industry-specific investors using tools like Score My Deck.

The personalized support provided through our platform means you don't just receive feedback; you get expertly crafted advice tailored specifically towards conquering typical VC objections and targeting ideal investors effectively.

Transforming Summer Downtime with Score My Deck:

Rather than seeing these quieter months as wasted time, view them as golden opportunities:

  1. Craft Killer Pitch Decks: Use Score My Deck's specialized features to refine every aspect of your pitch—from writing compelling problem statements to a deeper understanding of the competitive landscape.
  2. Preempt Investor Objections: Go into every meeting prepared by addressing potential concerns head-on, thanks to detailed reports generated through Score My Deck. These reports are tailored specifically around venture capital expectations.
  3. Effective Fundraising Emails: Writing compelling cold emails becomes much simpler when broken down stepwise via focused guidelines found within supportive frameworks offered at Score My Deck.

By optimizing these seemingly "quiet" seasonal periods with a clear strategy driven by insights from Score My Deck, you're setting up stronger foundations for smooth sailing during the hectic fundraising seasons ahead.

Early Stage VCs who participated in Orca Fraud’s Pre-Seed RoundLead Investor: Norrsken22 (investment team members Nivesh, Natalie, and Laurie are mentioned)

Other Investors:

  • First Circle Capital (team members Selma, Agnes, and Ming)
  • Musha Ventures (investor Aadil)
  • Kara Ventures (team members Réna and Jérémy)
  • Everywhere Ventures (team members Scott and Jenny)
  • Several strategic business angels
  • Family and friends

Inspired by Orca Fraud's accomplishments?

Head over to our website and see how we can help you craft your own fundraising success story even when you have no revenue.


Remember, building a company is a marathon, not a sprint. But with the right tools and strategies in place, you can navigate the challenges and emerge victorious, just like the inspiring founders of Orca Fraud.