SAAS Operators Podcast E10: How to Raise $45M in 10 Days
In this episode of the SaaS Operators podcast, we unpack how FERMAT raised a $45 million. Rishabh breaks down why they went raised more than they initially planned to, how market pull forced their hand, and the exact process he used to close the round in just 10 days. We also get into ad efficiency, pricing psychology, why most brands under-segment their websites, and how generative AI is already building full funnels off a single goal input. The episode wraps with a spicy take on angel investing, risk math, and why you probably shouldn’t change your entire life strategy right after it starts working.
How Rishabh Raised $45 Million in 10 Days (And Why It Made Sense)
This weeks episode opened with a banger.
Rishabh drops that he raised $45M for their Series B. The original goal was $25–35M. What actually happened? Demand snowballed. They closed $45M, bringing their total to $75M raised.
Why raise that much? Two reasons:
- Insane market pull
Their agency and enterprise products took off. Agency hit a $1M run rate in three months and doubled again in May. On the enterprise side, CFOs were dropping mid six-figure deals. The demand was real. The timing was now. - The math worked
With $30M, they could double yearly and justify the valuation. More demand just meant more fuel.
Where the Money’s Going (And What Slowed It Down)
Three days after signing the term sheet, tariffs hit. They had to move with more caution.
Top priorities:
- Hiring elite talent for agency and enterprise
- Doubling down on AI and agentic workflows
- Building systems that turn business goals into full marketing execution
You can literally type in your objective and get a full site, bundle, and flow generated on the spot.
The VC Process That Actually Works
Here’s how you raise $45M in 10 days: start 6 months earlier.
- Pick 5 funds max. Be ruthless.
- Warm intros only. No cold spam.
- Make them work. Build the relationship.
- Let demand build before you ever ask for money.
You’re not begging. You’re qualifying. And once you're ready, you run a fast, tight process.
Most important: only take money from people who will ride through the turbulence with you.
Stop Selling to Broke Brands
Rishabh’s take on pricing is simple: If your product saves a brand $2M in ad waste, charge them $200K.
Don’t build a tool for a business doing $1M in revenue. They can't pay. Focus on companies where your efficiency unlock is obvious and valuable.
The product is now segmented. Big brands get tailored AI. Small brands get work-saving automations.
Angel Investing and the Risk Game
We then spiraled into angel investing, serendipity, risk math, and mental models. The consensus?
- Most people take risk, win, then instantly stop doing what worked.
- A lot of people can’t stomach the size of the risk, even if the odds are low.
- If you’re a builder pretending to be a capital allocator, you’ll lose.
Some invest for upside. Others for access and relationships. Either way, know the game you're playing.
What Is Your Time Worth?
Rishabh shared the wildest mental model:
If you want a $10B outcome in 10 years, you need to create $1B of value per year.
That’s $4M per workday.
$400K per hour.
Every hour should be driving toward that number. Not because an investor says so. Because the math does.
Final Word
If you want to raise big, you need real traction, a tight process, and long-term alignment. Start building the relationships early. Filter hard. And only pursue outcomes that are actually worth your time.
That's how you do it.
