Last week, DecisionDesk closed out a $1.25 Million round on Fundable. The innovative applicant tracking platform has gained a long list of noteworthy clients – including Juilliard, Fullbright and Carnegie Hall.
Founder John Knific is a graduate of Case Western Reserve University, where he studied performing arts and entrepreneurship. He witnessed first-hand how archaic and costly admissions processes slowed down universities and drained their administrative budgets. He created the platform to allow organizations to share rich multimedia files like music samples and video, and manage the task flow of administration as they filtered through applications.
The DecisionDesk team will be using the capital raised to aggressively expand the DecisionDesk team and applicant tracking technology. According to John, “Fundable was able to create a very compelling story and create buzz outside of our normal angel network. The platform provided value beyond just the fundraise- it was a great experience, and frankly, a fun and exciting way to close out this round of fund raising.”
After closing out his investment round, John passed along some tips on how to make sure you’re making the most of your conversations with investors.
The Three “Musts” of Pitching Investors
John affirms that “Savvy investors have three major checkmarks. First, are you solving a real problem? Second, how big is this problem? Third, are you the team that can execute the solution? When I pitch, I try to tell the story of DecisionDesk as a narrative that weaves these major components together.”
Determine Your Best Fit Investors
During their fundraise, the DecisionDesk team also applied for and received an Innovation Ohio Fund Loan for $750,000. According to John, it’s critically important to determine what investors and administrators are looking for in their investment and target them appropriately. “Each group will have specific criteria. [The Innovation Ohio Fund] were looking for companies that are at break-even, have high growth technology, and will be scaling their business in Ohio. DecisionDesk is in a unique position, having just raised an angel round. As an early stage SaaS company, over a third of our operating expenses are software development, which makes the loan a great fit.”
Timing is Everything
According to John, “the State’s funding comes at a perfect time in our growth cycle. We’ve quickly become the leading provider of online audition management and are rapidly expanding as an enterprise provider for higher education institutions. We’re in this to save organizations thousands of wasted hours and dollars, help clients attract phenomenal talent, and create an awesome application experience for students”
Congratulations to DecisionDesk!