Fundraising Through the Fire: Lessons from Yifan Zhang’s Journey
My takeaways from the pilot episode of Raiser's Edge with Yifan Zhang.
Hey Raiser’s Edge community,
As so many founders know, raising money can be a very rough ride. The highs, lows, and narrow escapes are part of the package.
For our pilot episode of Raiser’s Edge, I talked with Yifan Zhang, Managing Director at the AI2 Incubator and a two-time founder. Yifan revealed what it’s like to navigate fundraising through a truly existential crisis—and her secrets that let her come out the other side.
Yifan’s path—through viral launches, hard pivots, and existential near-death moments—reveals truths about fundraising you just won’t hear anywhere else. Here are my biggest takeaways from our conversation, plus some raw, behind-the-scenes insights that didn’t make the episode.
1. Treat VCs as equals.
Early on, Yifan battled the feeling that VCs are “above” founders. Her breakthrough came from realizing she was an expert in her tiny sliver of the world and investors had just as much to learn from her. The best investors, especially in Silicon Valley, operate as equals. Wherever you’re raising, own your expertise in the room—it’s vital, not just for confidence, but for deal quality.
2. Ignore the happy talk; focus on actions.
Investors may talk excitedly—but it’s their speed to the next action (intro, diligence, term sheet) that proves real interest. Keep tabs on those action gaps and don’t let the “happy talk” lull you into complacency. Instead, track action follow-through and timing between actions.
3. Fundraising is a process—and organization and execution are key.
Yifan runs her raises with the precision of a sprint—batching intros and managing timelines. If you’re raising, try structuring your rounds in mini-sprints, rather than endlessly chasing warm intros. Efficiency and consistency can take weeks or months off your timeline to raise.
4. Disaster can be a catalyst for great fundraising.
When COVID hit, Yifan lost 90% of Loftium’s revenue in four days. Instead of panicking, she hit the chaos head on and used the crisis to organize a better model. Investors don’t give you any credit for adversity—what matters is the trajectory that you emerged with. By focusing squarely on resetting with a smarter business model, Yifan unlocked the next round.
5. Make Sure to Recharge
Yifan described fundraising as “getting punched in the face repeatedly, and just getting back up”—but emphasized the need for breaks and support buddies. Even the best CEOs need space to collapse, process their emotions, and come back at full strength. If you’re in the midst of a brutal raise, don’t go it alone. Be deliberate about having a support crew and allowing for moments to recharge.
Yifan’s journey isn’t just about tactics—it’s about mindset. She treats failure as learning, embraces process over perfection, and sees fundraising as an integral, recurring test of leadership.
The true edge in fundraising? Being ruthlessly honest about what you know, what you don’t, and exactly what you learned in the fire.
If you want to learn more secrets from the best fundraisers, subscribe here on Substack, as well as on Spotify and Apple Music—so you never miss an episode drop.
Stay sharp,
Ben