July 15, 2025
Raising a seed round can feel like throwing darts in the dark. You’ve got a pitch deck — but how do you make sure it lands?
At Bonfire Ventures, after reviewing thousands of early-stage decks, one thing’s clear:
Strong decks don’t just present information; they tell a crisp, compelling story without needing a voiceover. Too often, founders create decks that are either too vague or too dense, making it hard for investors to understand the opportunity. Even if the market and problem are exciting, a confusing deck can lead to a pass.
A well-crafted pitch deck that clearly communicates your startup’s mission and the solution is the key to starting meaningful conversations with investors.
“Don’t let the deck do all the talking. Know your story, your numbers, and your ‘why.’ The best founders own the conversation and use the deck to support it, not carry it.”
— Dominique Yadegar, Vice President at Bonfire Ventures
The investment team at Bonfire reviews your pitch deck ahead of the meeting, so it’s important that it clearly explains your business without you needing to be in the room. Beyond the content itself, the quality of the deck often reflects your ability to tell a compelling story. This kind of storytelling is especially important to investors because it signals how effectively you can communicate your value to potential customers.
We’ll walk through the slides we like to see, but the truth is, the best presentations aren’t driven by the deck. They’re driven by the founder. Your pitch deck should support your story, not be the story.
When pitching to Bonfire, the investment team is eager to understand your professional background, your insight into the problem and solution, and your long-term vision for the company. The initial call is intentionally high-level, centered around you and your founding team. Investors are assessing founder–market fit. They want to know why you are uniquely positioned to solve this problem. If you can’t clearly articulate your story, it raises concerns about your ability to serve customers, lead the company, or stay committed to the journey.
Bonfire is looking for founders with a compelling 10–15 year vision and the grit to see it through. A strong pitch deck can open the door—but it’s your clarity, conviction, and command of the details that keep it open. Expect investors to dig into your metrics, product decisions, and what success looks like over time. The founders who stand out are the ones who use the deck to support their story—not tell it for them. So don’t treat it as a script. Know your numbers, own your narrative, and lead the conversation.
Even if the idea is strong, investors pass on decks all the time. Why? According to Bonfire investor Dominique Yadegar, it usually comes down to clarity and balance.
"A strong deck tells a sharp, engaging story. If it's overcrowded with text, or conversely, missing key information, it’s easy for an investor to pass."
Here are a few common missteps she sees:
What makes a deck stand out?
What is the pain, and who is feeling it?
Start your deck by clearly explaining the problem you’re solving. Investors want to back companies addressing real, urgent problems, not just incremental nice-to-haves.
Make the problem tangible. Who does it affect? How is it being handled today? Why is the status quo broken or inefficient? Use data or a quick story to bring it to life. The best problem slides strike a balance between logic and emotion, especially if the problem is one you’ve personally experienced.
And don’t forget timing. Why does this problem matter now? Whether it’s a market shift, new behavior, or emerging trend, help investors understand why this is the right moment to build something better. This slide is what pulls people into your pitch—make it count.
How does your product solve the problem, and why does it matter now?
This is where you make the case for your solution. Lay out what you’ve built (or are building), how it addresses the core pain points you introduced on Slide 1, and why it’s a clear improvement over the status quo.
Focus on the value to the customer, not just features, but outcomes. What makes your solution faster, cheaper, easier, or more effective? What’s the key unlock that current options are missing?
Use simple, clear language. If your solution is technical, bring it back to business value. This slide should help investors quickly grasp what you do and why it works. You can highlight core functionality, value props, or customer benefits—but keep it focused and punchy.
Bonus points if you can show why this solution matters now. Timing is a powerful part of any pitch, and urgency makes the story more compelling.
How big is the opportunity? Investors want to back startups playing in large, growing markets. But size alone isn’t enough; you also need to show a clear and credible path to capturing a meaningful slice of it.
Break down the opportunity using:
Use directional numbers, not inflated ones. Show how your target segment is reachable, why now is the right time, and what makes this market compelling (e.g., category shift, regulatory tailwind, underserved niche, etc.).
How do you land customers—and how will you scale?
Your GTM slide should make it crystal clear how you’re acquiring users today and what your plan is for expansion. Start with your ideal customer profile (ICP)—who exactly are you selling to, and what segment do they fall under?
Then outline your core acquisition channels: outbound sales, product-led growth (PLG), content, partnerships, paid, etc. Be specific about what’s already working and what experiments are in motion. If applicable, walk through the customer journey from awareness to conversion—what are the key touchpoints, and what drives them to take action?
As you scale, how will you grow acquisition efficiently? Show that you understand not just how to get users, but how to do it in a repeatable, cost-effective way.
Since GTM strategies can be nuanced, visuals like funnels, flywheels, or motion maps can help bring this slide to life. Investors want to see that you’ve thought deeply about how you win customers—and how you keep them.
Make it real.
Nothing builds conviction like seeing the product in action. Whether it’s a short video, screenshots, or a live demo during your pitch, this is your chance to show—not just tell—how your product works and why it matters.
Focus on clarity over polish. Walk investors through the key workflows, highlight the “aha” moment, and show how quickly a user gets to value. What does the experience look like from your customer’s point of view? What makes it intuitive, powerful, or sticky?
Live demos are great if you're confident they’ll run smoothly—but even a few crisp visuals can go a long way. The goal is to make the product feel tangible and inevitable. If investors can understand what you're building and how users engage with it, they're much more likely to believe in the opportunity.
How do you make money—and how scalable is it?
This slide should give investors a clear picture of how your business works financially. Start with your pricing model and revenue streams. Are you charging by seat, usage, tier, or something else? Is revenue recurring or transactional? Keep it simple, but make sure it’s understandable.
Then layer in the key metrics that show how you’re thinking about the health and efficiency of the business. Depending on stage, this might include:
You don’t need all of these—but you should know which ones matter for your model and why. Early-stage investors aren’t expecting perfection, but they are expecting clarity. This slide tells them whether you know how to build a business, not just a product.
Use visuals—a simple chart showing growth over time, for example—to make the metrics easy to digest at a glance. Emphasize momentum and direction over polish. Show that you’re tracking the right signals and building with both growth and efficiency in mind—then use your traction slide to prove it.
Show real proof that your business is working.
This is where you validate that your product isn’t just a good idea—it’s already finding a foothold. Traction signals that there’s real demand, that your GTM motion is gaining momentum, and that you’re learning and iterating based on what the market is telling you.
Common metrics to include:
Even if you're early, any signal that shows movement—waitlists, pilots, paid POCs, consistent usage—can be compelling. Choose 2–4 key metrics that are most aligned with your model, and be ready to explain what they mean in context.
This slide should back up the claims you've made about your opportunity, your product, and your model. Transparency builds trust—don’t try to spin small numbers into something they're not. Instead, show that you’re learning fast, listening to your customers, and making smart decisions based on real-world feedback.
Who else is in the space—and why are you the one to win it?
Don’t shy away from the competition slide. If there’s no competition, investors will question whether a real market exists. The goal isn’t to pretend you’re the only solution—it’s to clearly explain why you’re different and why that difference matters.
Use a simple visual—like a quadrant chart or feature comparison table—to show where you stand. Highlight the gaps in existing solutions and how your product addresses them better. Be direct about your moat: is it proprietary tech, unique data access, a novel GTM motion, switching costs, speed, community, or something else?
If you're in a crowded space, clarity here is even more important. Show that you understand the landscape and have a sharp, differentiated point of view. Acknowledge credible threats—but pair them with thoughtful, strategic responses. Use traction or testimonials to back up your claims when you can.
This slide is where you earn investor confidence that you're not just another entrant. You’re building the right thing, in the right way—and you're positioned to lead.
At this stage, founder–market fit is everything. Investors want to understand why your team is uniquely positioned to solve this problem. What experience, insight, or personal connection makes you care enough to build in this space for the next 10–15 years? The team doesn’t need to be complete, but the founding group should bring a sharp understanding of the customer, the market, and the road ahead. If that story isn’t clear, it raises concerns about execution, adaptability, and long-term commitment. Early-stage investing is ultimately a bet on the team—their chemistry, conviction, and ability to learn and lead as the company grows.
How much capital are you raising—and what will it unlock?
This is where you make the ask. Be specific about the amount, the stage (e.g., pre-seed, seed, post-seed), and what this raise is designed to achieve. Investors want to understand not just how much, but why now and what's next.
Include a simple use-of-funds breakdown across key areas like team, product development, go-to-market, and operations. Even directional percentages (e.g., 40% team, 30% product, 30% GTM) are helpful. This shows that you’re thinking strategically about resourcing—not just extending runway, but driving toward clear milestones (like product launch, revenue targets, or your next round).
Avoid being vague here. The more clarity you bring to this slide, the more confidence you give investors that their capital will be put to work effectively.
A pitch deck isn’t just a collection of slides; it’s your story. It’s how you prove you’ve found a real problem, built the right solution, and have the drive to build something meaningful.
Real-world example: Octave—a Generative GTM platform founded by LinkedIn, DocuSign, and Dropbox alumni, used a crisp, 12‑slide deck to secure $5.5 million in seed funding led by Bonfire earlier this year.
That mix of clarity, narrative, and sharp thinking didn’t just lead to a follow-up—it led to a term sheet, and eventually, a Business Insider feature on one of the strongest seed decks we’ve seen.
Examples of Good Pitch Decks:
Ready to Raise?
At Bonfire, we invest at the Seed stage—often as the first institutional partner—for B2B software founders with the vision and grit to build category-defining companies. We keep our portfolio intentionally small so we can go deep, offering hands-on support across go-to-market, hiring, fundraising strategy, and more.
If you’re building something bold, we’d love to hear your story.
[Explore our portfolio →] | [Pitch Bonfire →]
