In the latest episode of Build Mode, host Isabelle Johannessen sits down with Sasha Orloff, founder and CEO of Puzzle and a Startup Battlefield alum, to share the hard-won wisdom from building companies that have collectively raised more than $1 billion. The takeaway? Investors don't expect your startup to be perfect - they just expect you to understand its reality.

Orloff breaks down what investors actually look for during fundraising, which financial metrics founders should know by heart, and why messy data or misunderstood metrics can cost you leverage, valuation, and even a term sheet. He recounts how he nearly lost a term sheet because his data room wasn't ready, and explains how fundraising diligence evolves as a startup grows.

The key message for founders: waiting until you're nearly out of cash to start fundraising is a terrible plan. Getting your financial house in order can help you raise with confidence and leverage, because VCs are less interested in perfection and more interested in whether you understand your own business's financial reality.

New episodes of Build Mode drop every Thursday. Subscribe on Apple Podcasts, Spotify, or wherever you like to listen, and watch the full videos on YouTube - because apparently, listening to podcasts isn't enough anymore.