Founders' Capital
Ashish Kulkarni, Peter HwangThe intersection of capital, control, and startup-building. It’s not about raising money; it’s about what money does to your startup.
| Platform |  | Pricing | Only free issues | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 17 | Founded | 9 months ago | Last Issue | 18 days ago |
| Active | |||||
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founderscapital8.substack.comLatest Issues
SAFE vs Priced Round: What Founders Actually Give Up
A SAFE feels free. There is no valuation to fight over, no board to seat, no lawyers billing for weeks. You sign a few pages, the money lands, and you get back to building.
That feeling is exactly the problem. A SAFE is not free money. It...
How Rustic Art Built a 40K-Unit/Month D2C Brand Without Burning a Rupee
Dr. Surabhi Jaju, co-founder of Rustic Art, ships 30,000 to 40,000 units a month across Amazon, Flipkart, Blinkit, Myntra, Nykaa, and their own website. They have 150 SKUs, an FDA-approved manufacturing facility in Satara, a workforce that...
What your SAFE actually does at the next round
A founder showed me his cap table this week and asked me to tell him what was wrong.
He had raised three SAFEs over the last fifteen months. Each one felt fine at the time. The terms were standard. The caps were reasonable. The investors w...
Cold Emails to VCs Have a 95% Non-Reply Rate. Here is What Actually Gets You a Meeting.
68% of seed rounds in 2025 started with a warm introduction.
Let that sit for a second.
You have been crafting subject lines, personalising your opening paragraph, attaching your deck, and hitting send. You have done this fifty times. May...
I interviewed 100 VCs. This is what I built from it.
I’ve spent the last several years doing one thing: trying to understand what actually separates founders who close a round from founders who don’t.
I interviewed 100+ VCs. I ran a research collaboration with Plug and Play Tech Cente...
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Authors
The writers behind this newsletter.
I write about the mental side of building a startup—from inner conflict to grit, co-founder trust, trauma, and self-doubt in Founders Psyche, while in Founders' Capital - I focus more on execution aspect of startup building.
You feel stuck, you have traction but no repeatable revenue. I help early stage founders fix what's broken before it costs you years and resources. 5x founder/4 exits in 28 yrs, $400M in total exit value. Building 6th startup now.
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