MIRAISE is a Tokyo-based fund that specializes in seed-stage software startups and was established in 2019 and has invested in 26 startups. Of these, more than 30% were funded fully remotely, having never met the founders in person.
MIRAISE had placed an entry form on their website for sourcing startups. The entry form saved to receive information, but it was not dedicated to increasing the number of applications enough.
The founders were spending a lot of hours submitting the entry form. Also, it was the beginning; MIRAISE read the long entry and back and forths with them. Next was scheduling. Totally, it took more than a week to meet them face-to-face in Zoom. Even if entry forms were submitted every week, that was only 4 entries a month.
Difficult to anticipate the founders from only the entry form. Have you ever seen a VC entry form shared on Twitter? Even if tweeted on their account, it wouldn’t be very viral. There’s no other way to increase the number of applications from the entry form, other than to improve the ranking through SEO or to improve their brand.
MIRAISE launched a campaign, MIRAISE HOUR with using Remotehour to bring office hours completely online and provide an open door to talk to whoever is interested in when they’re online. They don’t have to schedule before. As a result, they’re available to increase the number of deals to nearly 20 per month.
The submissions number has been more than 7 times higher than usual and led to nearly 300% more investment deals, making it a good decision to start with taking a 5 minutes call than 1000 characters.
So what about the quality? Although the threshold is low, it doesn’t mean that the quality of the founders they met at MIRAISE HOUR is low, Rather, many of them are dynamic who are willing to take a chance.
On the other hand, it’s also worthwhile to meet potential founders, who don’t register yet. MIRAISE wants to be the first investor for the founders. Therefore, they believe that the sooner they meet the founders, the better.
Before they were available to meet the potential founders at the event. However, due to COVID-19, all these events were canceled. MIRAISE HOUR, which opens its doors under the guise of talking to everyone, not only enjoys serendipity, but it’s much easier than hosting the event.
It also becomes a hot topic on social media like Twitter or Facebook. The combination of the real-time of instant connection with one click and the virality to be easily shared with URL means that they can be retweeted from their account to reach more.
In addition to social media, it also works well to attract founders by word of mouth. It’s much easier than referring someone to MIRAISE with an email. Let’s say you’re asked to refer someone to MIRAISE. Connecting via email requires trust from him/her you’re trying to refer to. Also, it’s a hassle; They can connect with MIRAISE once you share the Remotehour link. You can even introduce them if you know the link when you don’t know each other with MIRAISE.
MIRAISE HOUR has already received coverage from the big media including the major newspaper.
Zoom meeting requires taking notes in a separate app, such as Pipe Drive or Google Keep, to take notes on the call interface. The taken notes are later archived along with the chat and recordings.
Who remembers the last Zoom meeting? One of the biggest reasons why MIRAISE likes Remotehour for its sourcing work is that it allows them to connect each meeting to their work without wasting time. In addition to sourcing work, MIRAISE plans to do office hours for start-up founders who they have already invested.