Fundraising can seem like herding cats. You get some initial momentum, potentially from a pitching event, and have a bunch of conversations but can’t seem to get the funding commitments to roll in. I heard one person use the analogy that nobody likes to be the first one on the dance floor. Well, many investors don’t want to be the first one to write a check. Worse yet, some want to be the last check written. Think about it from their perspective. If they write your first check and you don’t get anything else (or only get to 25-50% of your target), their investment is suddenly a lot more risky than the investor that writes the last check knowing exactly how much you’ve already raised and what you can do with it.