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How Slack Raised $1.5M by Making Investors Beg to Get In
The $27.7B Exit That Started with FOMO and a Waitlist
Anmol Goel
April 29, 2025 • Estimated Reading Time: 5min3 minutes
Hello Innovators,
Welcome to this edition of the GACS Newsletter! We all know that feeling.
Something’s happening. You weren’t invited. And now you need to be in the room.
That’s FOMO. And it works — even on investors.
Let’s talk about Slack.
Before becoming the $27.7B giant acquired by Salesforce, it was just another startup with a prototype and a dream. But founder Stewart Butterfield didn’t just raise money. He made VCs chase him.
Here’s how they did it—and how you can, too:
Step 1: Create Friction
Slack’s early version was invite-only. That instantly turned a product into a status symbol.
The takeaway? Exclusivity sells.
Don’t let your product or pitch feel like it’s on a clearance rack. Add just enough friction to make access feel earned.
Step 2: Be Picky with Investors
Instead of shopping his deck to every fund in the Valley, Butterfield selected a few and made them feel lucky to be included.
That selectivity = status.
Status = curiosity.
Curiosity = deals getting done.
Step 3: Waitlist Everything
A waitlist isn’t a delay. It’s a marketing tactic.
Before Slack’s public launch, it had a closed beta. Early users felt in — the rest? Watching from the sidelines, refreshing their inbox.
Step 4: Be a “Must-Have,” Not a “Nice-to-Have”
Slack wasn’t just cool. It solved real problems, saved time, and felt fun. That mix of utility and delight made investors see it as inevitable.
Your job: Make it obvious how your product fits into the “work better” or “life better” category.
What Slack Raised
$1.5M seed round from angels
$10.7M Series A from Accel + Andreessen Horowitz
All while running the same playbook: scarcity, status, and FOMO.
“People want what they can’t have — use that to your advantage.”
Founder Takeaways:
✔ Invite-only = buzz
✔ Fewer pitches = more demand
✔ Waitlists = urgency
✔ No “maybes”,either you’re in or watching from afar
If you’re raising, ask yourself, “Am I selling something exclusive, or just another pitch deck?”
That’s the magic of FOMO. It’s not just a feeling — it’s a fundraising weapon.
You don’t need a billion-dollar product to use it. You just need to shift the dynamic. Make investors feel like you’re choosing them , not the other way around.
Keep it selective. Build the buzz. And when it’s time to open the doors, make sure they’re already lined up outside.
We hope you found these tips helpful! For more insights and detailed guides, visit our GACS Blog, and stay tuned for more insights and tips from the startup world in our upcoming newsletters!
Best regards,
The GACS Team