When Capella Kerst pitched geCko Materials to a panel of prominent VCs, she was fighting food poisoning. Yet she nailed it - delivering a compelling story about revolutionary adhesive technology that's currently being used on the International Space Station. Her journey to closing an $8M round at a $26M valuation is both inspiring and counterintuitive.
Breaking Traditional Rules
Most founders enter pitch meetings with expectations of a certain price tag (valuation) on their company. We saw on the season 12 finale that Capella took the opposite approach: "There is no valuation set." When pressed, she simply stated, "Submit a term sheet and we can talk and I'm sure we'll find mutually agreeable ground."
Her networking strategy was equally unorthodox. When a potential lead investor mentioned living in LA, she invited him to drive two hours for dinner in Santa Barbara. "Do you want to come up for dinner and hang out with us and get your hands on geCKo Materials?" she asked, not really expecting him to make the trip. He did.
During that dinner, she borrowed wine to demonstrate her product's capabilities. As they left, they spotted geckos on the sidewalk - a serendipitous sign that would prove prophetic.
What Actually Worked
Rather than relying on glossy pitch decks and hockey stick growth projections, Capella focused on three key elements:
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Product Validation: During the pitch itself, one investor (Cyan Banister) was so impressed she bought $1,000 worth of product on the spot - in cash.
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Two-Way Due Diligence: Capella thoroughly vetted potential investors, checking references with other CEOs in their portfolios. "We've gone through like due diligence and everything, background, both ways, obviously."
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Genuine Connections: She prioritized finding investors who had supported companies through both successes and difficulties. As she put it, it came down to "the unspeakable, like just a good heart, good connection, genuine."
The Final Deal
The round ultimately came together with KittyHawk leading at a $26M pre-money valuation. The choice wasn't just about the money - Capella selected them based on extensive reference checks with their portfolio CEOs, particularly focusing on how they handled difficult situations.
Additional validation came from The Pitch's audience, with listeners investing an additional $600,000 through a syndicate, plus $300,000 from The Pitch Fund itself.
Practical Takeaways for Founders
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Show, Don't Tell: Physical demos and immediate sales validation can be more powerful than any slide deck.
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Check References Systematically: Capella leveraged groups like StartX to thoroughly vet potential investors.
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Prioritize Fit Over FOMO: Rather than rushing to close with the first interested parties, she took time to find partners aligned with her long-term vision.
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Let Your Product Speak: Strong technology with clear market validation (like being used on the International Space Station) creates negotiating leverage.
The geCko Materials story proves that authentic relationships, genuine product value, and strategic patience can trump traditional fundraising playbooks. Sometimes, the best pitch happens over borrowed wine, and the best signs come from actual geckos on a sidewalk.
Most importantly, it shows that success doesn't require following a conventional script - even if you're pitching with food poisoning. 😬
