When it comes to funding their business founders think their only options are venture capital, bank loans, or bootstrapping. They're wrong.

In the inaugural episode of Behind the Raise, VirtualAd co-founders Martin Kocandrle and Brendan Manley pull back the curtain on private capital markets — what they are, why they're growing fast, and why more founders are ditching the traditional VC route in favor of raising directly from accredited and retail investors.

In this episode, Martin and Brendan cover:

• What private capital markets actually are and how they differ from public markets and institutional capital
• The legislative changes (including the 2012 JOBS Act) that made direct-to-investor fundraising accessible to everyday companies
• Why VC isn't the right fit for most founders — and what the alternative looks like
• The investor portals powering this space today (Dealmaker, Dalmore, StartEngine, Wefunder and more)
• How a predictable, scalable capital raise engine actually works — and why it's not passive
• The difference between Reg CF, Reg A+, and Reg D 506(c) — and which might be right for your company
• Whether online capital raising is a replacement for institutional capital or a complement to it

Brendan also shares three pieces of advice for any founder considering this path for the first time: be open minded, choose the right offering exemption, and be all in — because this only works if you do.

If you're a founder exploring your funding options, feeling frustrated by the VC process, or just curious about how companies are raising millions directly from their communities and customer bases — this is your starting point.

Behind the Raise is hosted by Martin Kocandrle and Brendan Manley of VirtualAd, a capital raise marketing agency specializing in direct-to-investor marketing for private market issuers.