Most founders sell the wrong way. Here’s how to do it right.

📣 Subscribe & get our free investor/buyer list at https://web.thunder.vc/vc-investor-list

What you’ll learn in this episode:

Forget the unicorn dream. This is how real founders achieve life-changing exits. Jason Kirby and Oliver Low — partners at Thunder — break down how to navigate the M&A process from both sides of the table: when to sell, how to structure a deal, and what to avoid when your future is on the line.

🔥 3-6 Tactical Takeaways:

• Why timing your exit matters more than valuation

• How to avoid the #1 killer of founder wealth: earnouts

• The rise of private equity buyers and what it means for startups

• How “venture orphans” can still create massive outcomes

• What Thunder looks for before taking founders to market

  
  

When Oliver Low sold his startup, it wasn’t a clean, overnight success story.

It was years of building, negotiating, and learning the hard way how M&A really works.

His company, Platform 360, eventually became part of a public company listed on the London Stock Exchange but the journey there was anything but straightforward.

There were earnouts that didn’t go as planned.

Buyers who vanished mid-deal.

And market conditions that turned every negotiation into a gamble.

For founders considering an exit or just trying to understand how real M&A unfolds — this conversation is a masterclass in playing the long game.

Want more insights? Check out the full shownotes for Episode 95! HERE

Europe’s next defense-tech giant is being built in London. Subscribe & get our free investor/buyer list at thunder.vc

• How Max Buchan helped take CoinShares from $0 to $50M revenue to $1.5B IPO —without VC money.
  

• The insider story behind founding Valarian, the UK’s answer to Palantir.
  

• Raising $20M in seed funding to build dual-use infrastructure for governments and enterprises.
  

• The shift from crypto to defense tech and why “digital sovereignty” is the next trillion-dollar opportunity.
  

• How Valarian attracted elite talent from Palantir, Darktrace, and top U.S. defense innovators.
  

• Lessons for founders raising capital in deep tech and dual-use markets.

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Raising capital?

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Get the latest fundraising insights, news, and tips:

https://blog.thunder.vc/funding-101?utm_source=YouTube&utm_medium=Video&utm_campaign=Episode93&utm_id=%24100M++Exits

Here’s what you’re in for:

00:00 – How CoinShares hit $50M revenue with no VC

03:30 – The problem that sparked Valarian: cross-border data control

06:00 – Pivoting from secure messaging to compliance infrastructure

08:30 – Raising $11M pre-product and landing IQ Capital & Molten Ventures

10:20 – Expanding to $20M total seed and U.S. strategic backers

13:40 – How defense tech funding evolved post-Ukraine

16:00 – Defining product-market fit for dual-use infrastructure

18:00 – Recruiting Palantir and Darktrace execs to Valarian

23:30 – Why the UK talent system lags behind the U.S.

32:00 – Operating in stealth: why Valarian waited to go public

35:30 – The hardware Pelican Case: Valarian’s deployable defense tech

37:00 – Consolidation and M&A in Europe’s defense tech ecosystem

39:00 – Advice for founders building category-defining companies

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ABOUT MAX BUCHAN

Max Buchan is the Founder and CEO of Valerian, a company building next-generation digital infrastructure to solve global data sovereignty challenges.

Before launching Valerian, Max was the first employee at CoinShares, where he worked directly with the co-founder and CEO. In just 18 months, CoinShares grew from an idea to over $55 million in revenue and nearly $2 billion in assets under management, expanding to almost 200 employees and later going public on the Nasdaq with a $1B+ valuation.

His experience scaling CoinShares across London, New York, Paris, Stockholm, and Jersey revealed a growing problem—how international companies manage data across borders. That insight inspired him to start Valerian, focused on digital sovereignty and secure global infrastructure.

Max holds a degree in History and Economics from the University of London and was named to the Forbes 30 Under 30 Europe list for Technology.

You can reach out to Max through:

Website: https://www.valarian.com/

LinkedIn: linkedin.com/in/maxbuchan

ABOUT JASON

Jason Kirby is the Managing Partner at Thunder.VC and host of $100M Exits. He’s helped thousands of founders navigate capital raises, M&A, and exits, with a focus on tactical, data-backed strategies.

You can reach out to Jason through:

Email: jason@thunder.vc

LinkedIn: https://www.linkedin.com/in/jasonrkirby/

He sold for $500M—then started all over again. Get our free investor/buyer list at thunder.vc

• Why Shay Levi left NoName Security after its $500M sale to Akamai
  

• How he built Unframe AI and raised millions at a massive valuation
  

• The mindset shift from cybersecurity to AI innovation
  

• What founders get wrong about timing their exits
  

• Lessons on capital efficiency and founder evolution after a big win
  

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Looking for capital or to sell?

Get a list of vetted investors and buyers for FREE here: https://web.thunder.vc/list-of-investors-vcs-for-founders?utm_source=Youtube&utm_medium=Video&utm_campaign=Episode92&utm_id=%24100M+Exits

Get the latest fundraising insights, news, and tips:

https://blog.thunder.vc/funding-101?utm_source=Youtube&utm_medium=Video&utm_campaign=Episode92&utm_id=%24100M+Exits

Here’s what you’re in for:00:00 – Intro: From $500M exit to new beginnings

02:15 – The Akamai acquisition story: what really happened

05:40 – Why Shay left at the peak

08:20 – The “LLM moment” that sparked Unframe AI

11:10 – Founder reinvention: starting again after massive success

14:50 – Raising at a huge valuation from day one

18:30 – Cybersecurity vs AI: mindset and market lessons

22:00 – What $500M taught Shay about building the next one

25:10 – Advice to founders chasing their second act

28:00 – Jason’s recap and founder takeaways

About $100M Exits

$100M Exits is where founders and investors who’ve achieved $100M+ outcomes share raw, unfiltered lessons. Hosted by Jason Kirby, each episode dives deep into the psychology, strategy, and playbook behind 9-figure exits and the next wave of category-defining startups.

About the Guest – Shay Levi

Shay Levi is the co-founder and former CTO of NoName Security, which was acquired by Akamai for nearly $500M. After scaling one of the fastest-growing cybersecurity startups of the decade, Shay left to found Unframe AI, a new venture pushing the boundaries of AI infrastructure and reasoning systems. Known for his product-first mindset and calm precision as a technical founder, Shay is now building in one of the most competitive spaces of the decade.

You can reach out to Shay through:

Website: https://www.unframe.ai/

LinkedIn: https://www.linkedin.com/in/shaylevi2/?originalSubdomain=il

Email: leave a comment to get an intro

About the Host – Jason Kirby

Jason Kirby is the Managing Partner at Thunder and host of $100M Exits, where he shares stories and lessons from founders who’ve raised, sold, or scaled to 9-figure outcomes. He’s an active investor and advisor to high-growth startups navigating capital and acquisition strategies.

LinkedIn: https://www.linkedin.com/in/jasonrkirby/

Melinda Nicca shares her story of raising capital, building a cash flow machine and buying it back from her investors to give herself independence again. In this episode, Jason Kirby talks with Melinda Nicci, Founder and CEO of Body Collective Group, and she opens up about her path as a health tech entrepreneur. She shares how her women’s wellness platform grew to reach over 6 million users, the highs and lows of fundraising, and the tough negotiations required to regain control of her company through a share repurchase.

Mel also talks about navigating investor relationships, launching new products, and the future of AI in wellness. Her story highlights resilience, strategic thinking, and the importance of understanding the investor landscape.

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Raising capital?

Get a list of vetted VCs for FREE here: https://web.thunder.vc/list-of-investors-vcs-for-founders?utm_source=Youtube&utm_medium=Video&utm_campaign=Episode91&utm_id=%24100M+Exits

Get the latest fundraising insights, news, and tips:

https://blog.thunder.vc/funding-101?utm_source=Youtube&utm_medium=Video&utm_campaign=Episode91&utm_id=%24100M+Exits

Here's what you're in for:

00:32 Mel’s Background & Vision

02:25 Building Body Collective Group

09:02 Fundraising Lessons

21:24 Product Development & Expansion

22:30 Navigating Investors

31:25 AI Wellness Coach Vision

35:39 Negotiating Buyouts & Reclaiming Ownership

51:11 Future Plans

55:26 How to Connect with Mel

ABOUT MELINDA NICCI

With more than 30 years of experience at the intersection of technology and global health, she has built AI-driven platforms that have reached over 6 million people in 130 countries. As the Founder & CEO of Body Collective Group, she created Bella AI, the world’s most advanced women’s health assistant, and pioneered digital wellness platforms including Baby2Body and MBODY.

Consistently recognized among the Top 100 Most Influential Women in Technology, she is known for translating AI research into real-world health applications, forging global partnerships, and scaling businesses to successful exits. Her board leadership spans high-performance sports and technology, with expertise in audit, risk, and strategy.

She is passionate about advancing women’s health, scaling AI for global health, and driving purpose-led innovation that balances commercial success with social impact.

You can reach out to Melinda through:

Website: https://www.baby2body.com/

LinkedIn: https://www.linkedin.com/in/melindanicci/?originalSubdomain=uk

ABOUT JASON

Jason Kirby is the co-founder of Thunder, a tech-enabled investment bank helping founders reach their ideal target outcomes through capital strategy and M&A.

He is a serial entrepreneur with four exits and decades of experience in fundraising, M&A, and business building. In his career, he has coached hundreds of entrepreneurs on fundraising, investing, capital strategy, M&A and business development. He’s transacted over $135M and his firm Thunder has transacted over $200M+

You can reach out to Jason through:

Email: jason@thunder.vc

LinkedIn: https://www.linkedin.com/in/jasonrkirby/

ABOUT $100M EXITS

My goal is simple: to equip founders with the knowledge, inspiration, and guidance to navigate the labyrinthine world of capital strategy to take your company where you ultimately want it, by interviewing founders and investors who have already done it.

For most, it’s a dream to sell for $100M+, but for others it’s too cash flow or IPO. Founders doing over $5M in revenue will benefit the most from this podcast.

Be sure to subscribe and let me know who you want me to interview next.

60 pitches in 90 days. A Series B term sheet that collapsed. A $15M valuation hit, and she still came out on top.

In this episode, Jennifer Henderson, founder of Colorado-based HR tech startup Tilt, breaks down exactly what it took to raise over $30 million in venture capital while balancing motherhood, market crashes, and investor whiplash.

Jen shares how Tilt was born out of personal trauma, why she built a leave management platform with empathy at its core, and what every founder, especially women, needs to know before walking into their next pitch.

From Techstars to term sheet disasters, this is the real story behind startup success in today’s market.

—---------------------------------------------------------------

Raising capital?

Get a list of vetted VCs for FREE here: https://web.thunder.vc/list-of-investors-vcs-for-founders?utm_source=Youtube&utm_medium=Video&utm_campaign=Episode88&utm_id=FundraisingDemystifiedPodcast

Get the latest fundraising insights, news, and tips:

https://blog.thunder.vc/funding-101?utm_source=Youtube&utm_medium=Video&utm_campaign=Episode88&utm_id=FundraisingDemystifiedPodcast

Here's what you're in for:
00:00 – “I don’t come from money”: Why Jen chose venture

04:21 – Building Tilt from personal pain

06:08 – Sales tactics that worked

09:07 – How Techstars changed the fundraising game

11:53 – Raising Series A: Saying no to ‘cute’ term sheets

18:03 – Series B nightmares: exclusivity traps, errors & resilience

33:07 – The truth about AI in HR tech

39:02 – Advice to female founders: “Be successful. We need you.”

42:56 – Surviving the current startup market

ABOUT JENNIFER HENDERSON

Jennifer Henderson is the founder & CEO of Tilt, a Colorado-based HR tech platform that simplifies and humanizes leave of absence management for modern teams. After two traumatic parental leave experiences, she turned her frustration into a mission. From Starbucks barista to corporate leader to raising $30M+ across five rounds, Jen's journey is a masterclass in resilience, grit, and founder-first leadership. Tilt is now a trusted solution for teams across the U.S., navigating complex leave policies with care.

Connect with Jennifer on:LinkedIn: https://www.linkedin.com/in/jenniferhendersonjctcjcdcEmail: hello@tilt.com

ABOUT JASON

Jason Kirby is the co-founder of Thunder VC. He is a serial entrepreneur with 4 multi-million exits and decades of experience in fundraising and business building. He has coached hundreds of entrepreneurs in his career on fundraising, investing, capital strategy, and business development.

You can reach out to Jason through:

Email: jason@thunder.vc

LinkedIn: https://www.linkedin.com/in/jasonrkirby/

ABOUT FUNDRAISING DEMYSTIFIED

Our goal is simple: to equip you with the knowledge, inspiration, and guidance to navigate the labyrinthine world of fundraising. Whether you're a budding entrepreneur seeking seed funding or an established founder looking to scale your business, this podcast will provide you with the tools you need to conquer the fundraising landscape.

Thank you for being a loyal subscriber to Fundraising Demystified. We appreciate your support and are excited to continue bringing you more inspiring stories from successful founders.