Dilyana Haralanova is Managing Partner & COO at The Recursive. She is also a Project Board Member at D2XCEL, a pan-European scaling program backed by the EU, and a founding team member of the Bulgaria
Why Raising Too Late Kills Startups? In this episode of The Recursive Roundtable, we unpack one of the most misunderstood topics for founders: fundraising strategy — not just the “how,” but the when, the why, and the who.
GUESTS: Iliya Valchanov, Co-founder & CEO @ Juma Konstantin Bezuhanov, Co-founder & CEO @ Evrotrust Stoil Vasilev, Co-founder & CEO @ Paypercut
They share: 💡 why starting your fundraising too late is the #1 mistake seed-stage companies make 💡 how to structure your investor outreach like a sales funnel 💡 what separates “feature AI” from true AI-powered competitive advantage 💡 how to choose the right investor — not just the one with the biggest check 💡 terms, valuation, control and the long game of capital
You’ll hear real stories about: 👉 outreach strategy and KPIs (77 conversations ≈ 1 deal) 👉 managing rejection and staying confident 👉 the importance of building relationships long before you need capital 👉 why a bad partner can be worse than no partner 👉 practical negotiation lessons and term-sheet wisdom
Whether you’re gearing up for your first round or planning Series A+, this episode gives you the mental model and playbook you need to approach fundraising with clarity and confidence.
