Slack's $27.7B Exit & The FOMO Trick Used to Raise their $1.5M Seed Round

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📍 San Fransisco, California

We all know the feeling.

That nagging sense that something cool is happening — and we’re not part of it.

This is called FOMO. We all feel it. It drives a ton of human behavior… so why not use it in your fundraising?

Take Slack (originally named Tiny Speck), which was sold to SalesForce for $27.7 billion in 2021.

But if it weren’t for Stewart Butterfield’s masterclass in FOMO, maybe you would have never heard of Slack.

Here’s how he made investors chase him - and how you can do the same:

Invite-Only Access 

People want what they can’t have.

Slack’s early version was invite-only — and that simple choice made a big impact. It added just the right amount of friction. Suddenly, getting in felt special. That exclusivity sparked curiosity and buzz, especially among startups who didn’t want to be left behind.

Selective Investor Access 

Butterfield didn’t pitch the entire Valley. He picked a few strategic investors — and made them feel lucky to be included.

That kind of selectivity makes other investors wonder what they’re missing. Scarcity creates status. And status drives decisions.

The Waitlist Effect

Before the public ever saw it, Slack was running an invite-only beta. Early users felt like insiders. Everyone else? Left out in the cold, impatiently waiting. That dynamic built buzz, the association with luxury — and with it, quality. By the time Slack opened up, people weren’t just curious — they were hungry for access.

Position as a Must-Have 

This part’s key: Slack wasn’t just “cool” — Butterfield made it necessary. It saved time. Cleaned up messy comms. Actually made work better. And the product felt fun, which gave it an edge. That combo of utility + delight made it feel inevitable. Investors saw that — and didn’t want to miss the train.

Slack’s Seed Funding

Slack raised $1.5M from angels in their seed round and went on to use the exact same FOMO strategies to raise a $10.7M Series A from some of the top Silicon Valley VC firms like Accel and Andreesen Horowitz.

Key Takeaways from Stewart Butterfield’s Journey

• 🐇 Create Scarcity: Utilize the ‘invite only’ or ‘reference only’ strategies Butterfield used to build a waiting list.​

• 🐇 Build Anticipation: Get investors to want in before they’re even sure what you’re building - keep them updated, but don’t open the doors.​

• 🐇 Stoke the FOMO: Make them feel like if they don’t invest, they’ll be watching the next big thing pass them.​

• 🐇 Cross Off Names: To create FOMO, you must say no. Ideally, do it semi-publically by informing your waitlist that this week you are weeding out your bottom choices. Make sure not to use names, however. ​

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Startups Currently Raising

These innovative startups are actively fundraising from around the world.

Will one of our 35,000+ founders become the the next success story?

Kleio (France): A conversational AI platform transforming complex sales journeys for enterprises with AI-driven features like lead qualification and workflow automation.
🔗 kleio.ai
📄 Pitch Deck
💰 Raising: €3M | Committed: €1.8M

Gripp (USA): A mobile-first platform modernizing agricultural operations management through QR-based tools for tracking and scaling farm activities.
🔗 gripp.ag
📄 Pitch Deck
💰 Raising: $1.5M | Committed: $800,000

Rekindled Studios (UK): A work-for-hire animation and character art studio expanding its team and production capabilities to meet growing demand.
🔗 rekindled.uk
📄 Pitch Deck
💰 Raising: £225,000 | Committed: £125,000

Raising capital for your own company?

Let me know and we can get you on this list and in front of 35,000+ readers!

👉 Submit Your Pitch

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Ring used retail expansion to dominate smart security. RYSE is using the same playbook to disrupt the smart shade market inside the 158B smart home industry.

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Start Building.

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