$10M Raised, 500K Users, but she still failed—here’s what went wrong | Benedetta Lucini, Founder of Oval Money

A Product Market Fit Show | Startup Podcast for Founders

This is the brutally honest startup story every founder needs to hear. Benedetta shares how she built a fintech app to half a million users and raised $10M—yet still failed.

You’ll learn why chasing big partnerships can backfire spectacularly, how a seemingly successful startup can quietly fall apart, and how to set yourself up to avoid common but deadly fundraising mistakes.

This isn’t just another success story; it’s a real guide on how not to fail.

Why You Should Listen

• Discover why even rapid growth and millions raised might not save you.
• Find out the hidden dangers of relying on corporate VCs.
• Learn why equal founder equity splits might not be a good idea.
• Hear the biggest fundraising mistakes early-stage founders make (and how to avoid them).
• Get practical advice on how to truly validate your startup before building tech.

Keywords

startup failure, fundraising mistakes, fintech startup, founder lessons, corporate VC, startup partnerships, product validation, founder equity split, early-stage fundraising, startup growth challenges

00:00:00 Early Days at Uber and Moving into Fintech

00:07:00 Launching a Consumer Fintech App in Europe

00:13:37 Validating Without Tech Building an MVP by Hand

00:19:22 Why US Startup Models Don’t Work in Europe

00:23:07 Raising Money Quickly—and the Hidden Costs

00:28:56 Running Out of Cash When COVID Hit

00:32:15 Tough Decisions Layoffs, Sales, and Shutdown

00:37:53 How Big Partnerships Can Sink Your Startup

00:43:41 Staying Optimistic Even When Everything Falls Apart

00:46:38 Crucial Fundraising Advice for Early-Stage Founders

Send me a message to let me know what you think!

Chapters

1. Early Days at Uber and Moving into Fintech (00:00:00)

2. Launching a Consumer Fintech App in Europe (00:07:00)

3. Validating Without Tech Building an MVP by Hand (00:13:37)

4. Why US Startup Models Don’t Work in Europe (00:19:21)

5. Raising Money Quickly—and the Hidden Costs (00:23:07)

6. Running Out of Cash When COVID Hit (00:29:11)

7. Tough Decisions Layoffs, Sales, and Shutdown (00:32:15)

8. How Big Partnerships Can Sink Your Startup (00:37:54)

9. Staying Optimistic Even When Everything Falls Apart (00:43:41)

10. Crucial Fundraising Advice for Early-Stage Founders (00:46:38)