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Solana co-founder Toly says fundraising during a new technology cycle has a…

2026-07-29 · 12:44 UTC ·@ThePeelPod ·1 min read

Brief

Solana co-founder Toly frames fundraising as tied to a limited six-month 'railroad-level' window during a tech cycle, arguing Bay Area networks let founders maximize odds. He recounts quitting Dropbox (they told him to return in six months), living in an 800-square-foot apartment while his wife earned, hustling through thousands of VC meetings, and urging relentless networking and tactical asks.

Why it matters

Solana co-founder Toly says fundraising during a new technology cycle has a six-month window — a 'railroad-level' moment when capital is relatively easy and waiting six months to prove the idea would make you too late.

Key details

  • He credits the Bay Area's dense ecosystem of executives and founders for enabling fast raises: after quitting Dropbox they told him to come back in six months; he lived in an 800-square-foot apartment, his wife was the breadwinner, and he took what 'felt like a thousand' meetings with VCs.
  • Tactical advice: attend every relevant industry event, find and pitch VCs, ask funds to write an angel check if they won't lead, and recognize that failure to raise within that six-month window likely means you won't raise in that cycle.
Source evidence

From @Solana co-founder @Toly the six month window to raise capital during a new technology cycle:

"When you have a moment where there’s a railroad-level investment into something, you have a six-month window where capital is relatively easy to get. Where people will fund an idea that seems like it solves a lot of the current problems that the technology is facing.

For Solana, if I waited six months for a better time, if I proved out the idea first, it would be too late.

The big benefit of being in the Bay Area as a founder is, when I went to Dropbox and told them I was quitting to go do the startup, they literally told me to come back in six months if it doesn’t work out.

There’s no other place in the world with the same layers of executives and founders and companies who all understand where innovation comes from. It’s from people taking those dumb risks and failing, allowing for failure, and being fine with it.

That gave me the confidence to give myself six months. I had a kid. We were in a tiny 800-square-foot apartment, and my wife was the breadwinner. And I hustled. I took what felt like a thousand meetings with VCs up in the city.

If you’re really serious about raising, you have to be in the Bay Area. Because it maximizes your odds.

You make a list of every event that is relevant to your industry. Go to every event. Talk to every person there. Figure out who the VCs are. Do the elevator pitch. Get an intro. Pitch them. If their fund doesn’t invest, ask if they'll write an angel check if you get a lead.

Just do everything you can to work the network. And if you cannot get funding during that time, it means it’s not going to happen during that cycle."

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