How do the top crowdfunding campaigns raise millions while the bottom 50% stay stagnant? Cate Diaz and Devin Ambron have the data: their agency, Market Chemistry, has run just under 80 capital raises and helped startups secure over $225 million. In this episode of Test. Optimize. Scale., host Jason Fishman, CEO of Digital Niche Agency (DNA), interviews Cate Diaz and Devin Ambron, the team behind Market Chemistry, a fundraising firm based in Austin, Texas. Market Chemistry provides full-service fundraising and investor readiness materials for early and growth-stage startups, operating a 250,000-investor database and running Reg CF, Reg A+, and traditional rounds across the US and Canada. Questions this episode answers: What is investor readiness and what should founders prepare before a capital raise? What are the four core elements every crowdfunding pitch needs? (Mission and story, team, traction, use of funds) How do you create social proof for an investment campaign? (Pathos, ethos, logos framework) Why do cold email lists fail for investor outreach? (A 48,000-contact list produced near zero) What are the three rings of investor outreach? (Warm network, owned investor database, paid traffic) Why do founders misread advertising attribution on capital raises? (Multi-touch journeys, iOS tracking limits, modeled conversions) What is rejection data and how does it improve a campaign? What are the three levers of campaign optimization? (Message, audience, offer) How do you scale a raise once it starts working? (Lookalike investor matching, finding the thread, duplicating what converts) Why do overinflated valuations kill crowdfunding campaigns? Why can't marketing compensate for a weak offer? ("You can't optimize for trust") Connect with Cate Diaz and Devin Ambron: Website: mktchemistry.com Cate Diaz on LinkedIn: https://www.linkedin.com/in/catediaz/ Devin Ambron on LinkedIn: https://www.linkedin.com/in/dambron/ Newsletter: Community Capital Club (link in the mktchemistry.com footer) Connect with Jason Fishman, host of Test. Optimize. Scale.: LinkedIn: https://www.linkedin.com/in/jafishman/ Connect with Digital Niche Agency (DNA), the growth marketing agency behind this podcast: Website: www.digitalnicheagency.com Test. Optimize. Scale. is a weekly podcast from Digital Niche Agency covering growth marketing, capital raising, and business strategy, hosted by Jason Fishman. Subscribe for new episodes every week. CHAPTER TIMESTAMPS 0:00 - Who are Cate Diaz and Devin Ambron of Market Chemistry? 1:02 - Cate's origin story: from Austin startups to pitch decks that raised Texas's largest seed round 4:16 - Devin's background: storytelling meets fundraising operations 6:51 - What is investor readiness? Operating the raise so founders can run the business 8:54 - Why organizing your traction into one document changes how founders see their business 10:16 - What actually moves investors: the core four elements of every pitch 13:08 - The crowd effect: how popular sentiment accelerates campaigns 16:53 - The three rings of investor outreach: warm network, owned database, paid traffic 18:15 - Why cold email lists fail: the 48,000-contact list that produced nothing 19:28 - Pathos, ethos, logos: the framework for building social proof 22:50 - Making your message repeatable: why clarity spreads 25:29 - Why founders underestimate their warm network 27:54 - Attribution myths: why "ads aren't working" is usually wrong 33:03 - The rolling thunder technique: showing up everywhere at once 35:27 - Rejection data as diagnostics: what investor "no"s teach you 36:12 - The three optimization levers: message, audience, offer 39:54 - Scaling on proof, not hope: why volume amplifies whatever is already happening 43:37 - What founders should test before launching a raise 45:32 - The audience test that predicts top 1% campaigns 47:35 - Diagnosing a broken funnel: investor movement vs. marketing motion 50:12 - How to scale a working campaign: finding and duplicating the thread 52:57 - Lookalike investor matching and analyzing who actually invests 55:11 - The Tesla lesson: why your first investors aren't who you think 58:13 - Fair valuations: why overpriced deals flop with retail investors 59:27 - "You can't optimize for trust": building an audience before you need it 1:02:09 - Where to find Market Chemistry and final numbers: 80 raises, $225M+