A College Dropout Raised $15M to Build a University

How to raise venture capital comes down to relationships, not pitch decks. In this episode, N26 co-founder and former CTO Christian Rebernik sits with Niclas Schlopsna and breaks down the fundraising playbook he used to raise around $15M for Tomorrow University and what he looks for now as an angel investor. Christian helped build N26 into one of Europe's largest digital banks, securing its banking licence and core banking system. Before that he was CTO at Parship and Awin, co-created the UN World Food Programme's ShareTheMeal app, and founded the healthtech company Vivy (20M+ users across 37 insurers). Today he is co-founder, CEO and Chancellor of Tomorrow University of Applied Sciences and an active startup investor. We get into the parts of fundraising most founders learn too late: ✅ Why the worst time to raise capital is when you actually need it ✅ The introduction strategy that beats cold outreach every time ✅ Why investors back people, not pitch decks, in the early rounds ✅ How valuation moves in steps, not a straight line, and when to raise ✅ The term sheet details that quietly cost founders control (and why Elon keeps 80% of SpaceX) ✅ How to raise venture capital for a company VCs don't immediately understand Whether you're raising your first round or building an angel portfolio, this is direct, real-world fundraising and startup advice from someone who has sat on both sides of the table. Chapters: 0:00 How a university dropout ended up building a university 4:43 Inside N26: building the bank and the banking licence 8:56 Why Berlin, and why ecosystems decide everything 11:13 Where education innovation really happens: US vs Europe 13:33 How Tomorrow University started 18:44 The model: personalized, challenge-based learning 25:18 Raising $15M across pre-seed, seed and Series A 29:00 Why investors fund what they understand (and the IC problem) 33:33 The introduction strategy that beats cold outreach 36:41 When TechCrunch broke down his pitch deck 40:47 The most important slide in a Series A deck 41:38 Raising VC while structured as a non-profit 44:20 The accidental pivot to building a real university 53:04 What he looks for as an angel investor 57:37 The worst time to raise capital 59:14 Term sheets, control, and the SpaceX lesson 💡 At spectup, we've helped 100+ startups and investors raise capital and build for scale. Ready to get investor-ready? Let's talk → spectup.com 📢 Subscribe for weekly founder stories and fundraising breakdowns from people who've actually done it. 👇 What's the hardest part of fundraising for you right now? Drop it in the comments. We reply to every one. Guest: Christian Rebernik, Co-Founder & CEO, Tomorrow University. Former CTO & Co-Founder, N26. #fundraising #venturecapital #startup #N26 #founders #angelinvestor #startupfunding #termsheet #entrepreneurship #spectup