Over the past 25 years, the fundraising journey for growing businesses has evolved significantly. While the early stages still often rely on family, friends and, occasionally, a supportive bank manager, the path in between has changed dramatically, with private equity playing a much greater role, companies remaining private for longer and the funding landscape continuing to evolve. In our latest Insight, written by Keith Hiscock, Chief Executive of Hardman & Co, we explore how fundraising has changed, what it means for founders, owners, managers and investors alike, and the opportunities and challenges that lie ahead.