We're a bootstrapped proptech SaaS company in India with about 15,000 organic users and no marketing spend. Our product is built entirely on Azure, and we've used roughly $23,000 of our original $25,000 in credits. Most of the usage comes from Azure OpenAI or Foundry models, followed by Container Apps, virtual machines, and AI Search. We've already reduced our model costs by about half through cheaper models and better prompt caching.
We're currently speaking with investors and pursuing our first larger B2B customers, but we haven't closed funding yet. Support declined two requests for additional credits or a higher program level, explaining that extensions and extra allocations are no longer available after the July 2025 changes. They said further upgrades require a valid Investor Referral Code from an investor in the Microsoft for Startups Investor Network, but Microsoft does not publish a participating-investor list or make introductions. They also said a previous upgrade doesn't create a precedent and suggested looking into ISV Success.
For founders who have dealt with this, what is the fastest realistic way to obtain a referral code without having raised investment? Do accelerators, angel networks, or venture firms issue codes before investing, such as after an application, introduction, or term sheet? Has anyone moved from Founders Hub to ISV Success and received meaningful Azure credits? Are there other practical options before the remaining credits run out? We're already planning a move to a separate pay-as-you-go subscription because our sponsorship subscription cannot be converted in place.
1 Answer
The most straightforward route seems to be joining an accelerator or similar startup program. You generally don’t need to have completed an investment first; participating in an accelerator may give you access to investors who can provide the referral code. It’s worth checking programs and investor networks that actively work with early-stage companies in your region.
That matches what I’ve heard too: the code usually comes through the accelerator or investor relationship, not necessarily from money already invested. I’d start applications immediately while continuing with the pay-as-you-go migration plan.