In short: treat investors as accounts. Pick them for fit, research each one, get in warm, run the process in a tight window, and track every firm through stages the way a sales team tracks a pipeline.
Key points
- A fund fits if it has invested at your stage and category recently and has room in its current fund; check the last 12 months of deals.
- Tier 1 is 10 to 15 ideal leads; practise on early Tier 2 meetings for a week first.
- Send introducers a forwardable three-line email: who you are, what you've proven, why this investor.
- If three firms pass for the same reason, it is a gap in your evidence or story, not investor taste.
- Prepare deck, memo, model, cap table, evidence log, audits and two or three reference customers before meeting one.
Not investment or legal advice. lowob doesn't act as a placement agent or finder and takes no percentage of anything raised.
1. Build the account list
Start with fit, not fame. A fund is a fit if it has made investments at your stage, in your category, recently, and has room in its current fund. Check their last 12 months of announced deals, not their homepage.
For web3: separate crypto-native funds, generalist funds with a crypto practice, and ecosystem funds or foundations attached to a chain. Each wants a different story. Ecosystem money often wants deployment on their chain; that's a GTM decision, not just a funding one.
For AI: separate funds that back infrastructure from those that back applications. An application company pitching an infrastructure fund will hear "interesting, but not for us" for three weeks.
Tier the list. Tier 1 is 10–15 firms you'd be thrilled to have lead. Tier 2 is the next 20–30. Don't pitch Tier 1 first; practise on early Tier 2 meetings for a week.
2. Research the partner, not the firm
Find the person at the firm who invests in your area. Read what they've written and what they've backed. Your first email should name one specific reason you're relevant to them.
3. Get in warm
The best introduction is from a founder in their portfolio who knows your product. Next best: an operator or angel they trust. A cold email with sharp evidence (Part 3) still works better than a lukewarm intro from someone who barely knows you.
Make intros easy. Send the introducer a forwardable three-line email: who you are, what you've proven, why this investor.
4. Compress the window
Run first meetings within two to three weeks. Overlapping interest is what creates urgency; a raise that drips out over four months signals that nobody wants it.
5. Track it like a pipeline
| Stage | Meaning | Next action |
|---|---|---|
| Researched | Fit confirmed, partner identified | Find the warm route |
| Intro requested | Forwardable email sent to introducer | Follow up in 5 days |
| First meeting | Taken | Send follow-up and homework within 48 hours |
| Partner / deep dive | Second meeting or diligence | Data room access, customer references |
| Term sheet | Offer in hand | Legal review |
| Passed | Declined | Log the reason |
The "passed" reasons are gold. If three firms pass for the same reason, that's not investor taste; it's a gap in your evidence or story.
6. Have the data room ready before the first meeting
Deck, a one-page memo, the model, the cap table (and token allocation for web3), the evidence log, audits or security reviews, and two or three customers willing to take a reference call. Diligence that waits on you kills momentum.
The checklist
- [ ] 40–60 named funds with a written reason for each
- [ ] Partner identified and researched for Tier 1
- [ ] Forwardable intro email drafted
- [ ] First meetings scheduled inside a three-week window
- [ ] Pipeline tracker with pass reasons logged
- [ ] Data room ready before meeting one
Common questions
How do I build an investor list for a startup fundraise?
Start with fit, not fame: funds that have invested at your stage and in your category recently and have room in their current fund. Aim for 40 to 60 named funds with a written reason for each, tiered.
How long should a fundraising process take?
Run first meetings within two to three weeks. Overlapping interest creates urgency; a raise that drips out over four months signals that nobody wants it.
What is the best way to get a warm intro to a VC?
From a founder in their portfolio who knows your product, then an operator or angel they trust. A cold email with sharp evidence beats a lukewarm intro.
What should be in a startup data room before the first investor meeting?
Deck, a one-page memo, the model, the cap table (and token allocation for web3), the evidence log, audits or security reviews, and two or three customers willing to take reference calls.