Research Before Outreach
Before contacting any VC, research three things:
1. Stage fit: Does this firm invest at your stage? A Series B fund won't lead your seed round. Check their recent investments, not their website copy — many firms' websites describe aspirational strategies, not actual behavior.
2. Vertical fit: Do they invest in your industry? A fintech-focused fund is unlikely to fund a healthcare company, regardless of quality.
3. Portfolio conflicts: Do they already have a company that competes with yours? If yes, they won't invest — and approaching them gives a competitor information about your plans.
This research takes 30 minutes per firm and prevents wasted meetings. A targeted list of 15 well-researched VCs outperforms a spray-and-pray list of 100.
Getting the Meeting
Warm introductions convert at 5-10x the rate of cold outreach. The best intro paths:
1. Portfolio founder introductions: Ask founders of companies the VC has already invested in. This is the strongest signal — a portfolio founder vouching for you carries enormous weight.
2. Co-investor introductions: If you have existing investors who know the target VC, ask them to make the intro.
3. Advisor and mentor network: Lawyers, accountants, and advisors in the startup ecosystem often have VC relationships.
4. Conference and event networking: Not for pitching — for building relationships that lead to introductions later.
Cold email can work if it's highly specific: reference a recent investment they made, explain why your company is thematically similar, and keep it to 5 sentences. Generic cold emails get deleted.
The Meeting Sequence
Most VC fundraises follow this sequence:
1. First meeting (30-60 min): You pitch, they evaluate fit. Goal: get a second meeting.
2. Second meeting (60 min): Deeper dive into metrics, market, and team. Often with a different partner.
3. Partner meeting: You present to the full partnership. This is the decision meeting at most firms.
4. Due diligence: Reference checks, financial audit, legal review. 2-4 weeks.
5. Term sheet: If they want to proceed, you receive terms.
At each stage, the bar rises. The first meeting is about interest. The partner meeting is about conviction. Prepare differently for each stage — what works in a first meeting (broad narrative, enthusiasm) isn't what works in a partner meeting (detailed metrics, risk acknowledgment).
After the Meeting
Follow up within 24 hours with a brief email: thank them, reiterate your key metrics, and attach your one-pager. Don't attach the full deck unless they ask.
If they ask for more information: respond within 48 hours. Speed signals organization and seriousness.
If they go quiet: follow up once after 5 business days. If still quiet after a second follow-up, they've passed — move on.
If they pass: ask for honest feedback. Most VCs won't give it unprompted, but some will if asked directly. The feedback from passes is often more valuable than the meeting itself.
If they want to proceed: don't slow down your process with other investors. Competition between interested VCs is your primary source of leverage.
Ready to Position Before You Pitch?
The Strategic Capital Review is a 30-minute call to assess your raise readiness and determine whether access to our investor network is relevant to your situation.
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