---
title: "Do You Know How to Find the Right Investors?"
section: "Fundraising"
sectionId: "fundraising"
date: "2026-05"
---

Finding investors is not about finding firms — it's about finding the right individual partner, at the right stage, with the right fund size to back you.

## Target the partner, not just the firm

You want a partner who:

- Is active in your **space** (vertical) and has a track record of backing winners there.
- Funds at the **stage** you're raising. Don't pitch a growth-stage VC when you're raising pre-seed — it's a waste of both your time.
- Is in the right **geography**, if the firm is geo-specific.

Some firms and investors are agnostic to stage, vertical, and geography. Others are very specific. Learn which before you reach out.

## Build a qualified list of 150 targets

Aim for around 150 investors for your fundraising phase. These should be qualified — not a random spray of names.

Use these resources to identify candidates:

- **Crunchbase** and **NFX Signal** — see who has invested in companies in your space. (Avoid investors who have backed direct competitors — they may be conflicted out.)
- **Firm team pages** and **LinkedIn** — once you identify a firm, check each partner's focus areas and portfolio.
- **Blogs and social media** — read what they write, follow them, understand what they care about.

## Understand how each investor deploys capital

There are three types of investors when it comes to deal structure:

- **Lead-only** — they write the first cheque and set terms, but won't follow into a deal someone else is leading.
- **Follow-only** — they come in behind a lead. Some will only commit once a lead is confirmed; others are comfortable in a party round with no formal lead.
- **Both** — flexible.

This often isn't stated publicly. You'll find out through conversation.

## Check their fund status

Before you reach out, find out whether they have capital to deploy:

- Research when they raised their last fund.
- Ask directly whether they are actively deploying capital — is the fund fully deployed, half deployed, or freshly raised?
- If they've recently announced a **new fund**, they are actively looking to put money to work.
- **PitchBook** lists "Dry Powder" for VC firms — an approximation of uninvested capital.

## Tailor every outreach

No spray and pray. Your outreach should explain exactly why you're approaching this specific investor — their portfolio, their background, their writing. A generic email is easy to ignore. A personalised one is not.