Investor Targeting
Research and identify the right investors for your startup with systematic outreach and tracking
The Investor Targeting workflow helps you identify, research, and prioritize investors who are the best fit for your startup. A systematic approach to targeting dramatically improves your success rate.
Overview#
| Property | Value |
|---|---|
| Phases | 4 (Research, Prioritization, Outreach, Tracking) |
| Tier | Free |
| Typical Duration | 2-4 weeks for initial list |
| Best For | Seed and Series A founders |
Outcomes#
A successful targeting workflow delivers:
- Prioritized list of 50-100 target investors
- Research dossiers on top prospects
- Warm intro pathways identified
- Outreach templates ready to deploy
- CRM system to track conversations
Phase 1: Research#
Investor Criteria Matrix#
Define your ideal investor profile:
| Criterion | Your Requirements |
|---|---|
| Stage | Pre-seed / Seed / Series A |
| Check size | $[X] - $[Y] |
| Sector focus | [Your industry/vertical] |
| Geographic focus | [Where you're based] |
| Portfolio fit | [Complementary, not competitive] |
| Value-add | [What help you need] |
Research Sources#
Primary Sources:
- Crunchbase / PitchBook
- LinkedIn (investor profiles)
- AngelList
- Fund websites and portfolios
- Twitter / X (investor activity)
Signal Sources:
- Recent investments in your space
- Portfolio company announcements
- Blog posts about your market
- Podcast appearances
- Conference speaking
Investor Research Template#
1## [Investor Name] - [Fund Name]
2
3### Basic Info
4- **Title:** [Partner/Principal/etc.]
5- **Fund:** [Name] - [Stage focus]
6- **Check size:** $[X] - $[Y]
7- **Location:** [City]
8
9### Investment Thesis
10[What do they look for? In their own words if possible]
11
12### Relevant Portfolio
13- [Company 1] - [Why relevant]
14- [Company 2] - [Why relevant]
15- [Company 3] - [Why relevant]
16
17### Recent Activity
18- [Recent investment/news]
19- [Blog post/tweet about your space]
20
21### Warm Paths
22- [ ] [Mutual connection 1]
23- [ ] [Portfolio founder 2]
24- [ ] [Other connection]
25
26### Notes
27[Personal observations, conversation hooks]
28
29### Fit Score: [1-5]Building Your Target List#
Tier 1 (30-40 investors): Perfect Fit
- Active in your stage and sector
- Recent investments prove thesis alignment
- Warm intro path available
Tier 2 (30-40 investors): Good Fit
- Right stage and sector
- Some relevant portfolio
- May need cold outreach
Tier 3 (20-30 investors): Opportunistic
- Stage-appropriate but less sector focus
- Worth including but lower priority
Phase 2: Prioritization#
Scoring Framework#
Rate each investor on these dimensions:
| Factor | Weight | Score (1-5) |
|---|---|---|
| Thesis alignment | 30% | |
| Recent activity | 20% | |
| Portfolio synergy | 20% | |
| Warm intro available | 20% | |
| Reputation/value-add | 10% | |
| Total | 100% |
Prioritization Matrix#
HIGH THESIS FIT
│
Tier 1 │ Tier 1
(First call) │ (First call)
│
─────────────────┼─────────────────
NO WARM INTRO │ WARM INTRO
─────────────────┼─────────────────
│
Tier 3 │ Tier 2
(If needed) │ (Second wave)
│
LOW THESIS FIT
Red Flags to Avoid#
- Competitive portfolio companies
- Known difficult reputation
- Not actively investing
- Mismatched stage expectations
- Geographic restrictions that exclude you
Phase 3: Outreach Strategy#
The Warm Intro Hierarchy#
Best to worst intro sources:
- Portfolio founders - Highest conversion rate
- Other founders they've met - Strong signal
- LPs or advisors - Good credibility
- Mutual friends - Depends on relationship
- Cold outreach - Lowest conversion but still works
Warm Intro Request Template#
1Subject: Intro request - [Investor Name] at [Fund]
2
3Hi [Connector Name],
4
5Hope you're doing well! Quick favor to ask.
6
7I noticed you're connected with [Investor Name] at [Fund].
8We're raising our [Stage] and [he/she/they] seems like a
9great fit because [specific reason - portfolio company,
10thesis, recent tweet, etc.].
11
12Would you be comfortable making an intro? Happy to send
13a forwardable blurb or however works best for you.
14
15Totally understand if it's not a good fit to connect us.
16
17Thanks for considering!
18[Your name]Forwardable Blurb Template#
1Hi [Investor],
2
3I wanted to introduce you to [Founder Name], founder of [Company].
4
5[Company] is [one-line description]. They're seeing strong
6traction with [impressive metric] and are raising a [Stage]
7round.
8
9I thought of you because [specific reason - your thesis,
10similar portfolio company, etc.].
11
12I'll let [Founder] share more details. Thought you two should connect.
13
14Best,
15[Connector Name]Cold Outreach Template#
1Subject: [Company] - [compelling hook related to their thesis]
2
3Hi [Name],
4
5I'm [Your name], founder of [Company]. We're [one-line pitch].
6
7I'm reaching out because [specific reason - their blog post,
8investment, tweet, etc.]. [One sentence showing you've done
9homework].
10
11Quick traction highlights:
12• [Metric 1]
13• [Metric 2]
14• [Metric 3]
15
16We're raising a $[X] [Stage] to [milestone].
17
18Would you have 20 minutes to chat this week?
19
20Best,
21[Name]
22
23P.S. [Optional: something personal/relevant]Outreach Timing#
Best times to send:
- Tuesday-Thursday
- 8-10 AM in investor's timezone
- Avoid Mondays and Fridays
Follow-up cadence:
- Wait 1 week after initial email
- Send brief follow-up (2-3 sentences)
- One more follow-up after another week
- Move on if no response after 3 attempts
Phase 4: Tracking System#
CRM Setup#
Track these fields for each investor:
1interface InvestorRecord {
2 // Basic Info
3 name: string;
4 fund: string;
5 email: string;
6 linkedIn: string;
7
8 // Classification
9 tier: 1 | 2 | 3;
10 fitScore: number;
11 stage: 'Pre-seed' | 'Seed' | 'Series A';
12 checkSize: { min: number; max: number };
13
14 // Status
15 status: 'Researching' | 'Ready' | 'Intro Requested' |
16 'Intro Made' | 'Meeting Scheduled' | 'First Meeting' |
17 'Follow-up' | 'Partner Meeting' | 'Term Sheet' |
18 'Passed' | 'Closed';
19
20 // Activity
21 introSource: string;
22 dateContacted: Date;
23 lastActivity: Date;
24 nextStep: string;
25 nextStepDate: Date;
26
27 // Notes
28 notes: string[];
29 passReason?: string;
30}Pipeline Dashboard#
┌─────────────────────────────────────────────────────────────────┐
│ FUNDRAISING PIPELINE │
├─────────────────────────────────────────────────────────────────┤
│ Researching │ Intro Req │ Meeting │ Follow-up │ Closing │
│ (25) │ (15) │ (8) │ (5) │ (2) │
│ │ │ │ │ │
│ ████████████ │ ███████ │ ████ │ ██ │ █ │
│ │ │ │ │ │
└─────────────────────────────────────────────────────────────────┘
Recent Activity:
• [Investor A] - Meeting scheduled for Tuesday
• [Investor B] - Intro requested from [Connector]
• [Investor C] - Passed (timing)
Weekly Metrics#
Track these weekly:
| Metric | Target |
|---|---|
| New investors researched | 10-15 |
| Intros requested | 8-10 |
| Intros received | 5-8 |
| First meetings | 3-5 |
| Follow-up meetings | 2-3 |
Recommended Agents#
| Phase | Agent | Purpose |
|---|---|---|
| Research | research-expert | Investor background research |
| Outreach | copywriting-expert | Email templates and personalization |
| Tracking | analytics-expert | Pipeline reporting |
| Strategy | strategy-expert | Targeting optimization |
Tools Recommended#
| Tool | Purpose | Cost |
|---|---|---|
| Crunchbase | Investor research | $29/mo |
| LinkedIn Sales Navigator | Connection research | $99/mo |
| Streak / Pipedrive | CRM tracking | Free-$49/mo |
| DocSend | Deck tracking | $10/mo |
| Calendly | Meeting scheduling | Free |
Deliverables#
| Deliverable | Description |
|---|---|
| Target list | 50-100 prioritized investors |
| Research dossiers | Detailed profiles for Tier 1 |
| Warm intro map | Pathways to each investor |
| Email templates | Personalized outreach ready |
| Tracking system | CRM configured and populated |
Best Practices#
- Quality over quantity - 50 perfect-fit investors beat 500 spray-and-pray
- Do your homework - Personalization dramatically improves response rates
- Leverage your network - Warm intros convert 5-10x better than cold
- Track everything - You'll forget conversations without a system
- Follow up persistently - Many deals close after multiple touchpoints
- Keep networking - Build relationships even when not raising
Common Pitfalls#
- Spray and pray - Mass generic emails don't work
- Wrong stage/sector - Wasting time on poor fits
- Bad intro source - Weak connections don't convert
- No follow-up - Leaving money on the table
- Disorganized tracking - Losing track of conversations
- Ignoring signals - Not adapting based on feedback
Outreach Cadence#
Week 1:
├── Day 1-2: Research Tier 1 investors
├── Day 3-4: Map warm intro paths
└── Day 5: Request first batch of intros
Week 2:
├── Day 1-3: Continue intros + first meetings
├── Day 4-5: Research Tier 2 if needed
Ongoing:
├── 3-5 new conversations started per week
├── Daily CRM updates
└── Weekly pipeline review
Related Workflows#
- Fundraising Readiness - Are you ready?
- Materials Preparation - Build your materials
- Pitching Process - Deliver the pitch
- Closing Deals - Negotiate and close