Investor Research & Targeting

Purpose

This recipe produces a ranked, tiered investor list of 50-80 targets matched by stage, sector, check size, and geography — with warm introduction paths identified, contact details verified, and an outreach priority matrix ready for systematic fundraising execution. [src1]

Prerequisites

• Completed pitch deck from Pitch Deck Structure by Stage
• Company details — stage, sector, geography, traction metrics, raise amount
• Crunchbase account — crunchbase.com (free or Pro $49/mo)
• Signal by NFX account — signal.nfx.com (free)
• LinkedIn account — for warm intro mapping
• Spreadsheet tool — Google Sheets or Airtable for pipeline tracking

Constraints

• Target 50-80 investors for seed, 30-50 for Series A. Quality over quantity. [src4]
• Warm intros convert 10-20x cold outreach. Exhaust warm paths first. [src5]
• VC databases are 3-6 months stale. Verify fund status before outreach. [src2]
• Most VCs invest in 1-2% of deals. Plan for 90%+ rejection. [src1]
• Never send a deck without researching the specific partner's thesis. [src4]

Tool Selection Decision

Which path?
├── Budget = $0
│   └── PATH A: Crunchbase free + Signal NFX + OpenVC + LinkedIn basic
├── Budget = $50-100/mo
│   └── PATH B: Crunchbase Pro ($49) + Signal NFX + LinkedIn
├── Budget = $100-200/mo
│   └── PATH C: Crunchbase Pro + LinkedIn Sales Nav ($99) + Signal
└── Budget = $200+/mo
    └── PATH D: PitchBook ($450+) + Affinity CRM ($150+)

Execution Flow

Step 1: Define Your Investor Profile

Duration: 30 minutes · Tool: Spreadsheet

Define stage, check size (round ÷ 3-5 = ideal lead check), sector + adjacent sectors, geography, fund status (actively deploying), and partner-level thesis fit.

Verify: Can describe ideal investor in one sentence without "someone who invests in startups." · If failed: Narrow by sector specificity or geography.

Step 2: Build Initial List from Databases

Duration: 2-3 hours · Tool: Crunchbase, Signal by NFX, OpenVC

Use multiple databases in sequence. Each catches investors the others miss. [src2] [src6]

Sequence: (1) Signal by NFX for AI-matched investors, (2) Crunchbase for institutional VCs filtered by stage/sector/location, (3) OpenVC for curated lists, (4) AngelList for angels/syndicates, (5) Twitter/LinkedIn for active investors.

Expected output: 80-120 investors in spreadsheet. · Verify: List has 80+ investors. · If failed: Broaden to adjacent sectors.

Step 3: Research and Score Each Investor

Duration: 2-3 hours · Tool: Crunchbase, LinkedIn, fund websites

Score on 4 dimensions (1-5 each, max 20): stage fit, sector fit, activity recency, warm intro availability. [src4]

Tier assignment: 16-20 = Tier 1 (priority), 11-15 = Tier 2 (good fit), 6-10 = Tier 3 (backup), 1-5 = drop.

Verify: 10-15 Tier 1, 20-30 Tier 2, 15-30 Tier 3. · If failed: Loosen one scoring dimension.

Step 4: Map Warm Introduction Paths

Duration: 1-2 hours · Tool: LinkedIn, Signal by NFX

For Tier 1 and 2: identify warm intro paths. Priority: portfolio founder → co-investor → mutual contact → accelerator mentor → 2nd-degree connection → cold (last resort). [src5]

Verify: 60%+ of Tier 1 has warm intro path. · If failed: Ask existing advisors for VC connections; attend demo days.

Step 5: Prepare the Outreach Tracker

Duration: 30 minutes · Tool: Google Sheets or Airtable

Create CRM-ready spreadsheet with: investor name, firm, partner, tier, scores, check size, intro path, connector, outreach/response/meeting dates, status, next action.

Verify: 50-80 investors populated, sorted by tier then score. · If failed: Start with Tier 1 only (10-15) and expand after initial meetings.

Output Schema

{
  "output_type": "investor_target_list",
  "format": "CSV or Google Sheet",
  "columns": [
    {"name": "investor_name", "type": "string", "description": "Partner name", "required": true},
    {"name": "firm", "type": "string", "description": "VC firm", "required": true},
    {"name": "tier", "type": "number", "description": "Priority tier (1-3)", "required": true},
    {"name": "total_score", "type": "number", "description": "Fit score (1-20)", "required": true},
    {"name": "check_size", "type": "string", "description": "Investment range", "required": true},
    {"name": "intro_path", "type": "string", "description": "Warm intro pathway", "required": false},
    {"name": "status", "type": "string", "description": "Pipeline status", "required": true}
  ],
  "expected_row_count": "50-80",
  "sort_order": "tier ascending, total_score descending",
  "deduplication_key": "investor_name + firm"
}

Quality Benchmarks

If below minimum: Expand to adjacent sectors, broader geography, or angel/syndicate investors. Use Signal by NFX AI matching for non-obvious fits.

Error Handling

Cost Breakdown

Anti-Patterns

Wrong: Spray-and-pray cold emailing 500 investors

Mass generic emails destroy reputation in the connected VC community. Investors share notes. [src4]

Correct: Target 50-80 investors with personalized outreach

Reference portfolio companies, recent blog posts, or investment thesis. Explain specific fit.

Wrong: Relying on a single database

No single database covers the full investor landscape. Each misses entire segments. [src2] [src6]

Correct: Cross-reference 3-4 databases

Signal for AI-matching, Crunchbase for institutional VCs, OpenVC for curated lists, LinkedIn for verification.

Wrong: Skipping warm intro research

Cold outreach converts at 1-3%. Warm intros convert at 15-40%. [src5]

Correct: Map warm paths before any outreach

For every Tier 1 target, identify at least one warm introduction path before sending cold email.

When This Matters

Use after the pitch deck is complete and the founder is ready to begin fundraising outreach. Requires clear understanding of stage, sector, and raise target. Handles investor identification and prioritization — not the pitch deck or meeting preparation.