I’m an outbound focused VC, meaning I reach out to most of the founders I talk to, not the other way around.
A lot of people ask me about my process. It’s not a secret. Here it is 👇
1/ I spend a lot of time on AngelList, ProductHunt, and am on many investor lists for accelerators. I have a Google Alert for “startup pitch competition”. Twitter is great too. I look at as many startups as I can find.
2/ I have a custom bookmarking tool to quickly save startups that peak my interest. It drops in my CRM and pings the Crunchbase API. I’ve tracked about 1000 in the last 6 months.
3/ I spend a few hours each week going through all my “new” startups, research them, add tags (industry, etc), and move them to one of three stages: interesting (might reach out), pass (decided against reaching out), or reference (they’ve raised too much for me).
4/ Every week, I go through my “interesting” list and reach out to a few startups. I do basic diligence before reaching out to make sure I’m interested, which save everyone time.
I might re-reach back out to startups who haven’t responded.
5/ Once I’m in touch with the founder, I jump on a Zoom. From there, it’s a diligence process that I’m still refining.
Hope that shed some light for those who were curious! Here’s more about our firm:
Been quietly working on this thru 2020... Excited to finally share @UntappedVC, a new VC firm I started w/ my true friend and role model @jessicajackley!
Some deets (like our portfolio) below👇
1/ We’re a pre-seed/seed fund investing in unexpected founders, found off the beaten path, not well connected to VCs. We’re talking young, underrepresented, small town, immigrant, and so on.
2/ These founders aren’t in our network (almost by definition), so we primarily source through outbound, meaning we reach out to founders.
We look at tens of thousands, track and tag thousands, and reach out to the startups that stand out.
How to raise a seed round. Just one process, adjust accordingly. Missing lots of nuance. 👇
1/ Understand your business, its strengths and weaknesses. Look up metrics for similar business models at your stage to get context. Build your own pro forma, review w others.
2/ Build a list of Angels/VCs: dream/top tier, in your network, local, thematically fit. Prioritize A-C. Use LinkedIn to find potential intro paths. Track connectors in fundraising CRM.