Investor Targeting

---
name: investor-targeting
description: Use when a founder needs to decide which investors to approach and how to reach them. Triggers on "which VCs should I target", "build my investor list", "find the right investors", "warm intro path", "angels vs VCs", "who invests in my space", "investor research". Produces a ranked, researched target list with warm paths.
---

# Investor Targeting

A raise is a sales process, and a sales process with the wrong leads fails no
matter how good the pitch. Most founders spray a generic list and wonder why
conversion is low. This skill builds a tight, researched, warm-path-first list.

## When to use this skill

Use it once [[fundraising-stage-selector]] fixes the stage and check size, and
before [[vc-pitch-email]] writes outreach. Feed the output into
[[investor-pipeline-crm]] to run the process.

## Qualify on fit, not fame

Score each prospective investor on:

- **Stage fit**: do they lead/write checks at your stage and size? A Series B
  fund "being nice" at pre-seed wastes a meeting.
- **Thesis fit**: do they actively invest in your space and "why now"? Read
  their deals from the trailing 12-24 months and partner writing - a thesis
  older than that may no longer reflect where the fund deploys.
- **Portfolio fit**: relevant wins (credibility, help) but no direct competitor
  (conflict kills the deal and risks your data).
- **Value beyond money**: the specific intro, hire, or expertise this partner
  brings. Name it, or they are just capital.
- **The partner, not the firm**: you are pitching one human who must champion
  you internally. Target the right partner by name.

## Angels vs VCs vs other capital

- **Angels / operators**: fast, founder-friendly, great for pre-seed credibility
  and domain help. Smaller checks; assemble a syndicate.
- **Seed/VC funds**: larger checks, board involvement, pro-rata in later rounds.
- **Strategics, accelerators, venture debt, revenue-based**: situational; know
  the strings before you pursue.

Build the round as a *mix* - a lead plus angels who add signal and help.

## Map the warm path

Cold works, warm wins - warm introductions convert to first meetings at a
multiple of the cold-email rate, so exhaust the warm map before writing a
single cold note. For every target, find the strongest introduction path:

- Founders the partner has backed (the highest-signal intro by far).
- Mutual operators, prior colleagues, your own investors and advisors.
- Rank intros by the referrer's credibility with that partner, and request the
  intro with a forwardable blurb you write for them.

## Sequence the list

- **Tier 3 (warm-ups)**: 3-5 lower-stakes meetings to sharpen the pitch first.
- **Tier 2 (core targets)**: the bulk, run in a tight batch - first meetings
  compressed into a 2-3 week window - to create a competitive window.
- **Tier 1 (dream leads)**: approach once the pitch is sharp and you have signal.

Never burn a Tier 1 cold on day one with an unrehearsed pitch. And calibrate
expectations: at pre-seed and seed, plan for dozens of first meetings per term
sheet - a 30-60 name list is a funnel input, not a formality.

## Anti-patterns

- A 200-name spray list with no warm paths and no thesis fit.
- Pitching a direct competitor's investor and leaking your strategy.
- Approaching your dream fund first, before the pitch is battle-tested.

## Quality bar

- Every name on the list has a stage, thesis, and portfolio fit score with the
  evidence (recent deals, partner writing) noted - no name survives on brand
  alone.
- Every target names the specific partner and the specific value they add.
- Every Tier 1 and Tier 2 target has a warm-intro path and referrer identified,
  or is explicitly marked cold with a reason to keep it.
- The sequencing plan compresses Tier 2 first meetings into a tight batch and
  holds Tier 1 until after the warm-up meetings.

## Deliverable

A ranked target list (30-60 names) with stage/thesis/portfolio fit scored, the
specific value each adds, the named partner, the warm-intro path and referrer
for each, and a tiered sequencing plan. Load it into [[investor-pipeline-crm]].