This post draws on firsthand experience raising a $2.6M seed round for a company called Halp, walking through step by step exactly how to build an investor pipeline and carry it all the way to a close. It's especially useful for startup founders in the US, but the core principles apply anywhere — so read carefully!
1. Building Your Investor List: Finding the Right Fit
The first step is building a list of investors who are a good match for your company. There are reportedly over 800 seed funds in the US right now. The key is finding investors who align with your business.
"Building a relevant investor list is the very first step."
Useful Tools for Building Your Investor List
- Dorm Room Fund's VCWiz An excellent resource with investors tagged by location and sector. Can be used like a CRM.
- NFX's Signal Recommends investors based on their info, check sizes, and connections surfaced from your Gmail conversations.
- Shai Goldman's Google Doc A consistently updated investor list maintained over several years.
- Regional investor lists (It's also worth building lists by geography!)
Tips for Building the List
- Prioritize by location, investment stage/check size, sector, and geographic focus
- Narrow it down to 50–100 funds
2. Organizing Your Investor List in Google Docs
Once you have your list, organize it in Google Docs. Why Google Docs? Because it's the easiest format for people in your network to access.
"People in your network may have short attention spans, so put the top 10 funds you most want introductions to at the very top of the list."
How to Structure the Google Doc
- Top 10 funds: The funds you absolutely need intros to
- Remaining funds: Listed below for true champions — mentors and close advisors — to browse
- Portfolio companies, customers, and other notes: Add relevant context for each fund
"A Google Doc template is available — just copy it and use it right away!" Google Doc Template Link
Managing Intro Offers
- The last 3 columns of the template are reserved for intro offers.
- Up to 3 or more people can offer to introduce you to any single fund.
- Decide who would make the best intro and reach out to that person.
Important: "Don't blast this document in a group email. Send individual emails to each mentor or contact, asking them to put their name next to any fund they can introduce you to."
3. Sending the Intro Request Email ✉️
Once you've identified which funds you want intros to, choose the person most likely to give you the strongest introduction and send them an email.
"Use the subject line: 'Intro: Your Name @ Your Company <> Fund Name'"
How to Write the Email
- Include a company overview and a personalized message tailored to the fund (e.g., mention if one of their portfolio companies is a customer of yours)
- Attach your pitch deck as a PDF (compress it lightly so it opens directly in Gmail)
- You can use a tracking service like Docsend, but it's not required
- When requesting intros to multiple funds, send separate emails for each (so the person making the intro can easily forward it!)
"Make it as easy as possible for the person introducing you. Pack all the information into one message. The simpler the ask, the faster they'll help."
4. Managing the Pipeline and Keeping It Updated
Once intros are made and meetings get booked, update the status of that fund in your Google Doc. This prevents duplicate intro requests from coming in for funds you're already in contact with.
- When a new connection is made, go back to step 3 and request an intro
- If there's no reply, follow up once more; if still nothing, move on to the next person who offered to intro
- Multiple attempts are fine!
"As long as you haven't been formally rejected, it's okay to try multiple times. Persistence is 🔑."
5. Preparing Your Pitch Deck and Scheduling Meetings
While building your investor pipeline, make sure you also have a pitch deck (slide deck) ready. (This post doesn't cover how to make one, but it emphasizes that it's absolutely critical!)
- Practice your pitch before any real meetings
- Anticipate common questions and prepare your answers in advance
"Practice before you pitch live. Use your slides as a guide, but don't stick to a script — have a real conversation."
6. City-by-City Meeting Strategy 🗺️
For major US investment hubs (San Francisco, New York, LA, etc.), visiting in person is extremely important.
- Create a separate tab in your Google Doc for each city
- Lock in your travel dates in advance to create a sense of urgency for investors
- Schedule a 30-minute pre-call 1–2 weeks before your visit to confirm the in-person meeting will be worthwhile
"It's really important to physically visit SF, NYC, and LA. If you confirm your travel dates and let investors know in advance, they're much more likely to make time for you."
7. Post-Meeting Follow-Up and Partnership Mindset
- You can realistically connect with 20–30 funds.
- Remember that every interaction — emails, calls, scheduling — is part of your pitch.
- Since investors could become 10-year partners in your business, pay close attention to how they show up and engage.
"At the end of every meeting, always ask: 'What is your fund size and check size?' 'How do you like to be involved?' 'What's your target ownership percentage?' 'What does your decision-making process look like?' 'How interested are you right now, and what are the next steps?'"
8. Closing the Seed Round and Managing Your Network
- If multiple funds are showing interest, be explicit: tell them you'll only be accepting term sheets during a specific window.
- Always give feedback to the person who made the intro — regardless of whether the meeting went well or not.
"Always let the person who introduced you know how it went. Their network is an incredibly valuable asset, and showing that appreciation matters."
9. Additional Resources & Closing Thoughts
- Also recommended: Jenny Fielding's investor pipeline management guide. Slide Link
"That's it! It's a wild process, but I truly believe there's never been a better time for founders to raise a seed round. Please share your own tips and experiences too!"
⭐️ Key Takeaways
- Investor pipeline
- Google Docs management
- Intro requests
- Pitch deck preparation
- City-by-city meeting strategy
- Consistent follow-up
- Network etiquette
- Partnership mindset
- Persistence
Follow this guide step by step, and the complex journey of fundraising will become a whole lot clearer! Good luck! 🍀