Module 3: Investor Research & Targeting

Master systematic investor research and targeting to identify the right investors and develop effective outreach strategies.

Module Progress0 of 8 tasks completed

Week 1: Investor Landscape Mapping

Research and map the investor landscape to identify potential investors aligned with your startup's stage, sector, and goals.

Build comprehensive investor database

Create detailed database of potential investors including angels, VCs, and strategic investors relevant to your industry and stage.

⏱️ 4 hoursCrunchBasePitchBookAngelListLinkedIn📋 Investor database with 50-100 prospects

Analyze investor portfolios and investment patterns

Study each investor's portfolio companies, investment thesis, check sizes, and recent activity to assess fit.

⏱️ 3 hoursInvestor websitesPortfolio research tools📋 Portfolio analysis for top 25 investors

Segment investors by fit and priority

Categorize investors into tiers based on stage fit, sector alignment, check size, and accessibility.

⏱️ 2 hours📋 Tiered investor target list

Map potential connection paths to investors

Identify mutual connections, portfolio CEOs, advisors, and other potential introduction sources.

⏱️ 3 hoursLinkedInNetwork mapping toolsFounder networks*📋 Connection pathway analysis

Investor Types Deep Dive

Seed Stage VCs

Venture capital firms focused on early-stage investments

Characteristics:

• Invest $500K - $3M in seed rounds
• Look for product-market fit signals
• Sector-specific or generalist focus
• Professional due diligence process

Timeline:

4-8 weeks from first meeting to term sheet

Research Areas:

• Recent portfolio additions
• Investment thesis and focus areas
• Partner backgrounds and expertise
• Average check size and ownership targets

Evaluation Criteria:

• Sector alignment with fund focus
• Stage appropriateness for fund
• Geography and market coverage
• Recent fund raising and deployment

Approach Strategy:

Warm introductions through portfolio CEOs or mutual connections

Angel Investors

Individual investors with industry expertise and networks

Characteristics:

• Invest $5K - $100K per deal
• Former entrepreneurs or executives
• Provide mentorship and connections
• Faster decision-making process

Timeline:

2-4 weeks from introduction to investment decision

Research Areas:

• Investment history and portfolio
• Industry background and expertise
• Geographic and sector preferences
• Recent angel group participation

Evaluation Criteria:

• Relevant industry experience
• Active investment status
• Mentorship and value-add potential
• Network strength in target market

Approach Strategy:

Direct outreach through LinkedIn or angel platforms

Strategic Investors

Corporate venture arms investing for strategic value

Characteristics:

• Invest $500K - $10M+ per deal
• Seek strategic partnerships
• Longer decision processes
• Focus on technology integration

Timeline:

3-6 months from initial discussion to investment

Research Areas:

• Corporate innovation priorities
• Recent strategic investments
• Partnership and acquisition history
• Decision-making structure

Evaluation Criteria:

• Strategic fit with corporate goals
• Technology or market synergies
• Partnership potential beyond investment
• Innovation lab or CVC activity level

Approach Strategy:

Corporate development teams or innovation labs

Family Offices

Private wealth management entities investing family capital

Characteristics:

• Invest $250K - $5M+ per deal
• Long-term investment horizon
• Less standardized process
• Relationship-driven decisions

Timeline:

2-6 months depending on decision structure

Research Areas:

• Investment focus and preferences
• Family background and interests
• Recent startup investments
• Geographic and sector focus

Evaluation Criteria:

• Alignment with family values
• Long-term growth potential
• Relationship quality and trust
• Investment committee structure

Approach Strategy:

Through wealth advisors or direct family connections

Investor Research Tools

Crunchbase Pro

Investor Database$29-$99/month

Features:

• Investor profiles
• Investment history
• Contact information
• Funding round data

Strengths:

• Comprehensive database
• Regular updates
• Advanced filtering
• Export capabilities

Limitations:

• Subscription cost
• Some data gaps
• Contact info quality varies

Best For:

Comprehensive investor research and tracking

Key Use Cases:

• Finding similar stage investors
• Portfolio company analysis
• Investment trend research

PitchBook

Professional Investment Data$2,000-$10,000+/year

Features:

• Detailed fund information
• LP data
• Market analysis
• Valuation data

Strengths:

• Professional-grade data
• Deep fund analysis
• Market insights
• Institutional focus

Limitations:

• Expensive
• Complex interface
• Startup access limited

Best For:

Professional investor research and market analysis

Key Use Cases:

• Fund performance analysis
• Market sizing
• Competitive benchmarking

AngelList

Angel Investor PlatformFree - 5-8% carry for syndicates

Features:

• Angel profiles
• Startup fundraising
• Syndicates
• Job listings

Strengths:

• Large angel network
• Direct contact options
• Fundraising tools
• Free basic access

Limitations:

• Angel focus only
• Variable data quality
• Platform dependence

Best For:

Angel investor research and direct outreach

Key Use Cases:

• Angel discovery
• Syndicate participation
• Direct fundraising

LinkedIn Sales Navigator

Professional Network Research$65-$135/month

Features:

• Advanced search
• Connection mapping
• Lead tracking
• InMail messaging

Strengths:

• Network visibility
• Connection insights
• Professional data
• Direct messaging

Limitations:

• LinkedIn ecosystem only
• Search limits
• InMail restrictions

Best For:

Network mapping and warm introduction strategies

Key Use Cases:

• Finding mutual connections
• Background research
• Introduction requests

Founder Networks*

Startup Community PlatformContact for pricing

Features:

• Founder connections
• Investor introductions
• Fundraising support
• Expert networks

Strengths:

• Founder-focused
• Quality connections
• Fundraising expertise
• Community support

Limitations:

• Platform-specific
• Membership requirements
• Geographic focus

Best For:

Founder-to-founder introductions and fundraising support

Key Use Cases:

• Peer introductions
• Fundraising advice
• Investor warm intros

Systematic Research Framework

Initial Screening

5-10 minutes per investor

Quickly assess basic investor fit before deep research

Key Criteria:

• Investment stage alignment (pre-seed, seed, Series A)
• Sector focus matches your industry
• Geographic investment scope
• Check size range appropriate
• Recent activity and fund status

Expected Output:

Go/No-Go decision for deeper research

Tools:

Crunchbase basic search, Investor website

Success Criteria:

4/5 criteria must match

Deep Dive Analysis

30-45 minutes per investor

Comprehensive research on qualified investors

Key Criteria:

• Portfolio company analysis and fit
• Investment thesis alignment
• Partner backgrounds and expertise
• Recent investment activity and trends
• Fund performance and reputation

Expected Output:

Detailed investor profile and approach strategy

Tools:

Portfolio research, News analysis, LinkedIn research

Success Criteria:

Detailed scoring and prioritization

Connection Mapping

15-20 minutes per investor

Identify best introduction paths to target investors

Key Criteria:

• Mutual connections through LinkedIn
• Portfolio CEO introductions
• Advisor and mentor connections
• Industry event or platform connections
• Cold outreach viability

Expected Output:

Introduction strategy and contact approach

Tools:

LinkedIn Navigator, Network mapping

Success Criteria:

At least one warm introduction path identified

Outreach Preparation

20-30 minutes per investor

Prepare personalized outreach materials and approach

Key Criteria:

• Personalized email or introduction request
• Relevant portfolio company references
• Specific investment thesis alignment
• Clear value proposition and ask
• Follow-up timeline and strategy

Expected Output:

Ready-to-send personalized outreach

Tools:

Email templates, Personalization research

Success Criteria:

Highly personalized, relevant outreach prepared

Investor Outreach Strategies

Warm Introduction Strategy

85-95% response rate

Leverage mutual connections for introductions to investors

Approach:

• Identify mutual connections through LinkedIn and networks
• Research connection strength and relationship quality
• Craft thoughtful introduction request to connector
• Provide clear materials and talking points
• Follow up appropriately with both parties

Best For:

High-priority investors with strong mutual connections

Timeline:

1-2 weeks from request to investor meeting

Pro Tips:

Always make it easy for the connector with clear materials and no pressure

Portfolio CEO Introduction

70-80% response rate

Get introductions through existing portfolio companies

Approach:

• Research portfolio companies in your sector or stage
• Identify CEOs with relevant experience
• Reach out to CEOs for advice and potential introductions
• Build relationship before asking for introduction
• Provide value to CEO in exchange for connection

Best For:

Investors with relevant portfolio companies

Timeline:

2-4 weeks from CEO outreach to investor intro

Pro Tips:

Focus on building genuine relationships with portfolio CEOs first

Conference and Event Networking

50-70% response rate for follow-up meetings

Meet investors at industry conferences and startup events

Approach:

• Research investor attendance at upcoming events
• Prepare elevator pitch and materials for events
• Schedule specific meetings during conferences
• Follow up within 24-48 hours after meeting
• Reference specific conversation points in follow-up

Best For:

Building relationship pipeline and face-to-face connections

Timeline:

Immediate to 1 week for follow-up meetings

Pro Tips:

Focus on relationship building rather than immediate pitching

Cold Email Outreach

5-15% response rate

Direct outreach to investors without warm introductions

Approach:

• Research investor thoroughly for personalization
• Craft compelling subject line and opening
• Keep email concise with clear ask
• Include relevant traction metrics
• Follow up systematically but respectfully

Best For:

High-volume outreach to angels and accessible VCs

Timeline:

Immediate, with follow-ups over 2-4 weeks

Pro Tips:

Personalization and relevance are critical for cold outreach success

Proven Outreach Email Templates

Introduction Request

Request warm introduction from mutual connection

Subject:

Quick intro request - [Your Company] and [Investor Name]

Hi [Connector Name], Hope you're doing well! I wanted to reach out about a potential introduction. We're raising our seed round for [Company], and [Investor Name] at [Fund] looks like a great fit based on their investments in [relevant portfolio company] and focus on [relevant sector]. I know you have a relationship with [Investor Name] from [context]. Would you be comfortable making an introduction? To make it easy, I've attached: • One-page company summary • Deck (if they want to see it first) No pressure at all - completely understand if timing isn't right. Thanks for considering! [Your name]

Key Tips:

• Make it easy for connector
• No pressure approach
• Provide all materials upfront

Direct Investor Outreach

Cold outreach directly to investor

Subject:

[Company Name] - [Specific relevance to their portfolio/thesis]

Hi [Investor Name], I'm [Your Name], founder of [Company]. We're [one-line company description] and have [key traction metric]. I'm reaching out because of your investment in [relevant portfolio company] and your focus on [specific investment thesis area]. Our [specific connection to their interests] makes me think there could be a fit. We're raising a $[amount] seed round and would love to share more about what we're building. Would you be open to a brief call to discuss? Best, [Your name] P.S. - [Personal touch or specific connection to their work]

Key Tips:

• Research thoroughly
• Be specific about relevance
• Keep it concise
• Include personal touch

Portfolio CEO Outreach

Connect with portfolio CEOs for advice and potential introductions

Subject:

Fellow founder seeking advice - [Relevant topic]

Hi [CEO Name], I'm [Your Name], founder of [Company]. I've been following [their company] and really admire what you've built in [specific area]. We're building [brief description] and currently [stage/milestone]. I'd love to get your thoughts on [specific question related to their experience]. I know you're incredibly busy, but if you have 15 minutes for a quick call, I'd really appreciate the perspective. Thanks for considering! [Your name] [Company] - [one line description]

Key Tips:

• Ask for advice, not introductions initially
• Be specific about what you want to learn
• Show you've done homework

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