How to Cold Email an Investor
For many founders, getting a warm introduction to an investor might not be possible if you lack the community connections. In those cases, you may have to reach out to investors directly via cold email — here’s how to maximize your chances of getting that meeting:
Research
What: Before reaching out, research the target investor thoroughly. Check whether they prefer online applications versus emails, their prior investments, their content (if any), and any other affinities that might exist between you such as shared education, community groups, or location. You should also find their direct email address, if it’s not publicly available, use a tool like?RocketReach?or?Hunter.
Why:?Inserting nuanced research in your email demonstrates to the investor you’re not going to waste their time. Email is more effective than social media channels, which tend to get clogged with spam and go unread by investors.
Subject Line
What: There are lots of options for the subject line and you should test at least 3 versions (not with the same investor!). The core components are: your company name, company one-liner, credentials, metrics, and a mention of fundraising or pitching. Include phrases like “Pitch Feedback Request”, "Growing 20% monthly", “YC S21” or “Just Graduated TechStars” if you recently completed an accelerator like Y-Combinator.?
Examples, using grocery delivery service Acmecart:
Why: If investors see your email, they will not give it more than a few seconds of attention. In just a few words, you need to show investors something compelling, to get them interested to learn more. At the beginning of the fundraising process ask for feedback, when you have momentum you can be more direct.
Opening
What: Begin with the investor’s first name then immediately highlight any affinities or overlapping investment sectors you found. Next, provide your company one-liner and ask for feedback.?
For example:“Hi Samantha, I’m reaching out as I saw you invest in marketplaces and we’re both Dropbox alumni. My company, Acmecart, is an on-demand grocery service. We’re currently fundraising and I would love to get your feedback.”
Why: Telling the investor why you’re emailing and why they should care at the start of the email, is the best way to encourage them to keep reading.
Company Overview
What: Include more information about your company with a few sentences covering your team, traction, vision, and a short deck. I recommend using DocSend to share the deck link.
For example:“Acmecart provides groceries on-demand. We’re live in 4 cities, generating $400k GMV, and growing 20% per month. Our team includes alumni of Amazon, Walmart, and Dropbox. We help stores offer 1 hour delivery to their customers. Here’s our deck with a little more info: [DocSend link].”
Why: Now that the investor is interested, they will want to know the most important information about your company, in order to decide if a meeting is worthwhile. Using software like DocSend for your deck allows you to track overall views, time spent on individual slides, and prevent broader sharing.
Schedule Request
What: Ask to schedule a meeting, offering 2 specific times as well as a link to a calendaring service, e.g. Calendly.?
For example:“I'd love to schedule a quick call to show you what we're building. Would Thursday, March 9, at 2pm PT or Friday, March 10, at 10am PT work for you? Happy to work around your schedule or feel free to book here, if preferred: [calendar link]”
Why: Some investors react negatively to being given a calendar link, some investors love them. Cover both viewpoints by offering the investor a way to schedule on their own, or with you directly.?
Closing
What: End with a polite closing, including your name, title, contact information, and any informative links.
For example:
“Look forward to chatting!
?
Dominique
—
Co-founder & CEO, Acmecart
[email protected] | 650-555-5555
Check out our reviews!”
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Why: Show the investor they are communicating with a founder and thus a decision maker. The contact information helps them reach you in the future and the links allow them to quickly explore more.
Full Template
Put all the elements together and you will get:
Hi [Investor],
?
I am reaching out because [affinities]. My company, [company name], is [one-liner]. We're currently fundraising and I would love to get your feedback.
?
More information on [company name]:
[company overview and deck link]
?
I'd love to schedule a quick call to show you what we're building. Would [time A] or [time B] work for you? Happy to work around your schedule or feel free to book here, if preferred: [calendar link]
?
Look forward to chatting!
?
[Your name],[email signature with your title, contact information, and links]
Example:
Hi Samantha,
?
I am reaching out because I saw you invest in marketplaces and we’re both Dropbox alumni. My company, Acmecart, provides on-demand grocery delivery. We're currently fundraising and I would love to get your feedback.
?
More information on Acmecart:
We’re live in 4 cities, generating $400k GMV and growing 20% per month. Our team includes alumni of Amazon, Walmart, and Dropbox. We help stores offer 1 hour delivery to their customers. Here’s our deck with a little more info: [docsend link]
?
I'd love to schedule a quick call to show you what we're building. Would Thursday, March 9, at 2pm PT or Friday, March 10, at 10am PT work for you? Happy to work around your schedule or feel free to book here, if preferred: [calendar link]
?
Looking forward to chatting!
?
Dominique
—
Co-founder & CEO, Acmecart
[email protected] | 650-555-5555
Check out our reviews!
------------------------
Grinding out cold emails to generate fundraising meetings is time consuming and tough, but for most founders it is absolutely necessary. Use these tips and the template to maximize your chances of getting a response, a meeting, and hopefully the capital you need.
Certified University of CA Master Gardner, Ventura County | Helping your garden grow while providing you best in class service. Specializing in CA native plants.
2 年This is ??!! Great article and can be applicable to various industry fields, not just investor pitches. TY.
Founder @ Worthi | Advancing Careers | 3x Founder & Navy Veteran
2 年Already 3 VC calls and a few angels using this as my only guide for cold emails. Thanks Ash Rust!
Venture Advisor
2 年Rick Rolled?! Old school, you sly dog you.
ICIS - Shaping the World by Connecting Markets to Optimize Global Resources - Regional Account Manager -
2 年Thanks for sharing!
Building+Supporting the Next Generation of Startups ? Tech Founder for 28 Years (Zero→￡Mil ARR, Twice)
2 年Some great advice in there. But at the end of the day, cold outreach to investors is a spammy solution that has had its day. And it kills startup momentum stone-dead while they engage in this painful and time-zapping game.