Fundraising

At Visible, we often compare a venture fundraise to a traditional B2B sales and marketing funnel. At the top of your funnel, you are adding potential investors via warm introductions and cold outreach In the middle of the funnel, you are nurturing potential investors with meetings, updates, pitch decks, and other materials At the bottom of the funnel, you are hopefully adding new investors to your cap table Just as a traditional sales and marketing funnel starts by finding your ideal customer, the same idea is true with fundraising — you might consider location, check size, investment velocity, etc. If you are a founder in Silicon Valley, check out our list of investors in the area below. 1. Bessemer Venture Partners Location: Redwood City, CA – San Francisco, CA Focus: BVP invests in many focus areas. A few key areas include – SaaS, cloud, healthcare, vertical software, and marketplaces. Related Resource: 32 Top VC Investors Actively Funding SaaS Startups Stage: BVP invests across all stages. Typically writing checks anywhere between $100K and $50M. As put by their team, “Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 135 IPOs and 200 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth.” Notable investments: Twilio Pinterest Shopify Yelp Twitch 2. Citi Ventures Location: Palo Alto, CA Focus: Citi Ventures invests in 7 key focus areas: Fintech Data Analytics & Machine Learning Future of Commerce Security & Enterprise IT Customer Experience & Marketing Proptech DLT & Digital Assets Related Resource: FinTech Venture Capital Investors to Know Stage: Citi Ventures invests across all stages with a focus on Series B and later. As put by their team, “Citi Ventures is committed to charting the unknown in a world of unprecedented change and disruption. We invest in innovative startups, and we work with our colleagues, clients, and the innovation ecosystem to experiment with next-generation technologies.” Notable investments: Some of Citi Ventures’ most notable investments include: C2FO Docker Honey 3. Amplify Partners Location: Menlo Park, CA – San Francisco, CA Focus: Amplify Partners focuses on companies building developer tools & computer infrastructure, machine learning & artificial intelligence, data & analytics, and cybersecurity. Related Resource: 15 Cybersecurity VCs You Should Know Stage: As put by their team, “Amplify is an early, early stage investor: we meet many of our founders well before they start their companies, or even settle on a product idea.” The Amplify team further goes on to state, “We believe that technical problems are best solved by the people who experience them firsthand. Our founders tackle what bothered them and their teams as practitioners. Empathy for your end user is much more powerful when you are your end user. From the start, Amplify has been working with engineers, professors, researchers, and open source project creators to help turn their bold ideas into beloved products and companies. Long live the technical.” Describe this venture capital firm and why they are a notable firm in Silicon Valley. Notable investments: Datadog Gorgias Primer 4. Accel Location: Palo Alto, CA – San Francisco, CA Focus: Accel is industry agnostic in their investment focus. Stage: Accel invest across all stages. As put by their team, “Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth.” Notable investments: 1Password Away Invision 5. UpHonest Capital Location: Give the location of this firm. Focus: List the industries of focus for this firm. Stage: Give the funding stage(s) this firm invests in. As put by their team, “UpHonest Capital is a sector agnostic early stage VC based in Silicon Valley. Our thesis is using our cross border network and information arbitrage to invest in tech driven founders in the U.S. and the next generation of high-impact Chinese and Chinese-American founders. We identify and invest in the next wave of early stage startups in consumer, enterprise and deeptech.” Notable investments: Ironclad Substack Instacart 6. Designer Fund Location: San Francisco, CA Focus: Designer Fund is industry agnostic. Stage: Designer Fund invest in early stage companies that “use design to improve health, sustainability, and prosperity for all people.” As put by their team, “Designer Fund invests between $100K – $1M in tech startups that are design leaders including Stripe, Gusto, and Omada Health. Designer Fund specializes in helping design products and scale design teams through their community of designers from companies like Apple, Facebook, Google, Airbnb, Pinterest, and Dropbox.” Notable investments: Some of Designer Fund’s most notable investments include: Framer Gusto Stripe 7. GSR Ventures Location: Menlo Park, CA Focus: GSR is focused on healthcare and healthtech companies. Stage: GSR is focused on early stage companies. As put by their team, “Founded in 2004, GSR Ventures is one of the world’s most successful early-stage venture firms, with over $3 billion under management. We are focused on early-stage digital health companies that leverage emerging technology to transform the healthcare landscape.” Notable investments: Alpha Glimpse Nimble 8. GGV Capital Location: Menlo Park, CA Focus: GGV Capital is industry agnostic. Stage: GGV Capital invest across multiple stages. As put by their team, “GGV Capital is a global venture capital firm focused on multi-stage, sector-focused investments. Recognizing that the talent to build great companies can come from anywhere, the firm invests in founders building category-leading companies around the world. Founded in 2000 with roots in Singapore and Silicon Valley, GGV has expanded with additional offices in San Francisco, Shanghai, and Beijing.” Notable investments: Airbnb Slack Opendoor 9. Expa Location: San Francisco, CA Focus: Expa is industry agnostic and focuses on “tech-enabled” companies Stage: Expa invests in early-stage startups and also helps launch companies via their studio. As put by their team, “We fund passionate founders that are building revolutionary, tech-enabled companies. We invest in startups at the earliest stages. Expa founders receive access to a global community of founders, startup resources, funding, and personalized support from our network of operators.” Notable investments: Metabase Kit Clyde 10. Artiman Ventures Location: Palo Alto, CA Focus: Artiman Ventures is industry agnostic Stage: Artiman Ventures focuses early-stage investments As put by their team, “Artiman is an early-stage sector agnostic venture fund with offices in Silicon Valley and Bangalore. We are seeking to invest in entrepreneurs building white space companies that have the potential to create or disrupt multi-billion dollar markets. As former entrepreneurs, we bring empathy, curiosity, passion, experience, and (occasionally) patience to the table. As investors, we bring capital plus access to a network that reflects the diversity of the firm and our portfolio. Artiman was founded in 2001 and has over $1 billion under management.” Notable investments: Aditazz Airwide ApplyBoard 11. Sapphire Capital Location: Menlo Park, CA – San Francisco, CA Focus: Sapphire Ventures invest in many areas: AI/ML B2B SaaS Crypto Cybersecurity Data & Analytics DevOps Fintech Healthcare Vertical SaaS Related Resource: 10 VC Firms Investing in Web3 Companies Stage: Sapphire Ventures is focused on growth and expansion stage companies. As put by their team, “Sapphire is a leading global technology-focused venture capital firm with more than $10.2 billion in AUM and team members across Austin, London, New York, Menlo Park and San Francisco. For more than two decades, Sapphire has partnered with visionary teams and venture funds to help scale companies of consequence. Since its founding, Sapphire has invested in more than 170 companies globally resulting in more than 30 Public Listings and 45 acquisitions.” Notable investments: Box Chargebee DocuSign 12. Corner Ventures Location: Palo Alto, CA Focus: Corner Ventures is industry agnostic Stage: Corner Ventures invest in growth stage companies. As put by their team, “Corner Ventures is a venture capital firm investing in companies as they hit the inflection point of growth, supporting founders and companies as they transition from promising startups to category-defining leaders. Founded in 2004 as DAG Ventures, DAG Ventures was rebranded Corner Ventures in 2018 by its founders as the firm’s next chapter.” Notable investments: Instawork Grubhub Yelp 13. K9 Ventures Location: Palo Alto, CA Focus: As put by their team, “We do not follow a sector strategy like other venture firms. Instead, we look for either core new technologies or radically new markets.” Stage: K9 Ventures is focused on pre-seed and early-stage investments. K9 wants to be the first institutional check. As put by their team, “K9 Ventures is a technology-focused Pre-Seed fund based in Palo Alto, California. We believe that extraordinary things are possible when great teams come together around technology. We primarily invest at the pre-seed stage, when the founding team is established and just starting to build the product, but we sometimes invest even earlier and engage with founders when they’re just thinking about the idea and haven’t yet incorporated their company. K9 wants to be the first institutional/professional capital raised by the companies we invest in. This means we typically engage with companies either when they have raised no capital at all (preferred) or when they have raised only friends' and family money. If a company is going through an incubator/accelerator, then that’s probably already too late for K9 to engage.” Notable investments: Twilio Lyft Card.io 14. Tribe Capital Location: San Francisco Focus: Tribe Capital is focus agnostic. Stage: Tribe Capital is stage agnostic. As put by their team, “Tribe Capital is a venture capital firm focused on capturing a perpetual edge in venture and crypto using data science. The team is made up of investors, engineers and scientists who use data to model venture-backed private companies. The San Francisco-based firm has approximately $1.5 billion in assets under management.” Notable investments: Bolt Docker Kraken Network with investors in Silicon Valley with Visible As we mentioned at the beginning of this post, we often compare a venture fundraise to a traditional B2B sales and marketing funnel. Just as sales and marketing teams have dedicated tools, shouldn’t a founder managing a fundraise and their current investors? Raise capital, update investors and engage your team from a single platform. Try Visible free for 14 days.

For many founders, reaching out cold to potential investors is their only option to engage with a potential investor. However, most VC funds are skimming through hundreds of deals every month so it is crucial to put together a brief email that will grab their attention. Jonah Midanik, GP at Forum Ventures, joined us yesterday and broke down a great format for reaching out cold to potential investors: Lead with your strength  You only have 2-3 sentences to grab the attention of a potential investor. As Jonah puts it, “Regardless of round this is always true, lead with your strength.” Your strength could be you were employee #3 at Facebook, you had a consulting business in the domain, a specific metric, etc. Why is your company going to be big  Explain not what your company is but why it is an intriguing investment opportunity. As Jonah put it, “A VC wants to understand why your company is going to be big and why you are the person to do it.” 3 proof points A combination of metrics or other things that prove your company is an intriguing opportunity. These could be specific metrics, customer logos, previous experience, a big-name investor, etc. In addition to cold outreach, Jonah covered all things fundraising for pre-seed and seed-stage founders. Check out the recording here.

With more SaaS companies entering the market, the more SaaS venture capital options we have seen emerge. In order to help you navigate the space, we’ve laid out some helpful information for SaaS founders who are currently looking to scale their businesses and raise Venture Capital. We’ve also put together a list of VC firms with a proven track record of investing in SaaS startups. Using data from our investor database, Visible Connect, we highlight investors across different stages (if you’re looking for only seed-stage investors check out our list of 60+ Active Seed Stage SaaS Investors). Related Resource: Top SaaS Products for Startups You can check out our entire database of SaaS investors here. The Current State of SaaS The SaaS market is currently characterized by rapid growth, technological innovation, and intense competition. SaaS companies that can develop products to meet the evolving needs of businesses and users in a fast-changing landscape are in for a win! The SaaS market is one of the fastest-growing industries globally. The rise of cloud computing has accelerated the growth of the industry, as more businesses look to adopt software solutions that are delivered over the internet. This has led to the development of a wide range of SaaS products that cater to different industries. One of the notable trends in the SaaS market is the increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies. SaaS companies are leveraging AI and ML to develop products that can automate processes and provide more personalized experiences for users. This trend is expected to continue, with the global AI market projected to reach $190 billion by 2025. Another trend is the growing importance of data privacy and security. As more businesses move their operations online, there is an increasing need for SaaS products that can provide secure and reliable data storage and management. SaaS companies are investing heavily in cybersecurity to meet this demand, and this has led to the development of new products that offer advanced security features. In terms of competition, the SaaS market is becoming increasingly crowded, with new players entering the market every day. This has led to a focus on differentiation, with SaaS companies looking to develop unique products that can stand out in a crowded market. The rise of open-source software has also increased competition, as businesses can now build their own software solutions using existing code. Related resource: 11 Top Industry Events for SaaS Startups SaaS Metrics Metrics play a crucial role in the success of SaaS startups, and they are especially important when it comes to securing funding from investors. Investors look for companies that can demonstrate strong growth potential and profitability, and metrics provide a way to measure these factors. Here are some of the key metrics that investors will be looking at: Monthly Recurring Revenue (MRR): MRR is the amount of revenue that a SaaS company generates each month from its recurring subscriptions. Investors will be looking for steady and predictable growth in MRR, as this indicates that the company has a solid customer base and is generating recurring revenue. Customer Acquisition Cost (CAC): CAC is the amount of money a SaaS company spends to acquire a new customer. Investors will be looking for companies with low CAC, as this indicates that the company has an efficient customer acquisition strategy. Lifetime Value (LTV): LTV is the total amount of revenue that a SaaS company can expect to generate from a customer over the course of their lifetime. Investors will be looking for companies with high LTV, as this indicates that the company has a strong customer retention strategy. Churn: This measures the percentage of customers who cancel their subscription each month. It’s important to keep churn as low as possible to maximize the lifetime value of customers. Monthly Active Users (MAU): This measures the number of unique users who engage with the product each month. It’s important to track this metric to ensure that the business is growing and that users are finding value in the product. To improve these metrics, SaaS founders should focus on developing a strong product and providing excellent customer service. They should also invest in marketing and sales strategies that are tailored to their target audience. To present these metrics to investors, SaaS founders should be prepared with clear and concise presentations that demonstrate the company’s growth potential and profitability. Related Metrics Resources: [Webinar Recording] Using SaaS Metrics to Build Your Fundraising Narrative with Forum Ventures Download Your SaaS Metrics Template: Our SaaS Metrics Template automatically calculates your key SaaS metrics like MRR, ACV, churn, CAC, payback period, and more. Simply enter in your new customer data and the template will handle the rest. Our Ultimate Guide to SaaS Metrics What VCs Look For in SaaS Companies Growth is the key to attracting investment, increasing revenue, and expanding market share. The SaaS industry is highly competitive, and startups must grow quickly to stay ahead of the competition. VCs want to see that your SaaS startup is gaining traction in the market. This can be demonstrated through metrics such as: Customer acquisition Retention Expansion Revenue growth Provide insights into effective customer acquisition strategies, such as content and value-driven marketing, paid advertising, and referral programs. Acquiring new customers is essential, but retaining them is equally important, as it is cheaper to retain existing customers than to acquire new ones. Expansion can come in the form of upselling or cross-selling to existing customers, or expanding into new markets. Scalability is another important factor as VCs are looking for startups that have the potential to grow rapidly and become market leaders. It’s important to have a business model and infrastructure that can support this growth and scale efficiently. By achieving growth through these means, SaaS startups can demonstrate their ability to scale and attract investment, which is critical for continued success. The Role of Technology for a SaaS Startup Technology plays a crucial role in scaling a SaaS business, as it enables companies to automate processes, analyze data, and optimize their operations. Data analytics is key to understanding customer behavior, user engagement, product performance, identifying trends, and making data-driven decisions. By leveraging tools and analyzing this data, SaaS companies can identify areas for improvement, make data-driven decisions, and optimize their products and services to better meet customer needs. For example, data analytics can help companies identify which features are most popular with users, which marketing campaigns are most effective, and which customer segments are most valuable. Automation plays a crucial role in scaling a SaaS business, as it enables companies to streamline their operations, reduce costs, improve efficiency, and can free up time and resources to focus on more strategic initiatives. Cloud infrastructure enables companies to scale their operations, as it provides the flexibility, scalability, and security needed to support a growing customer base. By leveraging cloud computing services like Amazon Web Services (AWS), Microsoft Azure, or Google Cloud Platform, companies can easily scale their infrastructure up or down based on demand, without the need for significant upfront investments in hardware. SaaS Success Stories & How They Got There The success of these SaaS startups can be attributed to their ability to provide innovative solutions that met the needs of their target customers. Their fundraising strategies, customer acquisition tactics, and product development processes all played a crucial role in achieving their goals and building sustainable businesses. In terms of product development, all of these companies focused on building products that were easy to use and provided real value to their customers. They also prioritized customer feedback and made regular updates to improve their products based on user needs. Slack is a communication platform that has revolutionized the way teams work together. Slack’s success can be attributed to its user-friendly interface, integrations with other tools, and its focus on collaboration. Slack raised a total of $1.4 billion in funding before going public, and its customer acquisition tactics included word-of-mouth marketing, referrals, and a freemium model. Zoom is a video conferencing platform that has seen explosive growth in recent years. Zoom’s success can be attributed to its simplicity, ease of use, and reliability. Zoom raised $751 million in funding before going public, and its customer acquisition tactics included viral marketing through free trials and referrals. HubSpot is a marketing automation platform that provides a range of tools to help businesses grow. HubSpot’s success can be attributed to its all-in-one platform, user-friendly interface, and inbound marketing approach. HubSpot raised $375 million in funding before going public, and its customer acquisition tactics included content marketing, SEO, and social media marketing. DocuSign is a digital signature platform that enables businesses to sign and manage documents electronically. DocuSign’s success can be attributed to its ease of use, security, and convenience. DocuSign raised $518 million in funding before going public, and its customer acquisition tactics included partnerships with other software providers, targeted advertising, and a free trial offer. Resources For SaaS Founders Developing a Successful SaaS Sales Strategy 20 Best SaaS Tools for Startups VCs Investing in SaaS Companies SaaStr Fund Location: Palo Alto, California, United States About: SaaStr is the world’s largest community of SaaS executives, founders, and entrepreneurs. To continue expanding and serving the community, SaaStr has grown its offerings to include regional and global events, a co-selling space, an investment fund, and an automated e-learning platform. Investment stages: Seed Popular investments: Gorgias, RevenueCat, MaestroQA To learn more, view their Visible Connect Profile. Related Resource: 14 Venture Capital Firms in Silicon Valley Driving Startup Growth 500 Startups Location: Mountain View, California, United States About:500 Startups is a global venture capital firm with a network of startup programs headquartered in Silicon Valley. Investment stages: Seed, Series A Popular investments: LottieFiles, Butlr Technologies, Flat.mx To learn more, view their Visible Connect Profile. Frontline Ventures Location: London, England, United Kingdom About: We back B2B SaaS companies with international ambition. Whether you’re at an early stage with sights on the US, or at a later stage looking to the rich potential of Europe, we can help you get where you want to go. Investment stages: Pre-Seed, Seed Popular investments: Localyze, Koyo, Qualio To learn more, view their Visible Connect Profile. Atlanta Ventures Location: Atlanta, Georgia, United States About: We empower SaaS entrepreneurs to achieve their potential through community, content, and capital. Investment stages: Pre-Seed, Seed, Series A Popular investments: Terminus, MessageGears, Greenzie To learn more, view their Visible Connect Profile. VenTech Location: Paris, Ile-de-France, France About: Ventech is a global early-stage VC firm based out of Paris, Munich, Berlin, Helsinki, Shanghai and Hong Kong with over €900m raised to fuel globally ambitious entrepreneurs and their visions of the future positive digital economy. Since inception in 1998, Ventech has made 200+ investments. Investment stages: Seed, Series A Popular investments: Believe, Vestiaire Collective, Botify To learn more, view their Visible Connect Profile. Molten Ventures Location: London, England, United Kingdom About: We invest in Europe’s tech leaders at Series A and beyond to make more possible. More from hardware, more from software, more from healthcare, more for consumers… the hardest tech problems are just the biggest business opportunities. Investment stages: Seed, Series A, Series B Popular investments: CoachHub, FintechOS, Lyst To learn more, view their Visible Connect Profile. Shasta Ventures Location: Menlo Park, California, United States About: We invest in Europe’s tech leaders at Series A and beyond to make more possible. More from hardware, more from software, more from healthcare, more for consumers… the hardest tech problems are just the biggest business opportunities. Investment stages: Series A, Series B Popular investments: Partly, Tally, Data.world To learn more, view their Visible Connect Profile. Seedcamp Location: London, England, United Kingdom About: We invest early in world-class founders attacking large, global markets and solving real problems using technology. We are running our Investment Forum process entirely online and are proactively investing in European companies across pre-seed and seed who are building the breakout businesses of tomorrow. Investment stages: Pre-Seed, Seed, Series A Popular investments: CyberSmart, Treecard, Meilisearch To learn more, view their Visible Connect Profile. 1517 Fund Location: San Francisco, CA About: 1517 supports teams with pre-seed and seed funding for technology startups. Investment stages: Seed, Pre-seed Popular investments: Space Perspectives, Presso To learn more, view their Visible Connect Profile. 2048 Ventures Location: New York City, NY About: First and foremost, we always want to meet exceptional founders with a compelling vision and strong founder-market-fit, regardless of the space they are building in. We look for companies that are differentiated and defensible through data and technology. Investment stages: Pre-seed Popular investments: Koffie Labs, Mealco, Ware Check size: $300K-$600K To learn more, view their Visible Connect Profile. Acceleprise Location: San Francisco, CA About: Acceleprise invests in early stage B2B SaaS and enterprise technology companies and unifies the global technology community through mentors. Investment stages: Pre-seed, Seed, Series A Check size: $50K-$1M Thesis: There are many founders who have great ideas in B2B, but don’t know enough about Sales and GTM to scale. With the help of top operators in our network from the likes of Salesforce, Cisco, Gainsight, Zuora, and more, we can help. To learn more, view their Visible Connect Profile. Active Capital Location: San Antonio, TX About: Active Capital is a venture firm focused on leading seed rounds for B2B SaaS companies outside of Silicon Valley. Investment stages: Pre-seed, Seed Check size: $100K-$1M Thesis: Active Capital is a venture firm designed to lead seed rounds for B2B SaaS companies outside of Silicon Valley. To learn more, view their Visible Connect Profile. Album VC Location: Provo, UT About: Album VC is a venture capital firm that invests in early-stage technology ventures, shaping the future of technology and culture. Investment stages: Seed, Series A, Series B Check size: $500K-$5M Sweetspot Check Size: $1.25M To learn more, view their Visible Connect Profile. Bessemer Venture Partners Location: San Francisco, CA About: Bessemer Venture Partners is the world’s most experienced early-stage venture capital firm. With a portfolio of more than 200 companies, Bessemer helps visionary entrepreneurs lay strong foundations to create companies that matter and support them through every stage of their growth. Investment stages: Pre-Seed, Seed, Series A, Series B, Growth Check size: $100K-$50M Sweetspot Check Size: $15M To learn more, view their Visible Connect Profile. Boldstart Ventures Location: New York, NY About: Boldstart Ventures is a first check investor for technical enterprise founders. Investment stages: Pre-Seed, Seed Check size: $250K-$2.5M Sweetspot Check Size: $1.5M To learn more, view their Visible Connect Profile. Connetic Ventures Location: Covington, KY About: Connetic is reinventing the VC industry by turning tables on intuition and biases to a more data-driven approach Investment stages: Pre-Seed, Seed Check size: $100K-$800K Sweetspot Check Size: $100K Thesis: We use proprietary data and machine learning to create a diversified portfolio of high-potential startups To learn more, view their Visible Connect Profile. Forum Ventures Location: San Francisco, CA About: Forum Ventures is the leading early-stage fund, program and community for B2B SaaS startups based in New York, San Francisco, and Toronto. With over 400 portfolio companies globally, Forum founders have gone on to raise $600M+ in follow-on funding from funds like Andreessen Horowitz, Bessemer Ventures, Serena Ventures, Kleiner Perkins, CRV, 8VC, Founders Fund, Menlo Ventures, Bowery Capital, FirstRound Capital Salesforce Ventures, SV Angel, and many more. Investment stages: Early stage To learn more, view their Visible Connect Profile. Frontier Ventures Location: Cupertino, CA About: Frontier Ventures invests in early-stage internet companies with network effects and connects them with global markets. Investment stages: Pre-Seed, Seed, Series A, Series B Check size: $5M Thesis: We invest in technology businesses with network effects. We believe that network effects create the strongest barriers to entry for technology businesses. To learn more, view their Visible Connect Profile. Growth Street Partners Location: San Francisco, CA About: Growth Street Partners is an investment firm that provides SaaS and technology-enabled services to grow your sales & marketing. Investment stages: Series A, Growth Check size: $3M-$5M To learn more, view their Visible Connect Profile. Harlem Capital Location: New York, NY About: Harlem Capital is an early-stage venture firm that invests in post-revenue tech-enabled startups, focused on minority and women founders. Investment stages: Seed, Series A, Series B, Growth Check size: $500K-$1M Thesis: Women or POC founders (no deep tech, bio, crypto, hardware) To learn more, view their Visible Connect Profile. High Alpha Location: Indianapolis, IN About: High Alpha creates and funds companies through a new model for entrepreneurship that unites company building and venture capital. Investment stages: Seed, Series A, Startup Studio Check size: $1M-$3M Thesis: Scalable Enterprise Cloud Businesses To learn more, view their Visible Connect Profile. Kickstart Fund Location: Cottonwood Heights, UT About: Kickstart is an early-stage VC fund based in Utah. Investment stages: Pre-Seed, Seed Check size: $200K-$2M Sweetspot Check Size: $1M To learn more, view their Visible Connect Profile. Related Resource: The Rise of Venture Capital in Utah: A Look at Utah’s Top 10 VC Firms M25 Location: Chicago, IL About: Early-stage VC investing in startups headquartered in the Midwest across a wide variety of industries. Investment stages: Pre-Seed, Seed, Series A Check size: $250K-$500K Sweetspot Check Size: $350K Thesis: Midwest HQ, tech-enabled, and any industry except therapeutics/pharma or vices To learn more, view their Visible Connect Profile. Matrix Partners Location: San Francisco, CA About: Matrix Partners works with visionary founders of early-stage startups to amplify their potential. Their general partners blend deep experience with personal commitment to support founders from start to success. Investment stages: Seed, Series A, Series B Check size: $5M-$20M Sweetspot Check Size: $12M Thesis: Matrix Partners works with visionary founders of early-stage startups to amplify their potential. To learn more, view their Visible Connect Profile. Moai Capital Location: San Mateo, CA About: Moai Capital is a Silicon Valley seed capital firm, founded and managed by Brian Jacobs. Investment stages: Pre-Seed, Seed, Series Check size: $25K-$100K Thesis: Seed Capital for Impassioned Entrepreneurs To learn more, view their Visible Connect Profile. Mucker Capital Location: Santa Monica, CA About: MuckerLab is a venture capital firm specializing in incubation, pre-seed, seed, start-up, early-stage, and Series A investments. Investment stages: Accelerator, Pre-Seed, Seed, Series A Check size: $100K-$4M Thesis: We partner with exceptional entrepreneurs to provide their earliest institutional funding and work with them side-by-side to help launch and scale their new ventures. To learn more, view their Visible Connect Profile. Newark Venture Partners Location: Newark, NJ About: Newark Venture Partners is an early-stage venture fund based in Newark, NJ. Investment stages: Seed, Series A Check size: $250K-$2M Sweetspot Check Size: $1M To learn more, view their Visible Connect Profile. NXTP Ventures Location: Buenos Aires, Argentina About: NXTP Ventures backs early-stage technology companies led by extraordinary entrepreneurs throughout Latin America. Investment stages: Seed, Series A, Series B Thesis: We partner with high-impact, visionary founders early on in their journey as one of the first sources of institutional funding to help build their companies into future market leaders with long-term competitive advantages. To learn more, view their Visible Connect Profile. Point Nine Capital Location: Berlin, Germany About: We invest globally with a focus on early-stage B2B businesses, particularly in SaaS, marketplaces, and crypto. Investment stages: Pre-Seed, Seed, Series A Check size: $500K-$5M Sweetspot check size: $1.25M Thesis: We’re looking for dedicated, passionate entrepreneurs who are committed to building large internet companies. To learn more, view their Visible Connect Profile. Precursor Ventures Location: San Francisco, CA About: An early-stage venture firm focused on classic seed investing. Investment stages: Seed Check size: $100K-$300K Sweetspot check size: $250K Thesis: We invest in people over products at the earliest stage of the entrepreneurial journey. To learn more, view their Visible Connect Profile. PreSeed Ventures Location: Lyngby, Denmark About: As a notable early-stage investor PreSeed Ventures lived well over 400 journeys alongside Danish startups like Vivino, Trustpilot & Lunar. Investment stages: Pre-Seed, Seed Thesis: We might be just another early stage VC. We’re no alchemists, but we know our craft by heart. We lived well over 400 journeys, alongside young guns, moms, dads, outliers, big egos and eccentrics – the best kind if you ask us. We worked closely with them all – long term, and we can say without a shadow of doubt that we know startups way beyond metrics and facts. Only invest in Danish companies. To learn more, view their Visible Connect Profile. Tiny Capital Location: Victoria, Canada About: Tiny Capital makes investments in both private and public companies and have a base of permanent capital from a family office. Investment stages: Seed Check size: $100K-$50M Sweetspot check size: $3M Thesis: We start, buy, and invest in wonderful internet businesses. To learn more, view their Visible Connect Profile. Related Resource: 10 Venture Capital Firms in Canada Leading the Future of Innovation How To Target the Right SaaS Investors With the average VC + founder relationship being 8-10 years, it is important you are selective about what investors you are adding to your cap table. Learn more about finding the right SaaS investors for your business below: 1. Build Your Ideal Investor Profile To Narrow the Search At Visible, we think of a VC fundraise similarly to a traditional B2B sales and marketing funnel. You are bringing investors into your top of funnel, nurturing them throughout a raise, and hopefully closing them at the bottom of the funnel. Just like any sales process starts by defining your ideal customer, the same can be said for an investment process. Location: Understand where an investor is based and if they invest globally or locally. Industry focus: Might sound obvious but make sure an investor is actively investing in your space and has experience in your sector. Investment stage focus: As you likely noticed in our list above, VC firms can range from small, early-stage checks to huge, late-stage checks. Make sure your size and stage align with the investors you are pitching. (if you’re looking for only seed-stage investors check out our list of 60+ Active Seed Stage SaaS Investors) Current portfolio: Understanding a VC funds current portfolio can help you (1) see what type of companies they are investing in (2) make sure they have not invested in any competitors and (3) can use it as a source to see if you know any current founders for a reference check and introductions. Fund age: While it might be less obvious knowing a fund age will help you determine where you fit into their lifecycle. If they are nearing the end of their fund/capital, chances are they might not be able to offer the support as an earlier investment. Deal velocity: VC funds oftentimes have differing strategies. Some might invest in deals at a rapid rate while others might be extra diligent and invest in a handful a year. If you’re in need of capital asap, make sure you are paying attention to their deal velocity. Related Resource: Building Your Ideal Investor Persona 2. Get a Meeting With Your Top Candidates Generally, there are 2 umbrella strategies to get an introduction to a potential investor: Cold Outreach Warm introductions Most investors will tell you they prefer a warm introduction. As a founder, it is your job to make this happen. Turn to your immediate network and see if you can find your way in via warm introduction. Look to other founders, current investors, mentors, and peers. Sometimes a warm introduction is not possible and that is 100% okay! Cold outreach can work well when crafted and leveraged correctly. For cold outreach, check out our blog post, 5 Strategies for Cold Emailing Potential Investors. 3. Come Prepared With a Powerful Pitch Deck and Questions Once you have built your list of investors and defined your strategy for reaching out. You will likely need resources to share and build interest — the most common is the pitch deck. Different investors will have different opinions but chances are an investor will likely want to see a pitch deck or some data before a meeting. If you are lucky enough to land a meeting check out our post, “First Meeting with a Potential Investor? Ask These 5 Questions.” Related Resource: How to Nail Your First Investor Pitch with Lolita Taub & Eric Bahn Use Visible to find investors, track your raise, share your pitch deck, and understand how investors are engaging with your raise. Give it a free try for 14 days here. Related Resource: 11 Top Venture Capital Firms in Boston Start Your Next Round with Visible We believe great outcomes happen when founders forge relationships with investors and potential investors. We created our Connect Investor Database to help you in the first step of this journey. Instead of wasting time trying to figure out investor fit and profile for their given stage and industry, we created filters allowing you to find VCs and accelerators who are looking to invest in companies like you. Check out all our investors here and filter as needed. After learning more about them with the profile information and resources given you can reach out to them with a tailored email. To help craft that first email check out 5 Strategies for Cold Emailing Potential Investors. After finding the right Investor you can create a personalized investor database with Visible. Combine qualified investors from Visible Connect with your own investor lists to share targeted Updates, decks, and dashboards. Start your free trial here.

This guide incorporates content from Visible’s webinar on the same topic hosted with guest Sara Zulkosky from Recast Capital. You can watch the full recording here. Raising a venture fund is hard. General Partners (GPs) first have to find and then nurture relationships with potential investors, also known as Limited Partners (LPs). Then they have to build a persuasive enough case as to why the LP should entrust them as stewards of the LP’s capital for about 10 years — that’s the timeline if things go according to plan. When looking at it from this perspective, it makes sense why the VC fundraising process can take a year or in some cases even a few years. Now throw in the challenge of not having prior experience raising a fund and the pursuit of becoming a GP sounds even more daunting. However, with the help of programs like Recast Capital and VC Labs, emerging managers have access to more support than ever to close on their first, second, or third fund. Plus, according to a report from Cambridge Associates emerging managers are outperforming established funds which bodes well for GPs trying to make their case to LPs. This article breaks down the fundamentals of raising a venture fund for emerging managers. Understanding Different Types of LPs Just like when starting a company, it is critical for GPs to find product market fit for their fund. The customers of the fund are LPs who are not only looking for a return but oftentimes are also interested in market insights, access to deal flow, and even impact. To set yourself up for success in finding the right LPs, it’s crucial to invest in getting to know your customers and their pain points. Diana Murakhovskaya (The Artemis Fund) recommends… “…ask questions like a startup would do if they were doing customer discovery. You need to learn about them (LPs) first. What drives them? What are they interested in besides returns? Treat LPs as individuals and not just a check.” (Source: How to Source and Connect with LPs). There are four major types of LPs that exist: High Net Worth Inviduals, Family Offices, Institutional LPs (including pensions and endowments), and Sovereign Wealth Funds. The chart below outlines the Pros and Cons of the different LP types from the perspective of an emerging manager. To summarize, high-net-worth individuals and family offices are typically the best fit for emerging managers. They’re more nimble and able to write smaller check sizes which is good because the typical fund size for emerging managers according to Recast Capital is $10 – $30 M. (Source: Webinar Recording Fundraising Best Practices for Emerging Managers) Alternative LP types that shouldn’t be ruled out and that are becoming more common include corporations, banks, and fund of funds. Sara Zulkosky from Recast Capital encourages emerging managers to widen their lens a bit and consider exploring these alternative types of LPs. How to Find LPs Tap into Your Immediate Network A great place to start fostering relationships with potential investors is by tapping into your current network. Communicate your goals and why you’re passionate about them with people already in your network but be sure to avoid violating General Solicitation laws. Don’t approach these conversations with a check in mind but rather to seek feedback on your thesis and approach. Even if no one in your immediate network may be able or interested in investing in your fund, there may be people willing to make an introduction to someone who is. Foster Your Peer Network Building out your peer network is important not only for fundraising but also for knowledge exchange, support, and emotional well-being — as stated before — fundraising is challenging and it’s helpful to have others in your corner who understand what you’re going through. While GPs targeting the exact same sector, stage, and thesis might be considered competition, any GP with an adjacent approach can be a great source of support and even introductions. Consider joining different communities of emerging managers such as Recast Capital, VC Lab, Women in VC, All Raise, or starting your own round table if you don’t already have a peer group in place. The maxim holds true that rising tides raise all ships. Use LinkedIn LinkedIn is a powerful tool to find new contacts and leverage your existing network. While Family Offices are traditionally opaque, an easy search for ‘Family Office’ or ‘Private Family Office’ in people’s job titles results in people supporting different functions of this type of investor. From there, it’s always best to see who your second-degree connections are to understand if someone can make a warm introduction on your behalf or as Sara Zulkosky stated it’s also ok to “shoot your shot” and send a cold message. Tips for Cold Emails: Keep it short, sweet, and to the point. Always take the time to personalize it when you can. Flattery works. We’re all human and we all like it when people take the time to get to know what interests us. Use Databases While not free, if you can get access to PitchBook or Prequin these can be good sources to better understand the investment activity of LPs. You’ll be able to get an understanding of which LPs invested in certain funds (if it was disclosed) and for how much. Drawing LPs to you Some LPs seek out GPs so it’s a great idea to create thought leadership content that demonstrates your expertise. These can be articles that communicate your conviction around your thesis and the sectors in which you’re investing. It’s also a great idea to share this content with LPs via email after you meet with them to stand out from other GPs. While some GPs have created a robust social following by investing in content for twitter and LinkedIn, Sara Zulkosky stated this isn’t necessary and you should choose activities that are aligned with your personal brand and your fund’s brand. Keeping Track of LPs We’ve covered how to find LPs in general and which types of LPs at a high level might make sense for your fund. These potential investors should be considered your ‘top of funnel’ LPs and you should keep track of them in the first stage of your fundraising pipeline. Learn how to build a fundraising pipeline in Visible here. Visible recommends tracking LPs in 6-8 pipeline stages to stay organized. In this article Roseanne Wincek at Renegade Partners shared she used the following pipeline stages for her fundraising process: Cold Lead Warm Lead Scheduling First Meeting Data Room Second Meeting(s) References Docs Learn about how to keep track of LP’s in your fundraising pipeline in Visible by booking some time with our team. How to Qualify LPs Next, it’s important to qualify LPs based on certain criteria to make sure you’re running an efficient fundraising process. Appropriately qualifying LPs will save both you and LPs a lot of time in the long run. Here are some example criteria you can use to qualify LPs: Check Size — Make sure the LP is able to write check sizes that will work for the size of the fund you’re raising Thesis of Firm — Understand whether the LPs have a vested interest in your space Room for Emerging Managers — Newer LPs often have more open slots for emerging managers as a part of their investment strategy Vision Alignment — Does the LP understand and align with your vision What does an ‘Ideal’ LP look like While the points above are mandatory to appropriately qualify an LP, here are some other traits to look for in an ideal LP. They’re someone you’d want to engage with regularly for at least 10 years. They’re able to be patient with returns. They can offer valuable support in a way that will benefit you or your fund. What to Ask During a First Meeting with an LP The first meeting is not just for the LP to get to know you — it’s also a great time for you to show you’ve done your homework by asking thoughtful questions to the LP. Sara from Recast Capital’s advice to GP’s.. “You should always feel comfortable asking LPs questions to start the conversation and LPs should always be willing to answer them…Don’t feel shy. Definitely ask these questions because you’ll get a very good sense a few minutes in whether this is worth your time.” Here is a list of example questions GPs should feel comfortable asking LPs in a first meeting: Could you tell me more about your investment strategy? Where do you want to be spending your time as it relates to your investment strategy? What’s the size of your private portfolio? Are you currently making new commitments? What’s your typical check size? What does your process look like to invest in an emerging manager? Have you ever invested in an emerging manager? What’s the smallest fund you’ve invested in? The LP Diligence Process The length of the diligence process depends on the LP organization and how much red tape there is internally. If an organization is small, nimble, and enthusiastic about your fund, it could take just a month but this is rare. The diligence process from Institutional LPs usually takes about 6 months. It can take even longer if advisors and consultants are involved. Do your part to keep the diligence process streamlined by having your LP Data Room set up in advance. Related resource: What to Include in your LP Data Room. Visible supports Data Rooms for Emerging Managers — learn more. Nurturing Relationships with LPs It’s important to remember that LP’s have a lot of inbound interest to manage. For this reason, it’s a great idea to go the extra mile to stand out to LPs by following the tips below. Demonstrate you’re an excellent communicator It’s a great idea to get into the habit of sending monthly fundraising updates to potential LPs that you’d like to build deeper relationships with. Check our Visible’s LP Fundraising Monthly Progress Update for inspiration. Here’s what Elizabeth “Beezer” Clarkson, Partner at Sapphire Partners and institutional LP had to say about best practices for reaching out, building, and maintaining relationships with institutional LPs… “Clear and consistent communication is imperative in helping create a strong GP/LP relationship. LPs want to know you’re in touch with your portfolio and you have a full assessment of its health: cash runway, pacing information, ownership, who was in the round, why you did the deal, how you found it, and how the company is doing. Some folks do routine newsletters, Zooms, or recordings – whatever works for you. Once a quarter is sufficient, and it’s always good to offer to stop by and visit when in town.” (Source: “Ask an LP” with Beezer from Sapphire Partners) Prove your sector expertise by sharing thought leadership content Sara Zulkosky from Recast Capital recommends taking the time to write your own thought leadership pieces that focus on the sectors that you want to invest or your thesis. Include these articles in your monthly updates or send a one-off email to an LP after a meeting to further demonstrate your expertise. You can also use the content you’ve written as a reason to follow up with an LP who may have ghosted you after a first meeting. “I wanted to follow up with a recent article I wrote that was a continuation of the conversation we had last month…”. Do what you say you’re going to do LPs are only human after all and every single one of us respects the people in our lives who are true to their word. If you said you were going to do something or follow up with a resource, do it. This is both a powerful and easy way to build rapport. Use Visible’s fundraising CRM to stay on top of when it’s time to follow up with a contact. Learn more here. Know your metrics like the back of your hand — and how to communicate them Even if this is the first time you’re raising a fund you will be expected to understand the core VC Fund Metrics and why they matter to LPs. Take the time to make sure you understand your fund model in and out and how the variables affect return possibilities. Related Resource: VC Fund Performance Metrics 101 (and why they matter to LPs) Add bottom-of-the-funnel LPs to current LP Updates And finally, a suggestion from Sara at Recast is to add the LPs with a serious interest, your ‘bottom of funnel’ LPs, to your current committed LP communication list. It’s a great way to make them feel special (because they are) and bring them into the folds of how you communicate and what you share with current LPs. Concluding Thoughts Raising a venture fund, especially for first-time managers, can seem like a daunting challenge. However, over time emerging managers are being recognized by both Limited Partners and startup founders as the best way to bring about positive change in the venture industry. Visible provides professional fundraising tools for ambitious fund managers with its Emerging Manager Fundraising Toolkit.

At Visible, we like to compare a venture fundraise to a traditional B2B sales and marketing funnel. At the top of your fundraising funnel, you are trying to add qualified investors via warm and cold outreach. In the middle of your fundraising funnel, you are nurturing potential investors with meetings, pitch decks, monthly updates and more. At the bottom of your fundraising funnel, you are working through due diligence and turning potential investors into new investors. Related Resource: The 12 Best VC Funds You Should Know About Like a traditional B2B sales and marketing process, you need to find qualified “leads” (AKA investors) to fill the top of your funnel. If you’re located in Atlanta, check out our list of investors in the area below: 1. BIP Ventures Since 2007, BIP Ventures has invested in the success of B2B software and tech-enabled service businesses at all stages of maturity. In addition to capital, we support entrepreneurs with access to infrastructure, acumen, and talent that results in category-leading companies. A distinct multi-stage investment platform drives consistent top-quartile returns. Location: Atlanta, GA 2. Engage As put by their team, “Engage is a first-of-its-kind innovation platform comprised of category-leading corporations in the Southeast that have joined forces to support startups building the future of enterprise.” Focus and industry: Engage focuses on B2B enterprise companies. They have 6 strategic themes within B2B enterprise — “Customer Experience, Supply Chain & Manufacturing, Future of Work, Big Data, Analytics, & Security, Logistics & Mobility, and Climate Tech & Sustainability.” Funding stage: According to their Visible Connect Profile, Engage invests in Seed through Series B stages According to their team, “Engage is an enterprise venture platform that counts 11 of the country’s largest corporations as investors. We invest in enterprise and frontier technology informed by insights from our corporate partners.” Some of their popular investments include: Fast Radius MetaCX Paladin ThingTech Location: Atlanta, GA 3. Forté Ventures As put by their team, “Forté Ventures is an institutional venture capital firm uniquely focused on collaborating and co-investing with Corporate Venture Capital groups. We believe that the right corporate strategic investors can act as a force multiplier for startups, and we work alongside our corporate partners to ensure the realization of those benefits.” Focus and industry: As put by their team, “We pursue a generalist model, searching for great companies across diversified industries and business models.” Funding stage: The team at Forté looks for companies that have found product market fit and have yet to scale — typically series A and series B. As put by their team, “Our focus and experience allow us to help entrepreneurs navigate the complexities of corporate investment, while also enabling us to serve as trusted partners to both our portfolio companies and our syndicate partners.” Some of their popular investments include: Urgently Integrate Springbot Location: Atlanta, GA and Sunnyvale, CA 4. Fintech Ventures Fund As put by the team at Fintech Ventures Fund, “We are hyperfocused on investing in founders building disruptive early-stage fintech and insurtech companies.” Related Resource: FinTech Venture Capital Investors to Know Focus and industry: The team at Fintech Ventures Fund is focused on fintech and insurtech companies. Funding stage: The team is focused on pre-seed and seed stage investments. They typically write checks anywhere between $250k and $1M. As put by their team, “Our primary mission is to forge strategic partnerships with entrepreneurs and provide them with the resources and support they need to build successful businesses. Following our Fund’s initial investment, our portfolio company founders have secured over $1 billion in cumulative equity and debt financing from leading institutional co-investors.” Some of their most popular investments include: Groundfloor Marble Vero Technologies Location: Atlanta, GA 5. Tech Square Ventures As put by their team, “Tech Square Ventures is an Atlanta-based early-stage venture capital firm. We partner with visionary entrepreneurs and help them with what they need most – access to markets and customers.” Focus and industry: The team at Tech Square Ventures is focused on B2B (enterprise), Marketplace, Tech-enabled services, and university spinouts. Funding stage: Tech Square Ventures is focused on early stage startups. As put by their team, “We believe the best part of what we do is the privilege of working with exceptional founders. We invest in the early stages of company development, partnering with entrepreneurs building transformative companies and continuing as committed partners through the journey of building a successful business.” Some of their most popular investments include: The Mom Project Paladin MetaCX Location: Atlanta, GA 6. TTV Capital As put by their team, “TTV Capital is one of the first and only early-stage venture capital firms focused exclusively on investing in companies in the financial services ecosystem. We’ve been a driving force in fintech since before the sector was defined.” Focus and industry: TTV Capital is focused on companies in the financial services ecosystem. TTV also has the following subset focus areas: Funding stage: The team at TTV Capital is focused on early-stage investments TTV has been investing for multiple decades so their portfolio spans many markets and generations of fintech companies. Check out some of their most popular investments below: Bitpay Greenlight Cardlytics Location: Atlanta, GA 7. Noro-Moseley Partners As put by their team, “At NMP, our investment philosophy is centered squarely on the entrepreneurs with whom we partner. In addition to capital, the firm’s goal is to provide energy, connections and domain expertise to strong entrepreneurs in order to help them succeed.” Focus and industry: As written by their team, “NMP is vertically-focused within the information technology and healthcare markets.” Funding stage: NMP typically looks for companies with a $2M-20M run rate and will write checks between $10M and $20M. Some of NMP’s most popular investments include: Red Canary Revenue Analytics UpwardHealth Location: Atlanta, GA 8. Fulcrum Equity As put by their team, “Fulcrum Equity Partners manages over $600 million and makes equity investments in rapidly growing businesses that are led by strong entrepreneurs and management teams. We target companies within the healthcare, B2B SaaS, and technology-enabled services industries. We provide financing to meet a wide range of needs including internal growth initiatives, acquisitions, shareholder liquidity, buy-outs, recapitalizations, and divestitures.” Focus and industry: Fulcrum Equity is focused on companies within healthcare, B2B SaaS, and tech-enabled service industries. Funding stage: Fulcrum typically writes checks between $5M and $30M Fulcrum’s criteria slightly differ depending on the industry of the company. You can learn more about their investment criteria here. Some of their most popular investments include: Olio Avant-Garde HomeFirst Location: Atlanta, GA 9. Atlanta Ventures As put by the team at Atlanta Ventures, “We are focused on serving entrepreneurs in earlier stages (<$5M ARR). We offer a unique community in partnership with the Atlanta Tech Village. We have an exclusive focus on fast growing companies in the Southeast region. Our team has direct operating experience as successful entrepreneurs, product leaders, and deal advisors. We typically lead or fill the entire round with an investment of $250K to $5M, and we built the Studio for entrepreneurs looking to launch with us at the absolute ground floor of their business.” Focus and industry: Atlanta Ventures has a focus on SaaS and subscription businesses. Funding stage: Atlanta Ventures will invest in any stage from seed to series B. As they put it, “After achieving Product/Market fit, you may even find yourself well on your way to hitting a milestone very few companies ever reach: $1M in ARR. We love partnering with entrepreneurs at this stage of the journey. “ Some of Atlanta Ventures most popular investments include: Calendly Salesloft Terminus Location: Atlanta, GA Related Resource: 24 Top VC Investors Actively Funding SaaS Startups Network with investors today with Visible At Visible, we oftentimes compare a fundraise to a B2B sales and marketing funnel. At the top of your funnel, you are finding new investors. In the middle, you are nurturing and pitching potential investors. At the bottom of the funnel, you are working through diligence and ideally closing new investors. Related Resource: A Quick Overview on VC Fund Structure With the introduction of data rooms, you can now manage every aspect of your fundraising funnel with Visible. Find investors at the top of your funnel with our free investor database, Visible Connect Track your conversations and move them through your funnel with our Fundraising CRM Share your pitch deck and monthly updates with potential investors Organize and share your most vital fundraising documents with data rooms Manage your fundraise from start to finish with Visible. Give it a free try for 14 days here.

Webinar Recap Throughout a fundraise, founders are expected to share the data and financials that fuel their business. Jonah Midanik of Forum Ventures joined us on March 21st to discuss all things SaaS metrics and fundraising. Watch Recording A few things you can expect us to cover: The SaaS metrics every founder should know What metrics a founder should expect to share with potential investors What metrics and financials a founder should expect to have prepared for due diligence How early-stage founders should think about more “advanced” SaaS metrics About Jonah Jonah has spent the last twenty years at the intersection of marketing and technology as a serial entrepreneur in Canada. He has experienced several different lenses on the founder’s journey from bootstrapping his own startup, to launching new corporate divisions, and raising 8 figures of venture capital. At Forum, in supporting hundreds of founders’ growth, Jonah has carved out a niche in the market of teaching founders how to build and deliver pitch decks and which metrics to include to convey traction to raise capital successfully.

Women-led venture capital firms are relatively new players in the VC world, but they are rapidly gaining traction. These firms are founded and run by women, who bring a unique perspective to the table when it comes to identifying and investing in promising startups. One of the advantages of women-led VC firms is that they tend to invest in companies that are founded by women or that have a diverse leadership team. Studies have shown that diverse teams tend to perform better, so investing in such companies is not only good business but also much-needed. Women-led startups receive only a small fraction of VC funding. According to PitchBook, “In 2022, companies founded solely by women garnered just 2% of the total capital invested in venture-backed startups in the US.”. This lack of funding has a profound impact on women-led companies, making it harder for them to grow and succeed. To address these issues, it is important to promote diversity in the VC industry. This can be done by supporting women-led VC firms and encouraging more women to enter the industry. It can also be done by promoting diversity in the companies that VC firms invest in, and by challenging the biases that exist in the industry. Women-led VC firms bring a unique perspective to investing and have the potential to promote diversity in the companies they invest in. Image source: PitchBook How Women-led VC Firms Are Influencing The Broader Industry Women-led VC firms have had a significant impact on the VC industry, driving investment trends and promoting more diverse and inclusive practices. With a focus on funding companies led by women and underrepresented minorities, women-led VC firms have increased the visibility and opportunities for these groups, shifting the traditional power dynamic within the industry. This shift has led to the development of more inclusive practices, such as blind investment pitches and increased emphasis on diversity metrics. Additionally, women-led VC firms have demonstrated that investing in diverse founders is not only socially responsible, but also financially lucrative. As a result, the broader VC industry has started to recognize the benefits of diversity and inclusion, leading to an increased emphasis on funding diverse founders and promoting more diverse leadership within VC firms themselves. Related resource: The Femtech Frontier: Opportunities in Women's Health Technology + the VCs Investing Benefits of Working With Women-led VC Firms Women-led VC firms have a better understanding of the unique challenges faced by women entrepreneurs, and they often have a broader network of resources and connections to support them. Women-led VC firms can provide mentorship, access to funding, and networking opportunities that can help women founders overcome barriers to success. Additionally, working with women-led VC firms can help promote diversity and inclusion in the industry, which is critical for building a more equitable and sustainable startup ecosystem. By investing in women-led businesses, these firms are helping to close the gender gap in entrepreneurship and promote the growth of female-led businesses. Ultimately, partnering with a women-led VC firm can lead to better outcomes for women founders and contribute to a more diverse and inclusive startup ecosystem. Breaking into the VC industry as a woman can be challenging, but it is not impossible. Here are a few tips for women looking to start their own VC firms: Build a strong network: Building relationships with successful investors and entrepreneurs is critical. Attend networking events, conferences, and meetups to connect with potential partners and investors. Gain experience: Consider working for a VC firm or startup to gain the necessary experience and knowledge of the industry. This can help build your credibility as a potential VC and provide valuable insights into the investment process. Develop a unique investment thesis: Create a unique investment thesis that sets you apart from other VC firms. This will help attract investors and provide a framework for identifying and evaluating potential investments. Fundraising: Fundraising is a critical component of starting a VC firm. Start by building a strong pitch and a compelling story that resonates with potential investors. It’s essential to have a diverse group of investors to ensure a well-rounded portfolio. Build a diverse team: Creating a diverse team is critical in the VC industry. Building a team with different backgrounds, perspectives, and experiences can help identify unique investment opportunities and promote more inclusive decision-making. Find investments: Identifying promising startups and entrepreneurs is a crucial part of the VC process. Connect with entrepreneurs, attend pitch events, and leverage your network to find investment opportunities. Resources EY Entrepreneurial Winning Women– EY provides program participants evergreen access to our vast resources, rich networks and know-how, helping to strengthen their abilities to become market leaders. At the same time, the program creates a vibrant global community of successful women entrepreneurs and inspiring peer role models who, in 2021, numbered more than 800 across 49 countries. Lolita Taub‘s Newsletter (Issue 77: Women’s History Month edition) has great resources for female founders. 37 angels– is a community of women investors dedicated to educating early-stage investors and promoting women’s participation in investing. WLOUNGE– is a mission-driven organization headquartered in Berlin that supports diversity and women in business and technology. They incubate startups and founders, connect startups, VCs, and corporates to the ecosystem, and facilitate hundreds of deals and investments. They provide innovative services, workshops, round tables, conferences, and leadership programs. WLOUNGE focuses on building partnerships for investment opportunities, founder support, and incubating. They collaborate across the world, including Germany, Europe, Israel, the U.S, China, and Asia. Ultimately, WLOUNGE was established to uplift the tech ecosystem and the women within it. Women’s Business Center-WBCs provide free, to low-cost counseling and training and focus on women who want to start, grow, and expand their small business. digitalundivided– is the leading non-profit leveraging our data, programs, and advocacy to catalyze economic growth for Latina and Black women entrepreneurs and innovators. Our goal is to create a greater world where all women of color own their work and worth. Our mission moves the entrepreneurial ecosystem forward, to increase funding, access, and opportunities for women of color in business and innovation. Tory Burch Foundation– the organization strives to strengthen female entrepreneurship by offering capital, education, and fellowship programs. They collaborate with Bank of America to provide affordable loans via Community Lenders as part of their capital program. Additionally, in partnership with Goldman Sachs’s 10,000 Small Businesses, the foundation furnishes female small-business owners with education in business and management. Furthermore, the Tory Burch Fellows Program encompasses workshops, a year of support, a $10,000 prize, and an opportunity to present a pitch for a $100,000 grant. AIm High AI Bootcamp For Female Founders: Now is last chance to apply and join this equity-free 12-week online accelerator, get business support and access to leading VC funds like Molten Ventures, Dawn Capital, Antler, Nauta Capital, Sunfish Partners and more. All Raise– All Raise started as a call to action. Today, it’s a community, a movement, and a rallying cry centered on the belief that our personal ambitions can and will include the prosperity of all women. Recast Capital– Women-owned platform supporting and investing in emerging managers. Their enablement program is a tuition free educational program 82% of which are female GPs. Women founders looking for investors: share your details in Lolita Taub‘s twitter thread here 10+ VCs & Accelerators Investing in Underrepresented Founders Women-led VCs RevUp Capital “For women investors and female founders, innovation isn’t always about activism. Often, it’s a matter of necessity,” says Melissa Withers, Managing Director of RevUp Capital. “From the beginning, women in entrepreneurship had to do things differently to create the opportunities we wanted. For all the hardships that come with that, there’s also a measure of freedom in it. Women in the industry aren’t just breaking the rules, they’re playing a new game. Good luck getting that genie back in the bottle.” About: RevUp Capital invests and supports revenue-driven B2B and B2C companies. Companies receive $350K-500K in non-dilutive cash delivered in tandem with RevUp’s growth platform, which includes strategy and execution support to accelerate market-facing growth. Thesis: We invest with a singular purpose: to give founders a better shot at success. Traction metrics requirements: Companies enter our portfolio with $500K-$3M in revenue, a strong growth rate, and plans to reach $10-30M in revenue in 3-5 years. We invest in both B2B and B2C companies. RevUp is committed to investing in women, people of color, and in founders outside of top tier geographies. We believe in you. Funding stage: Seed, Pre-Seed, Series A Primetime Partners Who or what has been most supportive in your journey of leading a women-founded VC firm? “The other female GPs and investors I have met in NYC community and beyond have inspired me, taught me and humbled me.” – Abby Levy Managing Partner and Founder at Primetime Partners Thesis: Improving the quality of life for older Adults, aging and longevity. Funding stage: Seed, Pre-Seed, Series A, Series B Female Founders Fund About: Female Founders Fund is an early-stage fund investing in the next generation of transformational technology companies founded by women. Thesis: Investing in the exponential power of exceptional female talent. Funding stage: Seed Supernode ​​Ventures About: We serve two groups: entrepreneurs and investors. We love connecting both groups together, not only for investing purposes, but also for problem-solving, partnerships and other activities. Thesis: At Supernode Ventures, we are investing in entrepreneurs to help transform the way people live, work and socialize. Funding stage: Pre-Seed Urban Innovation Fund About: A venture capital firm that provides seed capital and regulatory support to entrepreneurs shaping the future of cities – helping them grow into tomorrow’s most valued companies. Thesis: The Urban Innovation Fund invests in startups enhancing the livability, sustainability, and economic vitality of our cities. Funding stage: Pre-Seed, Seed Ganas Ventures About: Ganas Ventures invests in pre-seed and seed Web 2 and Web 3 community-driven startups in the US and Latin America. Funding stage: Pre-Seed, Seed Steelsky Ventures About: SteelSky Ventures is an early stage VC fund investing in Women’s Health. Funding stage: Seed, Series A Serena Ventures About: Serena Ventures focuses on early stage companies, and giving them the opportunity to be heard. Thesis: Serena Ventures invests in founders who are changing the world with their ideas and products. Funding stage: Series A Moxxie About: Moxxie Ventures is a $25M seed-stage fund that invests in founders who make life and work better. Thesis: Make life and work better. Climate positive. Funding stage: Pre-Seed, Seed Overlooked Ventures About: We support founders who operate early-stage technology companies who are historically overlooked and provide them capital, resources, and connections to scale their business. We’ve been in your shoes. We’re tech founders with 10+ years of experience running companies and making deals. Now we’re authentically supporting entrepreneurs with capital and a founder-friendly focus. Funding stage: Pre-Seed, Seed Mendoza About: Mendoza Ventures is an early and growth stage Fintech, AI, and Cybersecurity venture fund that provides an actively managed approach to VC. We invest in areas where we have deep domain expertise, companies with early revenue, a clear value proposition and using a proven due diligence model. We focus on diversity as playing an important role in our investment decisions, as roughly 75% of our portfolio consists of start-ups led by immigrants, people of color, and women. Based in Boston, Mendoza Ventures is women owned and the first LatinX-owned venture fund on the East Coast. The firm is run by husband and wife Adrian and Senofer Mendoza, entrepreneurs and prior operators who are veterans of the Boston start-up ecosystem. Thesis: Started by serial entrepreneurs and investors, Adrian Mendoza and Senofer Mendoza, their investment thesis is this – Focus on helping the startups grow by leveraging the experience of advisors and investors in their respective fields. By giving experience and accountability first, learning more about the team, technology and market, only then can an informed investment be made. Funding stage: Pre-Seed, Seed Halogen Ventures About: Halogen Ventures is an early stage venture capital fund focused on consumer technologies prioritizing a female in the founding team. Thesis: Halogen Ventures is an early stage venture capital fund focused on female led consumer technology companies. Funding stage: Early Stage GingerBread Capital About: GingerBread Capital invests in the next generation of women founders and entrepreneurs leading high-growth businesses Funding stage: Series A, Series B, Seed Forerunner Ventures About: VC firm investing in transformative B2C & B2B companies defining a new generation of business, with an eye on the consumer. Funding stage: Seed, Series A, Series B, Growth Kapor Capital About: Kapor Capital invests in early stage gap-closing tech enabled startups. Thesis: Kapor Capital invests in tech-driven early stage companies committed to closing gaps of access, opportunity or outcome for low income communities and/or communities of color in the United States. Funding stage: Pre-Seed, Seed, Series A, Series B Vitalize Ventures About: VitalizeVC was founded in 2017 as a seed-stage venture fund. It was originally launched as a result of continued growth and investment appetite among the IrishAngels investor network. Initially called IrishAngels Ventures, it was rebranded VitalizeVC in 2019. Funding stage: Seed, Series A BBG About: BBG Ventures is a seed and pre-seed venture fund leading investments in female & diverse founders who are uniquely qualified to solve the toughest challenges facing new consumers, workers, and employers. Thesis: The next generation of breakout companies will solve problems for the 99% and build solutions for key emerging populations in America. With today’s consumer being intersectional, more conscious, multi-generational, and often underserved; we believe that the founders who intuitively understand her are the ones poised to fix our broken systems. These founders have a natural competitive advantage — which means we do too. We look for companies that drive systems change, build 10X better consumer solutions, or address new buying behaviors across the biggest categories of consumer spending that are ripe for reinvention, focusing on: Healthcare Transformation, the Work and Learning Revolution, Climate & Consumption, Overlooked Consumers, and Fintech. We seek out companies making large-scale behavior change possible by improving access, enhancing affordability, or reducing friction in the consumer experience. Funding stage: Seed, Pre-Seed StandUp Ventures About: StandUp Ventures is a Toronto-based, seed stage venture capital fund focused on investing in high growth ventures with at least one female founder in a key leadership role. We believe that women led companies think outside the box, recruit great talent, and serve bigger markets. We invest in seed-stage, for-profit technology companies with at least one woman in a C-level leadership position within the company and an equitable amount of ownership. Thesis: We’re dedicated to curious, confident, and fearless entrepreneurs building ground-breaking technology companies. We partner with ambitious founders across Canada to break through from Seed to Series A. Funding stage: Seed Amboy Street Ventures About: The world’s first venture capital fund focused on Sexual Health & Women’s Health Technology startups. Amboy Street Ventures is an active investor and adds value above and beyond capital. Its dedicated Value Enhancement Team supports portfolio companies with marketing & branding, sales & distribution, product development & scientific innovation and public education resources through its position within the Healthy Pleasure Group, an ecosystem dedicated to solving the problems that startups face in the Sexual Health and Women’s Health Tech market. Thesis: Amboy Street Ventures invests in the Seed and Series A rounds of Sexual Health & Women’s Health Technology startups that are progressing the industry in America and Europe. Funding stage: Seed and Series A SoGal Ventures About: As the first female-led millennial venture capital firm, SoGal Ventures represents how far our generation has come, and how deep our impact on the world can be. We believe in the power of diversity, borderless business, and human-centric design. We invest in seed stage diverse founding teams in the U.S. and Asia, and aim to be the first institutional investor for our portfolio companies. Our investments paint the future picture of how we live, work, and stay healthy. Thesis: Next generation of living, working and staying healthy, created by and for the rest of us. Funding stage: Pre-Seed, Seed Urban Innovation Fund About: A venture capital firm that provides seed capital and regulatory support to entrepreneurs shaping the future of cities – helping them grow into tomorrow’s most valued companies. Thesis: The Urban Innovation Fund invests in startups enhancing the livability, sustainability, and economic vitality of our cities. Funding stage: Seed, Pre-Seed Recast Capital About: Recast Capital is a platform supporting and investing in emerging managers in venture capital. As our name suggests, we are breaking the traditional mold and doing things a bit differently. Thesis: Our founders experienced first-hand the shift that was taking place in venture and came together with a clear view of what was needed in the industry: an institutional-grade intermediary to help investors access the opportunity presented by emerging managers, and create a way to support those managers in the process. Funding stage: Pre-Seed, Seed Start Your Next Round with Visible We believe great outcomes happen when founders forge relationships with investors and potential investors. We created our Connect Investor Database to help you in the first step of this journey. Instead of wasting time trying to figure out investor fit and profile for their given stage and industry, we created filters allowing you to find VCs and accelerators who are looking to invest in companies like you. Check out all our investors here and filter as needed. After learning more about them with the profile information and resources given you can reach out to them with a tailored email. To help craft that first email check out 5 Strategies for Cold Emailing Potential Investors. After finding the right Investor you can create a personalized investor database with Visible. Combine qualified investors from Visible Connect with your own investor lists to share targeted Updates, decks, and dashboards. Start your free trial here.

Being a startup founder is difficult. On top of having to build a product or service, hiring top talent, managing the day-to-day, and more — founders have to fund their business. This can come in the business of equity financing, bootstrapping, debt, or other methods. For founders looking to raise equity financing (via angel investors or venture capital), running a process is crucial to success. A strong process starts by finding the right investors to target and pitch during your raise. For founders in New York, check out a few active angel investors in the area below: Angel investors in New York As we mentioned above, running a process is crucial to fundraising success. At Visible, we often compare a fundraise to a traditional B2B sales and marketing funnel. At the top of your funnel, you add qualified investors to your pipeline (via cold and warm outreach). In the middle of the funnel, you nurture and pitch potential investors with email, updates, pitches, meetings, etc. At the bottom of the funnel, you are hopefully closing your new investors. To help you filll the “top of your fundraising funnel,” check out a list of angel investors in New York below: 1) Roger Ehrenberg Roger Ehrenberg is the Founding Partner of IA Ventures. In addition to founding IA Ventures, Roger is an active investor. In 2022, Roger has started Eberg Capital. As put on it’s website, “Eberg Capital helps creators and their fans develop closer, more authentic relationships. Our work sits at the intersection of sports, gaming, the arts and web3.Eberg Capital helps creators and their fans develop closer, more authentic relationships. Our work sits at the intersection of sports, gaming, the arts and web3.” Some of Eberg capitals most popular investments include: Alt Rally Cabin Related Resource: 10 VC Firms Investing in Web3 Companies 2) Adam Rothenberg Adam Rothenberg is a Partner at BoxGroup. Adam is primarily focused on seed stage companies. Learn more about some of the investment criteria for BoxGroup below: Some popular investments include: Plaid Airtable Blue Apron Related Resource: VCs Investing In Food & Bev Startups 3) Joanne Wilson Joanne Wilson is synonymous with angel investing in New York City. As put on her website, “Joanne Wilson is a prominent early-stage angel investor, entrepreneur, and philanthropist with a diverse background in retail, wholesale, media, real estate and technology. She has over 140 companies in her investment portfolio such as Food52, Eater, and Parachute Home, and has invested in several restaurants throughout downtown New York City.” Some of Joanne’s most popular investments include: Houseplant Blue Bottle Coffee Parachute 4) Kal Vepuri Kal Vepuri is the CEO of Hero. In addition to leading Hero, Kal makes angel investments via his personal investment vehicle, Brainchild Holdings. As put on his LinkedIn, Kal (via Brainchild) has made “300+ direct investments in seed stage marketplaces, networks and saas in fintech, blockchain, healthcare services, enterprise/SMB and consumer.” 5) Gary Vaynerchuk Gary Vaynerhcuk is a recognizable name in the angel investing world. Gary is a Partner at VaynerRSE. At put on their website, “Through our partnership with leading entrepreneur Gary Vaynerchuk, Vayner/RSE invests in companies building tomorrow’s capabilities through unique consumer insight and relentless drive. Beyond capital, Vayner/RSE supports its community with access and insights derived across both our investment portfolio and the operating companies we oversee on a daily basis.” Gary has made investments in some of the most popular tech companies of our era: Twitter Tumblr Uber 6) Fred Wilson Fred Wilson is a Partner at Union Square Ventures. As put on his website, “Fred Wilson has been a venture capitalist since 1987. He currently is a Partner at Union Square Ventures and also founded Flatiron Partners.” Some of his most popular investments include: Twitter Etsy Coinbase 7) Chris Dixon As put on the a16z site, “Chris Dixon is a general partner and has been at Andreessen Horowitz since 2012. He founded and leads a16z crypto, which invests in web3 technologies through four dedicated funds with more than $7 billion under management.” In addition to investing at Andreessen Horowitz, Chris writes angel checks in various technology companies. Angel investor firms in New York In addition to individual angel investors, there are firms dedicated to angel investors that write checks in startups across many stages and sectors. Check out a few of the popular angel investor firms in New York below: 8) New York Angels As put on their website, “New York Angels is a membership based group of accredited investors who are professionals, entrepreneurs, operators, and industry experts.” In addition, they share their investment criteria, “In the aggregate, the members of New York Angels invest between $100,000 to $1,500,000 per round in early stage companies. Our members are looking for companies that have an established proof of concept and are poised for growth.” Some of their most popular investments include: Bombas Pinterest Gust 9) 37 Angels As put on their website, “At 37 Angels, we are committed to: Education: Our goal is to shed light on the black box of startup investing for investors and founders through education. Transparency: 37 Angels has a process that’s built around clear and open communication for both founders and funders. Empathy: Many of our members are former entrepreneurs who understand the highs and lows of business-building.” 10) Pipeline Angels As put on their website, “Pipeline Angels is changing the face of angel investing and venture capital, as well as creating funding for trans women, cis women, nonbinary, two-spirit, agender, and gender-nonconforming founders.” Some of their most popular investments include: Apothecarry Cocomama GoldBean 11) Golden Seeds As put on their website, “We are a discerning group of investors, seeking and funding high-potential, women-led businesses. And creating lasting impact… Golden Seeds accepts applications from women-led companies domiciled in the U.S. These companies must have at least one woman in an operating role at the C-suite level. Frequently, companies have a female founder or CEO, but we also consider companies with women in other C-level positions.” 12) Empire Angels As put on their website, “Empire Angels is a diverse group of Millennials investing in early stage ventures with a focus on supporting young entrepreneurs.” Some of Empire Angels most popular investments include: The Infatuation Popsy App Socure Connect with investors for your startup with Visible At Visible, we oftentimes compare a fundraise to a B2B sales and marketing funnel. At the top of your funnel, you are finding new investors. In the middle, you are nurturing and pitching potential investors. At the bottom of the funnel, you are working through diligence and ideally closing new investors. Related Resource: A Quick Overview on VC Fund Structure With the introduction of data rooms, you can now manage every aspect of your fundraising funnel with Visible. Find investors at the top of your funnel with our free investor database, Visible Connect Track your conversations and move them through your funnel with our Fundraising CRM Share your pitch deck and monthly updates with potential investors Organize and share your most vital fundraising documents with data rooms Manage your fundraise from start to finish with Visible. Give it a free try for 14 days here.

Equity is a motivator for most early-stage founders, employees, investors, and other shareholders. Poor management of the cap table and dilution in the early days can be costly in the long run. Founders need to pick and choose when issuing additional shares and diluting themselves and existing shareholders. As always, we recommend consulting with a lawyer or legal team regarding your cap table and dilution. Learn more about share dilution and what it means for your business below: What is share dilution? As put by the team at Investopedia, “Share dilution is when a company issues additional stock, reducing the ownership proportion of a current shareholder. Shares can be diluted through conversion by holders of optionable securities, secondary offerings to raise additional capital, or offering new shares in exchange for acquisitions or services.” Primary types of share dilution The type of conversion or sale will impact the share dilution. This is typically boiled down to 2 major types of share dilution — primary and secondary share dilution. Learn more about each type of dilution below: Primary share dilution Primary share dilution happens when a company raises additional capital. Taking on new capital means that any existing shareholders will be diluted — as more financing capital comes in, the ownership % of existing owners will decrease. Secondary share dilution On the flip side is secondary share dilution. This happens when existing owners sell their shares to a new investor. The price at which the shares are sold impacts what the level of dilution will be. Reasons for share dilution Dilution when a company issues additional shares. This can happen in a number of different ways. Check out a few examples below: For financing options and capital needs The most common reason for share dilution is when raising capital, typically from venture capital funds. VC and Private Equity funds invest capital for equity. In turn this is issuing additional shares and diluting the existing shareholders on the captable. Related Resource: Private Equity vs Venture Capital: Critical Differences Employee stock options and equity compensation plans As put by the team at Investopedia, “The term employee stock option (ESO) refers to a type of equity compensation granted by companies to their employees and executives.” Whil an employee stock option plan offers individuals options in the business there are also equity compensation plans which offer equity directly in the business. Both of these instances will dilute your existing shareholders as additional shares are being issued. Related Resource: Employee Stock Options Guide for Startups To introduce new shareholders into the holdings There is also the introduction of new shareholders. This can be someone like an advisor or mentor that has gone above and beyond for your business. In the early days of a business, some founders will offer advisors equity instead of cash. Related Resource: Advisory Shares Explained: Empowering Entrepreneurs and Investors Impact of share dilution Many founders, early employees, investors, etc. are motivated by equity and the opportunity to grow the value of their shares. With this said, many founders need to pick and choose their spots when issuing additional shares to keep dilution in mind. Poor management of the cap table in the early days can be costly in the run. Erosion of ownership percentage and control As new shares are issued the ownership of existing owners will slowly erode. For many founders this can result in control and less impact on the overall direction of the business. Effect on earnings per share (EPS) and dividends For later stage companies, dilution can impact earning per shares and dividends. As more shares are issued, the earning per share goes down. Potential impact on stock price Related to the point above, as earnings per share go down with dilution this can potentially be less of a draw to investors and cause the stock price to lower. Strategies for avoiding share dilution As we mentioned above, founders need to pick and choose when issuing additional shares in their business. Avoiding dilution and maintaining ownership of the business can have huge impacts in the event of an exit or sale. As always, we recommend consulting with a legal team or counsel when determining different strategies regarding your cap table and dilution. Look at other financing alternatives Equity financing is the not the only financing option when it comes to raising capital for a startup. Over the last few years there has been an explosion in funding alternatives for startup founders. Ranging from debt to entirely new funding models. A few examples: Pipe Corl Clearbanc Calm Company Fund Related Resource: Checking Out Venture Capital Funding Alternatives Focus on generating internal cash flow for growth The best way to avoid dilution is by relying solely on your business to fuel growth and expansion (of course, this is easier said than done). When limiting the need for external capital, you’ll be able to maintain ownership of the business and would (potentially) only need to issue new shares when hiring new employees and executives. Create clear terms from the start Having clear terms from the start when fundraising will help model and project your dilution. By having a gameplan in place and a realistic view of dilution will help manage your cap table and issue new shares as needed as you raise capital and hire new talent. Limit excess funding with SAFEs Introduced by YC, SAFEs have taken over the startup funding world. As put by the team at Forbes, “A Simple Agreement for Future Equity (SAFE) is a contractual agreement between a startup company and its investors. It exchanges the investor’s investment for the right to preferred shares in the startup company when the company raises a future round of funding. The SAFE sets out conditions and parameters for when and how the capital will convert into equity. Unlike a convertible note, a SAFE does not accrue interest or have a maturity date.” However, both pre and post money SAFEs can have a different impact on the founder. We recommend consulting a lawyer or legal team when determining how to leverage different financial instruments for your business. Related resource: The Startup's Handbook to SAFE: Simplifying Future Equity Agreements Build strategic partnerships and alliances Strategic partnerships and alliances can be a valuable way to scale your business and avoid dilution. By having different partners and alliances you can grow your business and resist the need to raise additional equity financing and maintain ownership of your business. Looking for Investors? Try Visible Today! With Visible, you can manage every stage of your fundraising pipeline: Find investors at the top of your funnel with our free investor database, Visible Connect Track your conversations and move them through your funnel with our Fundraising CRM Share your pitch deck and monthly updates with potential investors Organize and share your most vital fundraising documents with data rooms Manage your fundraise from start to finish with Visible. Give it a free try for 14 days here.

For founders, finding the right VC to invest in their startup is crucial and a difficult task. With tens of thousands of VCs operating globally, investing in various industries, and at different stages, it can be overwhelming for founders to determine the best fit. In addition to finding a fit on basic parameters such as industry, check size, and round, founders are encouraged to get a better understanding of a VC’s reputation, investment style, and approach to working with startups, to help determine if the VC is a good fit for their startup. The Venture Capital Net Promoter Score (NPS) It’s common for businesses that have actual customers to gauge their level of satisfaction with the product or service by using a Net Promoter Score (NPS) survey. The purpose of the NPS is not only to determine customer satisfaction but also to assess the likelihood of a customer recommending the experience to others. The creation of the NPS in the venture capital industry was motivated by a desire to have a more comprehensive and customer-centric approach to evaluating the success of a VC firm. By incorporating feedback from the startups and entrepreneurs in its portfolio, the NPS helps to provide a more well-rounded picture of a VC firm’s success, beyond just its financial performance. The traditional metrics used to evaluate a VC firm’s success, such as the number and size of investments, the exit value of portfolio companies, and the overall financial return, provide valuable information about the financial performance of the firm. However, they do not provide insight into how the firm is perceived by the startups and entrepreneurs in its portfolio. You can create your own NPS system by discovering points of interest that directly measure the level of satisfaction other founders have experienced, along with the VCs stance on supporting its founders. This will give you the insight to help you identify how they approach working with their portfolio companies and how they are perceived by the entrepreneurs in their portfolios. Also, founders should consider their Investor Net Promoter Score for Startups. This is the percentage of your investors who would recommend you to potential customers, key hires, distribution partners, or follow on investors minus the percentage who wouldn’t. In theory, your Investor Net Promoter Score should be 100. Want to find out how to get there? Check out, How to Improve Your Investor NPS. Related resource: Top 12 Industry Events and Trade Shows for Food and Beverage Startups (2024 - 2025) VC Friendliness Evaluation Points of Reference Determining if a venture capitalist (VC) is founder-friendly can be challenging, as every founder has different needs and preferences. However, by doing some extra research, a founder can get a better understanding of a VC’s reputation, investment style, level of support and guidance provided to portfolio companies, and the level of alignment between the founder and the VC. These along with some of the following factors can help determine whether the given investor would make a good fit. Research the VC’s Reputation Start by researching the VC’s reputation and track record. Look for articles, blog posts, and social media posts that mention the VC and its investment style. Pay attention to the comments from founders and entrepreneurs who have received investments from the VC. Review the VC’s Portfolio Review the VC’s portfolio of companies and see if the founders of those companies have positive things to say about their experience working with the VC. This can give you an idea of the VC’s investment style and approach to working with startups. Ask for References Reach out to founders and entrepreneurs in the VC’s portfolio and ask for their perspective on working with the VC. This can give you a better understanding of the VC’s reputation and how they treat their portfolio companies. Meet with the VC in person Schedule a meeting with the VC to discuss your company and get a feel for their investment style and approach to working with startups. This can also give you an opportunity to see if there is a good personal chemistry between you and the VC. Consider the VC’s values and goals Look for a VC who shares similar values and goals with your company. This can include shared beliefs about the company’s mission, focus on sustainable business practices, or a similar approach to risk. Evaluate the VC’s support structure Consider the resources and support structure that the VC can provide, including access to potential customers, partners, and advisors. This can help you determine if the VC is able to provide valuable support to your company. Look at the VC’s communication style Look for a VC who has open and transparent communication and who responds promptly to questions and concerns. Good communication and transparency are key to building a positive relationship between a founder and a VC. Ultimately, the most important factor in determining the “friendliness” of a VC firm is the fit between the founder and the VC, so it is crucial for founders to do their due diligence and carefully evaluate their options before making a decision. Resources for Startups FoundersFeedback, gathers feedback from entrepreneurs through tailor-made surveys to help VCs improve their processes and relations with start-up founders. For VC’s investment, team, and company information Crunchbase, CB Insights, and Visible’s own Connect Investor Database. Y Combinator: What Founder Friendly Actually Means Resources for VCs Visible Guide: VC Portfolio Support Best Practices Visible Guide: [Webinar Recording] Building Scalable Portfolio Support Visible Guide: 5 Ways to Help your Portfolio Companies Find Talent Visible Guide: How to Plan a Top-Tier CEO Summit Visible’s Top Picks for Founder-Friendly VCs To help further guide founders in their search for investment, Visible has created Connect Investor Database to support our community of founders in their fundraising efforts. Check out the profiles for our top picks below or search the full Connect database here. Resources used for the list include the articles below, nominations from founders within the Visible network, and VCs who have proven their founder-friendliness claims. Newcomer: Founder’s Choice VC Rankings Revealed Inc: 184 Founder-Friendly Investors Forum Ventures “Since 2014, we’ve worked with 300+ SaaS founders. We know how to help founders build a sustainable business by acquiring customers and raising additional capital. Once we invest in a company, we walk hand in hand with founders as a fractional co-founder during this crucial part of their journey. This includes: Dedicated tactical sessions on: How to build their pitch deck Product market fit GTM and sales strategies / acquiring first customers etc. Mentor matching for 1:1 support A dedicated community team to help founders connect with strategic hires, professional networks/mentors and provide resources + almost anything else founders need to grow and scale (founders are part of this community long after they have finished our program!) No BS feedback (we truly care about the individuals who are part of our portfolio and we want to see them succeed. This means being open and honest with them. We want to both celebrate their wins and, more importantly, be a support system and their go-to-person during hiccups) By focusing on these areas with our founders, we’ve achieved an average fund-through-rate of 65% and NPS of 70.2.” – Maggie Bolt Marketing Manager at Forum Ventures Some great founder testimonials can be found here 🙂 Thesis: B2B SaaS; Future of Work, E-commerce enablement, Supply Chain & Logistics, Marketplace, Fintech, Healthcare. Location: New York City, San Francisco, and Toronto, United States Funding stage: Pre-Seed, Seed K50 Ventures “K50 Ventures offers a robust, peer-to-peer founder community to save founders time and money while making the founder journey less lonely. As early stage investors to over 170 companies, we understand the many challenges of building at the earliest stage, and offer strategic partnerships, workshops, resources and events that help our founders with everything from PR and brand to fundraising support, in addition to facilitating impactful and meaningful introductions.” – Jessica Spivack Lowenstein Head of Platform @K50 About: K50 Ventures is the most trusted first-check investor for mission-driven founders building a better future for the 99%. We invest up to $2M in pre-seed and seed-stage companies in the US and LATAM that are prioritizing access, affordability, and well-being across the categories of Health, Finance, and Work. K50 partners with those who refuse to accept the status quo; those who have a vision for how to radically improve daily life for everyone – in our local communities, and around the globe. Funding stage: Pre-Seed, Seed Colle Capital “The VC/Founder dynamic is fragile and peculiar; we are not coworkers and no one is anyone’s boss: we are partners and ideally friends. The best relationships between VCs and founders (and frankly between people generally) are built on a foundation of radical honesty, transparency and timely feedback. My founders come to me first with their problems because they trust I will do my utmost to help with urgency and without judgment. They also know that I’m always available just to talk and that I love celebrating the wins just as much as they do.” – Douglas Benowitz Principal at Colle Capital /// Nominated by Pulkit Jaiswal co-founder of Haystacks.AI About: Colle Capital is a data focused and opportunistic global technology venture fund. Location: New York, United States Funding stage: Seed, Series A Groove Capital “First and foremost, I’ve been a founder, so I can empathize. Some days are incredible, and many are confusing and full of doubt; so I try to go out of my way to acknowledge their courage. At the stage we invest it doesn’t make a lot of sense to be heavily involved. We are there to help where we can, and encourage them to develop a trust in their instincts. If they need someone to push back, we’ll push back. If they need to talk it out, we’ll listen. Our job is to help them be successful, so that my investors can be successful.” – Reed Robinson, Founder & Partner at Groove Capital Thesis: Groove Capital is where entrepreneurs in Minnesota go to get their first institutional investment. We partner with great teams, who have demonstrated an ability to execute, with some evidence of a defensible advantage, in a market that is compelling. Location: Minneapolis, Minnesota, United States Funding stage: Pre-Seed, Angel, Seed Bread and Butter Ventures “We promise to always be transparent and give our honest opinion with startups. To me that is founder friendly.” –Brett Brohl Managing Partner at Bread and Butter Ventures About: Bread and Butter Ventures is an early-stage venture capital firm based in Minnesota, the Bread and Butter State, investing globally while leveraging our state and region’s unparalleled access to strong corporate connections, commercial opportunities, and industry expertise for the benefit of our founders. Thesis: Investing in amazing founders, focusing on several core sectors of the economy: food/ag tech, health tech and enterprise SaaS Location: Minneapolis, Minnesota, United States Funding stage: Seed, Series A MS&AD Ventures “We love being ‘in the trenches with the founders. Our team consists of former operators, entrepreneurs, and industry experts and we bring it all to the table when supporting our founders. We are flexible with ownership requirements. We’re as active as possible but it’s up to the founders how much they want us to be involved. This includes board seats as well. We stay out of the way if they don’t need us.” – Tiffine Wang Partner at MS&AD Ventures About: MS&AD Ventures is an early stage global fund that invest in Insurtech, Fintech, Mobility, Digital Health, Enterprise and beyond. MS&AD has a footprint in over 50 different countries with strong presence in Japan and the ASEAN region. Location: Menlo Park, United States 11 Tribes Ventures “Our 2% commitment of capital to founder well-being/ resilience and our Venture Partner Platform exist to help our founding teams build exceptional businesses without burning out or cratering their personal lives.” Kristina Chapple Director at 11 Tribes Ventures Thesis: 11 Tribes Ventures is an early-stage venture fund that proactively invests in the well-being of entrepreneurs. The fund is radical in its allocation of resources to fund founder wellbeing, putting real dollars towards their mental, emotional, and spiritual health. They are proving that healthy founders will lead to healthy returns without compromising mission or profitability. Investment geography: Chicago, Illinois, United States Funding stage: Seed, Series A Antler About: Antler is a global startup generator and early-stage VC that is building the next big wave of tech. With the mission to turn exceptional individuals into great founders, Antler aims to create thousands of companies globally. Thesis: We identify and invest in exceptional people Investment geography: Agnostic (Global) Funding stage: Pre-Seed, Seed Venrock About: Venrock is a venture capital firm investing in technology and healthcare companies. Location: Palo Alto, California, United States Funding stage: Pre-Seed, Seed, Series A, Series B, Growth Greylock About: This venture capital firm invests in all stages, exclusively in consumer and enterprise software companies. It led the Series B round for both Facebook and Linkedin Location: Menlo Park, California, United States Funding stage: Pre-Seed, Seed, Series A, Series B, Growth First Round Capital About: This venture capital firm invests in all stages, exclusively in consumer and enterprise software companies. It led the Series B round for both Facebook and Linkedin Location: Menlo Park, California, United States Funding stage: Pre-Seed, Seed, Series A, Series B, Growth Insight Partners About: Insight Partners is the most trusted scale-up firm in the software industry. Thesis: We support companies in good times, as well as challenging ones. Location: New York, New York, United States Funding stage: Pre-Seed, Seed, Series A, Series B, Series C, Growth Privilège Ventures About: Privilège Ventures is a Swiss-based Venture Capital firm, authorized by the Swiss Financial Market Supervisory Authority (FINMA, www.finma.ch) as venture capital asset manager, investing in promising early-stage startups. With offices in Lugano, Zurich and Boston, we aim to support young founders on a mission to build the future. Our unique values derive from previous experiences as founders, entrepreneurs, operators and investors. We provide unceasing support, expertise, and valuable network access to help entrepreneurs forge ahead. Location: Switzerland Funding stage:Seed Founder Collective About: Founder Collective is a seed-stage venture capital firm that has invested in over 300 startups, including Uber, Airtable, PillPack, SeatGeek, The Trade Desk, Whoop, and Cruise. Founder Collective’s mission is to be the most aligned fund for founders at the seed stage. FC has offices in NYC and Cambridge, MA and has been the top-rated seed fund on the Forbes Midas list for four of the last five years. Thesis: Our mission is to be the most aligned fund for Founders at the seed stage. Location: Cambridge, Massachusetts, United States Funding stage: Seed Heron Rock “As a recovering entrepreneur, I am deeply empathic to the struggles and challenges that founders, especially first-time founders face. I play an active and engaged role in coaching and supporting each founder that I invest in and almost every single founder I’ve ever invested in can testify to the impact I’ve had on them.” – Tom Williams sole GP of Heron Rock Thesis: I invest as early as possible often before anyone else other than a single founder is in place Location: San Francisco, California, United States Funding stage: Pre-Seed, Accelerator Start Your Next Round with Visible We believe great outcomes happen when founders forge relationships with investors and potential investors. We created our Connect Investor Database to help you in the first step of this journey. Instead of wasting time trying to figure out investor fit and profile for their given stage and industry, we created filters allowing you to find VCs and accelerators who are looking to invest in companies like you. Check out all our investors here and filter as needed. After learning more about them with the profile information and resources given you can reach out to them with a tailored email. To help craft that first email check out 5 Strategies for Cold Emailing Potential Investors. After finding the right Investor you can create a personalized investor database with Visible. Combine qualified investors from Visible Connect with your own investor lists to share targeted Updates, decks, and dashboards. Start your free trial here. Related resources: The Future is Green: 15 Climate Tech Startups to Watch This Year 14 FinTech Startups Shaping the Future of Finance Top 18 Revolutionary EdTech Startups Redefining Education Top 15 Machine Learning Startups to Watch

The biotech industry has always been an attractive sector for VCs to invest in, and 2023 is no different. With high potential for returns, a rapidly growing industry, and advances in technology, biotech is a favorable investment for VCs. One of the main reasons for this is the high potential for returns. Biotech companies that successfully develop and commercialize new therapies and medical devices can generate significant returns for investors. This is particularly true for companies that develop therapies for diseases with high unmet needs, such as cancer, rare genetic disorders, and chronic diseases. The biotech industry is also expected to grow significantly in the coming years, driven by advancements in genomics, stem cell research, and regenerative medicine. This presents a significant opportunity for investors to participate in the growth of this industry and benefit from its expansion. Advances in technology such as gene editing, AI, and digital health are also making it easier for biotech companies to develop new therapies and medical devices, which can improve their chances of success. Additionally, the growing interest in personalized medicine is also a favorable trend, as precision medicine is gaining more traction in the industry. This approach, which is based on the genetic makeup of each patient, has the potential to lead to more effective and efficient treatments for a wide range of diseases, including cancer and rare genetic disorders. Governments around the world are also investing in biotech research and development and are offering various incentives for biotech companies, which can help to reduce the financial risks for investors. The high demand for healthcare, driven by the increasing aging population and the growing burden of chronic diseases, is also driving the demand for new and more effective therapies and medical devices. Set up Your Biotech Company for Success Biotech startups have a lot to consider as they work to develop and commercialize new therapies and medical devices. There are several key steps that biotech startups can take to increase their chances of success. Identify unmet medical needs Successful biotech startups begin by identifying unmet medical needs in the market, and then developing products or therapies that directly address these needs. By doing so, they are able to differentiate themselves from competitors and demonstrate a clear value proposition to potential customers and investors. Build a strong team A strong management team with a diverse set of skills and experiences is crucial for biotech startups. This team should be able to lead the company through the complex and dynamic biotech landscape, and make strategic decisions that will help the company grow. Leverage technology Advances in technology such as gene editing, AI, and digital health are making it easier for biotech companies to develop new therapies and medical devices. Leveraging these cutting-edge technologies can give startups a competitive edge and improve their chances of success. Create a clear path to commercialization Developing a clear path to commercialization and having a strong business model in place are essential for biotech startups. This helps them to attract investment and partners, and to scale their business. Build partnerships Building strong partnerships with key stakeholders in the industry, such as pharmaceutical companies, academic institutions, and government organizations can provide access to resources, expertise, and networks that can help the startup to excel. Have strong regulatory compliance Successful biotech startups are aware of the regulations and compliance requirements in the biotech industry and they have the necessary processes and procedures in place to ensure compliance. This helps to avoid delays and ensure a smooth commercialization process. Adapt to market changes Successful biotech startups are agile and adaptable, and able to pivot their strategies and business models in response to market changes. This helps them to stay ahead of the curve and capitalize on new opportunities as they arise. Biotech Metrics to Include in Investor Updates Some specific metrics that biotech companies may include in their investor update include: Clinical trial progress: The number of patients enrolled in trials, the phase of the trial, and any regulatory milestones that have been achieved or are upcoming. Pipeline development: This includes compounds or products in development, as well as their potential for revenue or commercialization. Intellectual property: Patents filed or granted, as well as the strength and potential value of the company’s intellectual property portfolio. R&D expenses: The progress of research projects to investors. Scientific publications and presentations: Scientific publications or presentations in which the company or its scientists have participated, as well as the level of visibility and impact of these publications and presentations. Manufacturing and production: Updates on the progress of their manufacturing and production processes, including capacity and scalability. Product development: Status on the development of a product, including the progress of preclinical studies, clinical studies, and commercialization. Market size and potential for growth: The size of the target market for a product and its potential for growth, as well as the competition in the market. Regulatory: Progress of regulatory approvals and submissions, including FDA, EMA, and other regulatory authorities. Financial metrics: Such as revenue, operating costs, and burn rate. The management team and Board of Directors: Any changes or updates to the management team and Board of Directors. Partnerships and collaborations: New partnerships or collaborations that have been established or are in progress. Depending on the stage of the company, some of these metrics may not be applicable or relevant and will vary from company to company or industry. The Future of Biotechnology The biotech industry is expected to continue to grow and evolve in the coming years, driven by advancements in technology and research. Biotech startups that are able to stay ahead of the curve and capitalize on trends will be well-positioned for success in the future. A few of these key trends are Gene therapy, Regenerative medicine, Personalized medicine, Digital health, and Artificial Intelligence. Gene therapy is a promising new approach to treating genetic disorders and diseases by directly targeting the underlying genetic causes. Advances in gene editing technology, such as CRISPR, have made it possible to precisely target and repair disease-causing mutations, leading to the development of new gene therapies for a wide range of conditions. Regenerative medicine is the practice of using cells, tissues, and organs to repair or replace damaged or diseased parts of the body. This field is rapidly advancing, with new therapies being developed for conditions such as heart disease, diabetes, and spinal cord injuries. The use of precision medicine is gaining more traction, this approach which is based on the genetic makeup of each patient, has the potential to lead to more effective and efficient treatments for a wide range of diseases, including cancer and rare genetic disorders. The integration of digital technology into healthcare is increasingly becoming a reality, enabling real-time monitoring and data collection, which will help to improve treatment outcomes. Biotech companies are now investing in digital health solutions, including wearable devices, mobile apps, and telemedicine, to improve patient care. AI is becoming increasingly important in the biotech industry, with companies using machine learning and deep learning to analyze large amounts of data, including genetic data, to identify new drug targets and develop new therapies. VCs Main Focus Areas in Biotech Depending on the VC firm’s investment strategy and the portfolio the focus may vary but some general areas of interest include: Biotechnology: Startups working on developing new drugs, therapies, and diagnostics, as well as those working on advancing biotechnology platforms such as gene therapy, CRISPR, and synthetic biology. Medical Devices: Such as implantable devices, diagnostic tools, and digital health technologies. Digital Health: Telemedicine, virtual care, and remote monitoring technologies. Biotech IT: This includes startups working on developing new software and IT solutions to support the biotech industry, such as bioinformatics, computational biology, and data analytics. Biotech Services: Such as contract research and development, clinical trial management, and regulatory consulting. Biotech Agriculture: Startups working on developing new tools and technologies to improve crop yields, reduce waste, and improve food safety. Biotech Energy: New biofuels, renewable energy, and sustainable materials VCs Investing in Biotech Companies 8VC Location: San Francisco, California, United States About: 8VC aims to transform the technology infrastructure behind many industries. Investment Stages: Seed, Series A, Series B, Growth Recent Investments: Oula Anduril Loop Check out 8VC’s profile on our Connect Investor Database Arch Venture Partners Location: Chicago, Illinois, United States About: ARCH Venture Partners invests primarily in companies co-founded with leading scientists and entrepreneurs, concentrating on bringing to market innovations in information technology, life sciences, and physical sciences. ARCH currently manages five funds totaling over $700 million and has invested in the earliest venture capital rounds for more than 90 companies. ARCH investors include major corporations, financial institutions, and private investors. Investment Stages: Seed, Series A, Series B, Series C, Growth Recent Investments: Synchron FogPharma Treeline Biosciences Check out Arch Venture Partners’ profile on our Connect Investor Database 5AM Ventures Location: Menlo Park, California, United States About: 5AM Ventures is a California-based venture capital firm that aims to finance seed- and early-stage life sciences companies. Investment Stages: Series A, Series B, Growth Recent Investments: Escient Pharmaceuticals CAMP4 Therapeutics Dianthus Therapeutics Check out 5AM Ventures’ profile on our Connect Investor Database Atlas Venture Location: Cambridge, Massachusetts, United States About: Atlas Venture is the leading international early-stage venture capital firm, investing in communications, information technology and life sciences companies. Atlas Venture investments are evenly divided between the United States and Europe. Founded in 1980, Atlas Venture has organized six international funds, and currently manages more than $2.1 billion in committed capital. Investment Stages: Seed, Series A, Series B, Growth Recent Investments: Nimbus Therapeutics Be Biopharma Triana Biomedicines Check out Atlas Ventures’ profile on our Connect Investor Database Forum Ventures Location: New York City, San Francisco, and Toronto, United States Thesis: B2B SaaS; Future of Work, E-commerce enablement, Supply Chain & Logistics, Marketplace, Fintech, Healthcare Investment Stages: Pre-Seed, Seed Recent Investments: Sandbox Banking Tusk Logistics Vergo Check out Forum Ventures profile on our Connect Investor Database OrbiMed Location: New York City, United States About: We have been investing globally for over 20 years across the healthcare industry: from early-stage private companies to large multinational corporations. Our team of over 100 distinguished scientific, medical, investment, and other professionals manages over $17 billion across public and private company investments worldwide. Investment Stages: Series A, Series B, Series C Recent Investments: Pathalys Pharma Amolyt Pharma MBX Biosciences Check out OrbiMed’s profile on our Connect Investor Database Polaris Partners Location: Massachusetts, United States About: Polaris Partners ​has a 20+ year history of partnering with ​entrepreneurs and innovators improving the way we live and work. Investment Stages: Series A, Series B, Series C Recent Investments: Jnana Therapeutics FOLX Health CAMP4 Therapeutics Check out Polaris Partners’ profile on our Connect Investor Database Third Rock Ventures Location: Boston, Massachusetts, United States About: Telescope Partners is an active growth equity firm partnering with best in class entrepreneurs across the technology landscape. We invest ourselves and our capital in companies building long-term, sustainable businesses. Investment Stages: Series A, Series B Recent Investments: Corvia Medical Terremoto Biosciences MOMA Therapeutics Check out Third Rock Ventures’ profile on our Connect Investor Database Versant Ventures Location: San Francisco, California, United States About: Versant Ventures caters to the healthcare sector with early and later stage venture, private equity, and debt financing investments. Investment Stages: Pre-Seed, Seed, Series A, Series B, Growth Recent Investments: iECure Jnana Therapeutics Nested Therapeutics Check out Versant Ventures profile on our Connect Investor Database Sofinnova Partners Location: London, United Kingdom About: Sofinnova Partners is a venture capital firm that invests in the life sciences sector, from seed to later-stage. Thesis: We invest in people and science to create opportunity. We commit to long-term partnerships with entrepreneurs who are as passionate as we are about pushing the frontiers of innovation to contribute to a better future. Investment Stages: Seed, Series A, Series B, Series C, Growth Recent Investments: Amolyt Pharma Micropep Prometheus Materials Check out Sofinnova Partners’ profile on our Connect Investor Database F-Prime Capital Location: Cambridge, Massachusetts, United States About: F-Prime grew from one of America’s great entrepreneurial success stories. Fidelity Investments was founded in 1946 and grew from a single mutual fund into one of the largest asset management firms in the world, with over $2 trillion under management. For the last fifty years, our independent venture capital group has had the privilege of backing other great entrepreneurs as they built ground-breaking companies, including Atari, Ironwood Pharmaceuticals and MCI. Investment Stages: Seed, Series A, Series B Recent Investments: Neumora Therapeutics Elicidata Ashby Check out F-Prime Capital’s profile on our Connect Investor Database Start Your Next Round with Visible We believe great outcomes happen when founders forge relationships with investors and potential investors. We created our Connect Investor Database to help you in the first step of this journey. Instead of wasting time trying to figure out investor fit and profile for their given stage and industry, we created filters allowing you to find VCs and accelerators who are looking to invest in companies like you. Check out all our investors here and filter as needed. After learning more about them with the profile information and resources given you can reach out to them with a tailored email. To help craft that first email check out 5 Strategies for Cold Emailing Potential Investors. After finding the right Investor you can create a personalized investor database with Visible. Combine qualified investors from Visible Connect with your own investor lists to share targeted Updates, decks, and dashboards. Start your free trial here.

Data rooms are the culmination of a fundraise, diligence, or M&A event. They combine all of the documents, data, and resources that an investor will use to evaluate a company. In this webinar you’ll learn: The importance of a well-organized data room The must-haves for a pre-seed/seed stage data room When to share a data room Who should you share a data room with And more

Building a startup is difficult. On top of building products or services, hiring top talent, and acquiring customers, founders need to secure funding for their business. This oftentimes comes via customer revenue (bootstrapping), angel investors, venture capital, or debt financing. Related Resource: How to Find Investors For founders pursuing venture capital or equity financing, building a system or process around your raise can help speed up the process so you can spend more time on what matters most — building your business. Learn how you can create an investor pipeline for your next fundraise below: Tips for Improving Your Investor Pipeline At Visible, we compare a fundraising process to a traditional B2B sales process (more on this below). Just as a sales team has the tools and resources in place to help them sell, the same should be true for a founder fundraising. Learn more about building an investor pipeline for your next fundraise below: Treat fundraising like you treat sales At the end of the day, raising venture capital is selling equity in your business. You will need to have many conversations and share assets along the way to help improve your odds of raising (selling equity). As we mentioned above, we compare a fundraising process to a traditional B2B sales process. You can break down the similarities between the 2 below: Top of the funnel — At the top of your fundraising funnel you need to bring in “leads” (AKA qualified investors) for your business. Chances are a small % will go through to write a check so it is important to have a large list — this can come from cold outreach, inbound interest, or warm introductions. Middle of the funnel — In the middle of a fundraising funnel, you are working on moving investors toward the bottom of your funnel. This likely means the investor has some interest and you are actively pitching them or sharing different fundraising assets (investor updates, pitch decks, etc.). Bottom of the funnel — At the bottom of your fundraising funnel, you are working through due diligence with the goal of “closing” a new investor. This generally involves data rooms, reference calls, partner meetings, etc. Related Resource: 6 Helpful Networking Tips for Connecting With Investors Adjust your strategy according to your company As fundraising oftentimes mirrors a sales process, it is important to make sure that you are targeting the right investors (AKA qualified leads). When building a list and targeting investors, it is important to look at the fields and characteristics that matter most to your business. A few suggestions for characteristics to consider: Location/Geography Industry Focus Stage Focus Current Portfolio Motivators Deal Velocity Related Resource: Building Your Ideal Investor Persona Filter and find the right investors for your business with our free investor database, Visible Connect. Give it a free try here. Solidify your fundraising goal Going into a fundraise it is important to have goals in mind. This will help you frame different conversations and your pitch. For example, if you are going to raise $1M, what are your goals and how are you going to spend the capital? It can also be broken down into goals for your actually fundraising process. For example, how many investors do you want to email a week? How many investor meetings do you want in a week? Etc. Go big Investing in startups is a risky investment. Most investors are incentivized to take their time with the process and will only invest in a handful of companies in a given year. In order to help make sure you maintain momentum in your fundraise, it is important that you have a solid number of investors at the top of your funnel to reach out to over the course of a raise. Between our own data and data from famous investors, we have found that most founders should expect to communicate with 50+ investors over the course of a raise. Check it out below: Step-by-Step Guide for Building Your Investor Pipeline If you are ready to build a pipeline for next fundraise, check out our quick steps and tips below. Related Resource: 9 Tips for Effective Investor Networking 1) Create a list of potential investors As we mentioned above, it is important for founders to have a healthy list of investors. We recommend starting with a list of 50 investors and scaling up from there if needed. It is important to consider the characteristics you are looking for in an investor and use free tools (like Visible Connect) to help you find those investors. Related Resource: How Startups Can Use an Investor Matching Tool to Secure Funding 2) Upload your list to your pipeline Compile your list of investors in a spreadsheet (or dedicated tool like Visible). You can upload this list to Visible to start tracking your pipeline and fundraising stages. For example, when you upload your investors, they will all likely be in a “Researching” stage. As you start to reach out to investors and have conversations, you can move them further down your funnel. Check out an example of a Visible Pipeline here. Related Resource: Tailoring Your Fundraising Efforts 3) Use tools to research investors in the pipeline Once you have an initial list of potential investors in place, it is important to do your research. To start, find the person at the firm that you would like to reach out to and see if have any mutual connections. A warm introduction is always ideal, but don’t be afraid to reach out cold if an investor is a good fit (more on this below). It is also worth doing further research on the actual firm. Double-check that you are a fit for their fund and there are no competitors of yours in their portfolio already. Related Resource: How to Write the Perfect Investment Memo 4) Create an introduction email Once you have done your research, it is time to start reaching out to potential investors. As we mentioned above, warm introductions are generally preferred. If you are seeking a warm introduction, make sure you are making it as easy as possible as the person making an introduction (always double opt-in). The introduction email should include a brief introduction of your company, any major milestones or metrics, and why they are a good fit. On the flip side, cold email works as well. To learn more about cold emailing potential investors, check out our post below: Related Resource: 3 Tips for Cold Emailing Potential Investors + Outreach Email Template 5) Track and monitor your pipeline communication As you will be balancing many conversations, it is important to have a place to track and monitor ongoing conversations. This can be helpful when determining what investors you need to spend time on and setting up a rhythm for follow-ups. With Visible, you can track conversations from outside of Visible, send investor Updates, and share your pitch deck so you can fully understand how investors are engaging with your fundraising materials. Fund Your Startup With Visible With Visible, you can manage every stage of your fundraising pipeline: Find investors at the top of your funnel with our free investor database, Visible Connect Track your conversations and move them through your funnel with our Fundraising CRM Share your pitch deck and monthly updates with potential investors Organize and share your most vital fundraising documents with data rooms Manage your fundraise from start to finish with Visible. Give it a free try for 14 days here.

Emerging Managers are often underserved and overlooked in the VC industry. However, the success of Emerging Fund Managers is widely considered the most promising way to improve the future of VC in terms of increasing returns, fueling innovation, and improving diversity. Visible invited Recast Capital to deliver content on fundraising best practices for Emerging Fund Managers looking to raise their first, second, or third fund. Sara Zulkosky has experienced every facet of Venture Capital from deal sourcing and managing investments, working as an LP at Greenspring Associates, graduating from the Kauffman Fellow program, and most recently co-founding and managing Recast Capital — a 100% women-owned platform investing in and supporting emerging managers in venture. Sara walked us through fundraising best practices for Emerging Fund Managers and answered key questions like: How to find Limited Partners How to keep track of and nurture relationships with LPs Which questions to ask LPs during a first meeting Learn more about Visible’s Emerging Manager Fundraising Toolkit.

Building a startup is difficult. On top of building a fundable business, hiring top talent, and acquiring customers — founders need to secure funding for their business. For founders looking for equity financing, one of the first places to look is angel investors or venture capitalists. Local angel investors can be a great source for kicking off a fundraise. While the typical angel check tends to be smaller than a vc fund, an angel check can be a great way to build momentum and start filling in your round. If you’re a founder located in Los Angeles or Southern California, check out our list of 10 angel investors in the area below: Where can I find angel investors in Los Angeles? Angel investors can be anyone around you. While there are noteworthy angels (like the ones listed below), just about any high net worth individual can be an angel investor. Elizabeth Yin of Hustle Fund is a huge believer in small checks and pitched everyone around her — doctors, optometrists, dentists, etc. Related Resource: 7 Tips for Raising a Friends & Family Round Of course, if you’re looking for “traditional” angel investors you can use networking, events, social media, and online databases to find the right investors for your company. Learn more about finding and pitching angel investors for your startup below: Related Resource: How to Effectively Find + Secure Angel Investors for Your Startup Clark Landry Clark Landry is an entrepreneur and investor based in Los Angeles and Nashville. Clark spent time as an entrepreneur and founded his own startups. Since then, he has started to invest in startups — 120+ investments to date. Industry – Agnostic with a focus on software businesses Notable Startups Funded – a few of Clark’s investment exits can be found below (check out the rest on his LinkedIn) The Trade Desk (in at $16M, NASDAQ IPO, ~$40B market cap) EdgeCast Networks (acquired by Verizon, $390M) Adconion (acquired by SingTel, $235M) Top Level Domain Holdings (IPO on the LSE AIM) Traffic Marketplace (acquired by Vivendi) Funding stage – seed stage Jim Brandt Jim Brandt is an angel investor based in Southern California. Jim is involved with Tech Coast Angels, an angel group in Southern California. Check out what TCA looks for in investments below: Industry: Software and life sciences are the most popular industries for TCA. Check out the industry breakdown for TCA below: Notable Startups Funded – TCA has made 450+ investments. Some of their recent exits can be found below: Procore Technologies (IPO at 368x) Doctible (8x) Findox (6x) Cognition Therapeutics (IPO at 6x) Discover Echo (5x) Rosie O’Neill Rosie O’Neill founded Sugarfina. Since founding Sugarfina, Rosie has turned to angel investing and launching her own fund, Pure Imagination Brands. Industry – Agnostic Notable Startups Funded – 50+ investments, check out a few recent investments below: Abbot’s Butcher The Bouqs Co Thrive Market Funding stage – early stage Related Resource: VCs Investing In Food & Bev Startups Mark Mullen Mark Mullen is an angel investor and the founder of Bonfire Ventures. Prior to his career in angel and venture investing, Mark spent his career at RBC Capital Markets. Learn more about Mark and his investment criteria below: Industry – Agnostic Notable Startups Funded: ChowNow AdStage Bitium Funding stage – Early stage Richard Wolpert Richard Wolpert is a 4x startup founder and has since turned to angel investing. Currently, Richard is a venture partner at Acrew. Learn more about Richard and his investing criteria below: Industry – Agnostic Notable Startups Funded: Carta NestEgg Mob.ly Funding stage – Seed Matt Mazzeo Matthew Mazzeo is an angel investor and currently the General Partner at Coatue Management. Learn more about Matt and his investment criteria below: Industry – Technology, Media Notable Startups Funded: Airtable Loom Slack Funding stage – Seed and beyond Anthony Saleh Anthony Saleh is an angel investor and General Partner at WndrCo. At WndrCo, Anthony is responsible for their seed stage investments. Learn more about Anthony and his investment criteria below: Industry – Media and Entertainment, Future of Work, Cybersecurity Notable Startups Funded Robinhood OpenSea AirTable Funding stage – Seed Tom McInerney Tom McInerney is an active angel investor. Learn more about Tom and his angel investing criteria below: Industry – Agnostic Notable Startups Funded: Notion Segment Bird Funding stage – Seed/Series A Ashton Kutcher Ashton Kutcher (no introduction needed) has turned to angel investing. In addition to angel investing, Ashton has also started Sound Ventures. Learn more about Ashton and his investment criteria below: Industry – Technology Notable Startups Funded Airbnb Uber Airtable Funding stage – Seed/Series A Related Resource: 15+ VCs Investing in the Future of Work Connect with Angel Investors in Los Angeles with Visible Finding the right investors for your business is only half the battle. With Visible, you can… Find the right investors for your startup with Visible Connect, our free investor database Manage and track the status of your raise with our Fundraising CRM Upload and share your pitch deck with investors in your pipeline Build and share your data room directly from Visible when working through due diligence and the final stages of your raise. Manage every aspect of your raise all from one platform. Give Visible a free try for 14 days here.