Building your investor target list

Why this matters

Deeptech founders struggle to find the right VCs far more than software founders do. Most software VCs invest across almost all of SaaS, but many deeptech VCs only invest in a few sectors, and their websites rarely make it clear which ones. So a generic list burns weeks on funds that were never going to invest. A sharp target list is the difference between forty thesis-fit conversations and two hundred dead ends.

Step 1: Build the master list

Go to VC Sheet and pull every fund that could plausibly invest in your sector and stage into a spreadsheet. Then open each fund's portfolio page. The companies they've actually backed tell you far more about what they invest in than their tagline does.

For each fund, track a few columns:

• Name and website
• Sectors and thesis
• Stage and typical check size
• Whether they lead rounds or only follow
• Fund size or team headcount
• Portfolio-fit notes
• Any mutual connections who could introduce you

Step 2: Judge fit before you spend a pitch

Fit comes down to three things: sector, stage, and check size. The portfolio confirms all three better than any pitch page.

Then look at fund size, because it changes how a fund behaves. You can gauge size from a fund's LinkedIn headcount. We treat fewer than six people as small. Small funds tend to read cold inbound and care more about each deal, since they make fewer bets, but they often don't follow on much in later rounds. Larger funds reserve more capital for follow-on, but they see far more deals and lean harder on pattern matching. You want a mix, and above all you want to know which funds can lead your round.

Step 3: Turn the list into an intro map

Once the list exists, send it to everyone in your network who knows investors. Ask them to mark which funds they can introduce you to, and which relevant funds you missed. That turns a static spreadsheet into a triangulated map of intro paths. The mechanics of making those intros land are in the next lesson.

It’s okay if you can’t find a warm intro path to every investor. You can layer on tools like Deep Checks, which matches you to thesis-fit deeptech VCs in one step, which is useful when you don't have a warm path.