How many funds should I target?

For seed: 15–25 in active process simultaneously. For Series A: 20–35. Fewer than 15 creates concentration risk. More than 40 is hard to manage without losing quality.

Should I include strategic investors?

Corporate VCs (GV, Intel Capital, Salesforce Ventures) have different motivations than financial VCs. Include them if they're thesis-matched, but don't let them crowd out financial VCs on your Tier 1 list.

How do I know if a fund has a conflict?

Look at their portfolio. If they've backed a direct competitor in the last 3 years, assume a conflict. You can also ask directly — most funds will tell you if they have a policy conflict.

Is there a tool that builds a thesis-matched VC target list automatically?

Yes. PitchProtocol matches your structured application to every fund in our network by thesis, stage, sector, and check size — so you start with a pre-matched list instead of building one from scratch. Apply to the First 100 Founders Cohort →

How to Build a VC Target List (The Right Way)

Most founders approach fundraising backwards. They spend weeks building a deck, then scramble to identify which funds to send it to. The result: mismatched outreach, wasted meetings, and a slow process.

Building your VC target list before you start fundraising — and building it well — is one of the highest-leverage activities of your raise.

What a Good VC Target List Looks Like

A well-built target list has three tiers:

Tier 1: Dream funds (5–10 names)

The funds you'd most want as partners based on their portfolio, thesis fit, check size, and value-add. These are your primary targets.

Tier 2: Strong fits (15–20 names)

Funds that are clearly thesis-matched but less aspirationally positioned. These are where your round likely gets done.

Tier 3: Fill rounds / backups (10–15 names)

Funds that could participate once you have a lead. Also useful for creating competitive pressure.

Total: 30–45 funds. Enough to run a real process; not so many that you lose quality control.

The Five Criteria for Thesis Fit

For each fund on your list, verify all five:

1. Stage. Does this fund lead at your stage? A seed fund evaluating a $5M ARR company is wasting everyone's time.

2. Check size. Does your raise amount match their typical check? If you're raising $2M and they write $15M minimum checks, it's not a fit.

3. Sector. Does this fund invest in your category? Not "enterprise software" broadly — specifically your category.

4. Geography. Some funds are US-only. Some are global. Some are region-specific. Match accordingly.

5. Portfolio conflicts. Does this fund already back a direct competitor? Most funds have explicit or informal no-conflict policies. Don't waste time on a fund that can't invest.

Building the List: The Sources

Crunchbase and PitchBook for basic fund discovery: search for funds that have invested in companies similar to yours at your stage in the last 3 years.

Their own portfolio pages for thesis fit: read what they say about why they made each investment. If the language matches your company, it's a signal.

Harmonic and Signal (NFX) for relationship mapping: Signal specifically shows which funds are most connected to your existing network, making warm intro paths visible.

Twitter/X for thesis signal: follow the partners at your target funds. Partners who are actively writing about your category are much warmer targets than partners who haven't mentioned it in two years.

YC's list of investors and AngelList for discovery of funds you might not know.

PitchProtocol for automated thesis matching: submit once and see which funds in our network are pre-matched to your specific stage, sector, metrics, and geography.

How to Prioritize the List

For each fund, score 1–5 on:

Thesis fit (does their portfolio show a pattern of investing in your category?)
Partner fit (is there a specific partner whose background is directly relevant?)
Warm path (do you have a 1st or 2nd-degree connection?)
Recent activity (have they invested in your stage/sector in the last 18 months?)

Funds with the highest combined scores are Tier 1. Be honest about warm paths — a warm intro to a slightly less prestigious fund is worth more than a cold email to your dream fund.

Building the Warm Intro Path

For every fund on your Tier 1 list, map the warm intro path before you contact them:

Look up the fund's portfolio companies on their website
Find founders of portfolio companies you have any connection to
Check LinkedIn mutual connections with target partners
Ask your existing investors, lawyers, and advisors for connections
Ask your customers if they know anyone at these funds

Document the path for each fund: "To get to [Partner X] at [Fund Y], I can ask [Founder Z] at [Portfolio Company W] for an intro."

The Target List Spreadsheet

Build this before you start any outreach:

Fund	Tier	Target Partner	Check Size	Stage Fit	Sector Fit	Warm Path	Status
a16z	1	[Name]	$10M–25M	✅ Series A	✅ AI Infra	2nd degree via [Name]	Not started
First Round	1	[Name]	$1M–5M	✅ Seed	✅	Direct	Not started

Update status as the process moves: Not started → Intro requested → Intro sent → First meeting → In diligence → Term sheet / Passed.

Timing: When to Contact Each Tier

Don't start with your Tier 1 simultaneously with Tier 2/3. Run a two-phase process:

Phase 1 (Weeks 1–2): Contact 5–10 Tier 2/3 funds first. Get reps. Refine your pitch based on the questions you get. Identify the objections.

Phase 2 (Weeks 3–4): Contact Tier 1 funds with a tighter pitch, the objections pre-answered, and ideally some existing interest from Tier 2 to create social proof.

Skip the Manual Research

PitchProtocol builds your thesis-matched fund list automatically. Submit your structured application and see every fund in our network ranked by thesis fit, check size, stage, and sector. Apply to the First 100 Founders Cohort →