Most VC hate cold emails from entrepreneurs. Reasons vary: i) cold pitches are often poorly prepared; ii) skeptical VC will say to themselves “why couldn’t you find a warm relationship to fund this” or “why am I seeing this and not someone else;” and iii) some VC insist that you actually go out and find a connection to intro you to them directly, which is bullshit.
At Blossom Street Ventures we love cold emails from entrepreneurs and my email is all over the place including here (sammy@blossomstreetventures.com). Here’s a few things to keep in mind when making your pitch to me or any other VC, cold:
Your opening paragraph is everything. Your email to any VC should be no more than 1 paragraph and include only one attachment. That attachment shouldn’t be anything more than a 10 to 15 page pdf deck. Your paragraph is way more important than the deck because it’s the first thing a VC sees, so take one sentence to say what the business does, one sentence sharing the numbers you’re most proud of (revenue, users, growth, cash efficiency), and one sentence that includes your ask (for instance you’re raising $1mm at a $10mm pre). Based on that one paragraph, a VC will decide whether to move on to the deck.
The deck should be simple. The deck should be concise. Stretch to 15 pages only if you must. Your key slides are as follows: i) what the company does; ii) the problem your big market is facing; iii) historical financials/major numbers; iv) team including your email address; v) customers won to date and key metrics of the value you provide them, or any other major milestones; vi) your ask. As you can see that’s only 6 bullet points, which means 6 slides is adequate.
The purpose of your email isn’t to get funding; no VC funds a company based on an initial email. Rather, the purpose of your email is to get a conversation. Keep it short, keep it simple, and your cold email will be well on its way to that all important first conversation.
Thank you for your readership. See more blogs and SaaS data at blossomstreetventures.com. Other resources we’ve built for founders include: SoftwareMultiples.com; softwareMRRcalculator.com; FounderInvited.com, and TwoFoundersTalk.com. Founders are always welcome to reach out to sammy@blossomstreetventures.com as well.
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