Loading Founder Due Diligence...
Walking into a VC meeting unprepared is a fast way to lose a term sheet. Here's the research framework — what to know about your investor before you pitch.
| Research Area | What to Find | Where to Look |
|---|---|---|
| Portfolio Companies | Their wins, write-offs, typical check size | Crunchbase, AngelList, firm website |
| Investment Thesis | What markets they believe in, stage focus | Partner blog posts, podcast appearances |
| Competitive Portfolio | Any companies in your space already | Portfolio page + manual review |
| Partner Background | Operator vs. finance, domain expertise | LinkedIn, prior companies, podcast |
| Fund Stage & Size | Recent fund vintage, dry powder estimate | SEC Form D filings, press releases |
| Portfolio Founder Refs | How they treat portfolio founders | Cold outreach to 2–3 portfolio founders |
Most active VCs publish theses on Twitter/X, Substack, or their firm blog. Reading 5–10 posts tells you their worldview, what excites them, what language they use. Mirror their framework in your pitch.
A VC’s portfolio page shows logos. Their best wins are what they’ll want to repeat. If they made 20x on a vertical SaaS company in healthcare, they want another one. Frame your company as the next version of their biggest win.
Before taking any meeting, scan their portfolio for direct competitors. VCs almost never invest in two competing companies. Cross-referencing takes 10 minutes and saves you from wasting time on investors who can’t do the deal.
Cold email 2–3 founders in their portfolio: ‘Quick question — how has [firm/partner] been to work with? I’m considering taking a meeting and want to get a sense of how they support their companies.’ Most founders respond. This intelligence is worth more than anything on their website.
The most effective founder DD combines: (1) Reading all public writing (Substack, blog, Twitter) for thesis and worldview; (2) Crunchbase/AngelList portfolio review to identify check sizes, stage, and sectors; (3) SEC Form D filings to estimate fund vintage and size; (4) Cold outreach to 2–3 portfolio founders for candid references; (5) Podcast appearances where partners reveal what they’re excited about. This 2–3 hour research session dramatically improves meeting quality.
Strong founder questions: ‘What would make you most excited about this space?’ / ‘What do you need to see to move to a term sheet?’ / ‘Do you have any existing portfolio companies in adjacent areas we should know about?’ / ‘What’s your typical follow-on reserve for portfolio companies?’ / ‘Can you introduce me to 2–3 founders in your portfolio?’
Signals a VC is serious: They ask for specific materials (data room, model, customer references) rather than generic next steps. They move quickly to the next meeting. A partner joins a call that started with an associate. They reference details from your conversation in follow-up emails. They proactively introduce you to portfolio companies or potential customers. Slow, vague follow-up is almost always a soft no.