How to Find Investors for a $20M+ Raise

THE COMPLETE PLAYBOOK FOR SOURCING INSTITUTIONAL INVESTORS AND CLOSING MEGA ROUNDS

Finding investors for a $20M+ raise is fundamentally different from seed fundraising.

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You're not looking for angels or seed funds anymore. You're looking for institutional investors with serious capital: venture capital firms, growth funds, strategic investors, private equity.

These investors operate differently. They have strict criteria. They move slower. They require immaculate data rooms. They demand world-class teams and proven business models.

Most founders have no idea how to find these investors, let alone pitch them effectively.

They waste months cold emailing VCs who don't invest at their stage. They pitch the wrong firms. They lack warm intros. They get rejected before they even get a meeting.

After helping founders raise $37 billion in institutional capital, I've mastered the art of finding and winning over institutional investors.

This is the complete playbook for sourcing investors for $20M+ raises in 2026.

WATCH THE COMPLETE GUIDE:

UNDERSTANDING THE INSTITUTIONAL INVESTOR LANDSCAPE

Who Are Institutional Investors?

Institutional investors are professional investment firms managing large pools of capital.

Types of institutional investors:

Venture Capital Firms (VCs)

• Invest in early-stage to growth-stage companies
• Typical check size: $5M-$50M+
• Focus on high-growth, venture-scale opportunities
• Examples: Sequoia, Andreessen Horowitz, Benchmark, Accel

Growth Funds

• Invest in later-stage companies with proven business models
• Typical check size: $15M-$100M+
• Focus on scaling to $100M+ ARR
• Examples: Insight Partners, Bessemer Venture Partners, Accel Growth

Private Equity Firms

• Invest in mature companies with strong cash flow
• Typical check size: $50M-$500M+
• Focus on operational improvements and exits
• Examples: Blackstone, KKR, Apollo

Corporate Venture Capital

• Companies investing in startups
• Typical check size: $5M-$50M+
• Focus on strategic fit and market opportunity
• Examples: Google Ventures, Microsoft Ventures, Amazon Alexa Fund

Strategic Investors

• Companies investing in complementary businesses
• Typical check size: $5M-$100M+
• Focus on strategic partnerships and market expansion
• Examples: Industry leaders, competitors, adjacent markets

What Institutional Investors Want

Institutional investors have strict criteria for $20M+ raises.

They want to see:

• $5M-$10M ARR (proven business model at scale)
• 15%+ monthly growth (consistent, predictable growth)
• Strong unit economics (CAC payback <12 months, LTV:CAC >3:1)
• World-class team (founder + experienced executives)
• Clear competitive advantage (defensible moat)
• Large market opportunity (TAM >$1B, growing 20%+)
• Clear path to profitability (unit economics work at scale)
• Immaculate data room (organized, accessible, complete)

They don't want:

• Unproven business models (need revenue, not just users)
• Weak unit economics (they'll pass if numbers don't work)
• Inexperienced teams (they bet on execution)
• Crowded markets (they want differentiation)
• Slow fundraising processes (they want momentum)

WHERE TO FIND INSTITUTIONAL INVESTORS

Source 1: Venture Capital Databases

Crunchbase

• Database of 1M+ companies and 500K+ investors
• Filter by stage, industry, geography, check size
• See who invested in competitors
• See recent funding rounds

How to use it:

1. Search for competitors in your space
2. Look at their investors
3. Filter by stage (Series A, Series B, etc.)
4. Identify investors who invest in your stage and space
5. Research each investor

Cost: Free (basic), $49/month (pro)

PitchBook

• Database of 2M+ companies and 1M+ investors
• More institutional-focused than Crunchbase
• See detailed fund information, check sizes, focus areas
• See portfolio companies and exits

How to use it:

1. Search for investors in your space
2. Filter by stage, geography, check size
3. See their portfolio companies
4. See their recent investments
5. Research each investor

Cost: $1,200+/year (institutional pricing)

AngelList

• Database of 100K+ investors and 50K+ startups
• More early-stage focused
• See investor profiles, check sizes, focus areas
• Apply directly to investors

How to use it:

1. Create company profile
2. Search for investors in your space
3. See investor profiles and focus areas
4. Apply directly or request intro

Cost: Free

Source 2: Industry-Specific Networks

Industry Associations

• Connect with investors focused on your industry
• Attend conferences and events
• Build relationships with industry leaders
• Examples: TechCrunch Disrupt, Web Summit, SXSW

How to use it:

1. Identify industry conferences
2. Attend and network
3. Schedule investor meetings
4. Follow up after the event

Alumni Networks

• Connect with investors from your alma mater
• Leverage shared school connections
• Build warm relationships
• Examples: Stanford, MIT, Harvard networks

How to use it:

1. Identify investors from your school
2. Reach out through alumni network
3. Schedule coffee meetings
4. Build relationships

Industry-Specific Communities

• Join communities focused on your industry
• Connect with investors and founders
• Share insights and build relationships
• Examples: Slack communities, Discord servers, LinkedIn groups

How to use it:

1. Join relevant communities
2. Participate actively
3. Build relationships with investors
4. Get warm intros

Source 3: Warm Introductions

Your Network

• Ask advisors for investor intros
• Ask board members for investor intros
• Ask previous investors for investor intros
• Ask customers for investor intros
• Ask other founders for investor intros

How to use it:

1. Make a list of 50-100 potential investors
2. Identify who in your network knows them
3. Ask for warm intros
4. Follow up after intro

Warm intros have 30%+ response rate vs <1% for cold email.

Your Investors

• Ask your current investors for follow-on introductions
• They want you to succeed (they have skin in the game)
• They know other investors
• They can make warm intros

How to use it:

1. Tell your investors you're raising
2. Ask for specific investor intros
3. Provide context (why you want to meet them)
4. Follow up after intro

Your Advisors

• Ask your advisors for investor intros
• They often have broad networks
• They want to help you succeed
• They can make warm intros

How to use it:

1. Tell your advisors you're raising
2. Ask for specific investor intros
3. Provide context
4. Follow up after intro

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Watch this breakdown on finding investors:

THE INVESTOR SOURCING PLAYBOOK

Step 1: Create Your Target Investor List

Identify 50-100 potential investors.

Use databases (Crunchbase, PitchBook, AngelList) to find investors who:

• Invest in your stage (Series A, B, C, etc.)
• Invest in your industry
• Invest in your geography
• Have check sizes that match your raise ($20M+)
• Have recent investments (active in market)

Criteria for good target investors:

• Invest at your stage
• Have relevant portfolio companies
• Have recent investments
• Have strong reputation
• Have decision-making speed

Step 2: Research Each Investor

For each investor, research:

• Their fund size and check size range
• Their portfolio companies (see if you fit)
• Their investment thesis (what they care about)
• Their recent investments (what they're funding now)
• Their team (who makes decisions)
• Their location (do they invest in your geography)
• Their track record (exits, returns)

Where to research:

• Crunchbase (company info, portfolio, investments)
• PitchBook (detailed fund info, check sizes)
• Their website (fund info, team, thesis)
• LinkedIn (team members, recent activity)
• News articles (recent investments, announcements)
• Twitter (what they're saying about market)

Step 3: Identify Decision Makers

For each investor, identify the decision maker.

This is typically:

• A partner (for larger checks)
• A principal (for mid-size checks)
• An associate (for smaller checks)

How to identify:

• Look at their website (team page)
• Look at LinkedIn (find team members)
• Look at recent investments (who led the round)
• Ask your network (who do they know)

Focus on partners and principals - they make final decisions.

Step 4: Get Warm Intros

For each investor, try to get a warm intro.

Warm intros have 30%+ response rate. Cold email has <1%.

How to get warm intros:

1. Ask your advisors if they know the investor
2. Ask your board members if they know the investor
3. Ask your current investors if they know the investor
4. Ask other founders if they know the investor
5. Ask customers if they know the investor
6. Use LinkedIn to find mutual connections

If you can't get a warm intro:

• Use cold email (but expect low response rate)
• Attend events where they speak
• Comment on their social media posts
• Engage with their content

Step 5: Craft Your Outreach

Your outreach should:

• Be personalized (mention something specific about them)
• Be concise (2-3 sentences max)
• Have a clear ask (schedule a meeting)
• Include social proof (traction, customers, investors)
• Include a link to your one-pager

Example warm intro request:

"Hey [Name], I'd love to introduce you to [Founder] at [Company]. They're building [what you do] and have achieved [key metric]. I think they'd be a great fit for your portfolio. Would you be open to a quick call?"

Example cold email:

"Hi [Name], I'm [Founder] at [Company]. We're [what you do] and have achieved [key metric]. I noticed you invested in [similar company], and I think we're solving a similar problem. Would you be open to a 20-minute call to discuss?"

Step 6: Follow Up Strategically

If you don't hear back:

• Follow up after 1 week
• Follow up after 2 weeks
• Follow up after 1 month
• Then move on

How to follow up:

• Reference your original email
• Share new traction or news
• Make it easy to say yes
• Keep it brief

Example follow-up:

"Hi [Name], Following up on my email last week. We just hit [milestone], and I'd love to show you what we're building. Would you have 20 minutes next week?"

Step 7: Prepare for Meetings

Before each investor meeting:

• Research the investor thoroughly
• Prepare your pitch (2-minute version)
• Prepare your deck (15 slides)
• Prepare your one-pager
• Prepare your data room
• Prepare answers to tough questions
• Prepare your ask (how much, what it funds)

During the meeting:

• Start with a hook (your strongest metric)
• Tell your story (problem, solution, traction)
• Show your metrics (revenue, growth, retention)
• Ask for feedback (what do you think)
• Ask for next steps (what's the process)

After the meeting:

• Send a thank you email within 24 hours
• Share any promised materials
• Follow up on any questions
• Keep them updated on progress

For complete strategies on how to raise capital successfully, we've documented the exact playbook.

INVESTOR TYPES AND WHERE TO FIND THEM

Series A Investors (Typical $5M-$15M checks)

Who they are:

• Venture capital firms focused on early-stage companies
• Typically have $50M-$500M under management
• Make 10-20 investments per fund
• Focus on product-market fit and early traction

Where to find them:

• Crunchbase (filter by stage, check size)
• PitchBook (filter by stage, check size)
• AngelList (search by stage)
• Industry conferences
• Your network

Examples:

• Sequoia Capital
• Andreessen Horowitz
• Benchmark
• Accel
• Greylock

How to approach:

• Warm intros from advisors, board members, previous investors
• Cold email if no warm intro available
• Attend events where they speak
• Build relationships before you pitch

Series B Investors (Typical $15M-$50M checks)

Who they are:

• Growth-focused venture capital firms
• Typically have $200M-$1B under management
• Make 5-15 investments per fund
• Focus on scaling and market expansion

Where to find them:

• Crunchbase (filter by stage, check size)
• PitchBook (filter by stage, check size)
• Industry conferences
• Your network

Examples:

• Insight Partners
• Bessemer Venture Partners
• Accel
• Sequoia Capital
• Andreessen Horowitz

How to approach:

• Warm intros from Series A investors
• Warm intros from advisors and board members
• Cold email to partners (if you have strong metrics)
• Attend events where they speak

Series C+ Investors (Typical $50M+ checks)

Who they are:

• Late-stage venture capital and growth equity firms
• Typically have $500M-$5B+ under management
• Make 3-10 investments per fund
• Focus on scaling to $100M+ ARR and exits

Where to find them:

• Crunchbase (filter by stage, check size)
• PitchBook (filter by stage, check size)
• Industry conferences
• Your network

Examples:

• Insight Partners
• Tiger Global
• Sequoia Capital
• Andreessen Horowitz
• Lightspeed Venture Partners

How to approach:

• Warm intros from Series B investors
• Warm intros from advisors and board members
• Direct outreach to partners (if you have strong metrics)
• Attend events where they speak

Strategic Investors

Who they are:

• Companies investing in complementary businesses
• Typically have strategic goals beyond financial returns
• Check sizes vary ($5M-$100M+)
• Focus on strategic fit and market expansion

Where to find them:

• Industry research
• Competitor analysis
• Your network
• Industry conferences

Examples:

• Google Ventures (Google)
• Microsoft Ventures (Microsoft)
• Amazon Alexa Fund (Amazon)
• Intel Capital (Intel)
• Cisco Investments (Cisco)

How to approach:

• Research their investment thesis
• Show how you fit their strategy
• Warm intros from advisors and board members
• Direct outreach to corporate development team

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Watch the strategy for institutional investor sourcing:

ADVANCED INVESTOR SOURCING STRATEGIES

Strategy 1: Work Backwards from Your Competitors

Look at your competitors' investors.

If they raised at your stage with similar metrics, their investors are good targets for you.

How to do it:

1. Identify 5-10 competitors
2. Look at their funding rounds on Crunchbase
3. See who invested in them
4. Research those investors
5. Add them to your target list

Strategy 2: Attend Industry Conferences

Attend conferences where investors speak and network.

This gives you access to investors in a low-pressure setting.

Best conferences:

• TechCrunch Disrupt
• Web Summit
• SXSW
• Y Combinator Demo Day
• Industry-specific conferences

How to maximize:

1. Register early
2. Identify investors attending
3. Schedule meetings in advance
4. Attend their talks
5. Network at events
6. Follow up after the event

Strategy 3: Build Your Narrative

Create a compelling narrative that resonates with investors.

Investors invest in stories, not just metrics.

Your narrative should:

• Explain the problem you're solving
• Explain why you're the right team to solve it
• Explain why now is the right time
• Explain your vision for the future
• Connect emotionally with investors

Strategy 4: Create Social Proof

Show investors that other investors are interested.

This creates FOMO (fear of missing out) and accelerates decisions.

How to create social proof:

• Get commitments from multiple investors
• Share that you have strong investor interest
• Set deadlines ("We're making a decision by [date]")
• Close small checks first (early commitments make larger investors move faster)
• Share news about investor interest

Strategy 5: Leverage Your Existing Investors

Your existing investors are your best source of new investors.

They want you to succeed. They know other investors. They can make warm intros.

How to leverage them:

1. Tell them you're raising
2. Ask for specific investor intros
3. Provide context (why you want to meet them)
4. Follow up after intro
5. Update them on progress
6. Ask for additional intros if needed

Strategy 6: Build Relationships Before You Pitch

Don't just pitch investors cold.

Build relationships first. Get them to know you, like you, trust you.

How to build relationships:

1. Attend events where they speak
2. Comment on their social media posts
3. Share their content
4. Engage with their portfolio companies
5. Ask for advice (not money)
6. Keep them updated on your progress
7. Then pitch when you're ready

For insights on what investors actually want, we've documented the exact criteria.

COMMON MISTAKES WHEN FINDING INVESTORS

Mistake 1: Pitching the Wrong Investors

Don't pitch Series A investors if you're raising Series B.

Don't pitch growth funds if you're raising seed.

Match your stage to the investor's stage.

Mistake 2: Cold Emailing Without Warm Intros

Cold email has <1% response rate. Warm intros have 30%+ response rate.

Always try to get warm intros first. Only use cold email as a last resort.

Mistake 3: Not Researching Investors

Don't pitch investors without researching them thoroughly.

Know their portfolio companies. Know their investment thesis. Know their recent investments.

Mistake 4: Pitching Too Many Investors at Once

Don't pitch 100 investors simultaneously.

Batch your meetings (5-10 investors per week). This creates competitive tension.

Mistake 5: Slow Follow-Up

Don't wait weeks to follow up after meetings.

Follow up within 24 hours. Share promised materials. Answer questions quickly.

Mistake 6: Not Having Your Materials Ready

Don't pitch investors without:

• Pitch deck (15 slides)
• One-pager (1 page summary)
• Financial model (3-year projections)
• Data room (organized, accessible)

Have everything ready before you start pitching.

Mistake 7: Giving Up Too Early

Don't give up after one rejection.

Most investors will pass. Keep pitching. Keep improving. Keep moving forward.

For complete strategies on how to pitch investors successfully, we've documented the exact playbook.

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FREQUENTLY ASKED QUESTIONS

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What's the best way to find institutional investors?

Warm intros from advisors, board members, and previous investors. If you can't get warm intros, use Crunchbase or PitchBook to identify investors, then research them thoroughly before reaching out.

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How many investors should I pitch?

Aim for 50-100 target investors. Batch your meetings (5-10 per week). This creates competitive tension and accelerates decisions.

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How long does it take to find investors?

Expect 2-4 weeks to identify and research target investors. Then 3-6 months to pitch and close. Total timeline: 3-6 months from start to close.

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Should I use a fundraising consultant?

Only if you have limited network. A good consultant can make warm intros and accelerate the process. But they're expensive ($10K-$50K+).

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How do I get warm intros to top-tier investors?

Ask your advisors, board members, and previous investors. They often have relationships with top-tier investors. Provide context on why you want to meet them.

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What if I don't have advisors or board members?

Build relationships with investors first. Attend events. Engage on social media. Build credibility. Then pitch when you're ready.

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Should I cold email investors?

Only as a last resort. Cold email has <1% response rate. Warm intros have 30%+ response rate. Always try to get warm intros first.

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How do I know if an investor is a good fit?

Look at their portfolio companies. If they've invested in similar companies, they're a good fit. Look at their investment thesis. If it aligns with your business, they're a good fit.

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What's the best time to start fundraising?

When you have $5M+ ARR, 15%+ monthly growth, and strong unit economics. Don't raise earlier. You'll get better valuations and terms later.

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How do I approach investors at conferences?

Research them beforehand. Schedule meetings in advance. Be concise. Have your pitch ready. Follow up after the event.

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Should I hire a fundraising advisor?

A good advisor can help you identify investors, make intros, and negotiate terms. But they're expensive. Only hire if you have limited network.

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What if investors keep passing?

Ask for feedback. Improve your pitch. Improve your metrics. Improve your team. Keep pitching. Most investors will pass. Keep moving forward.

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How do I create competitive tension?

Batch your meetings (5-10 investors per week). Share that you have strong investor interest. Set deadlines. Close small checks first. Multiple investors bidding against each other improves all terms.

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What's the biggest mistake founders make when finding investors?

Pitching the wrong investors or pitching without warm intros. Research investors thoroughly. Get warm intros whenever possible.

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How do I follow up with investors who pass?

Stay in touch. Share updates on your progress. Invite them to future events. Ask for feedback. They may invest in future rounds.

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What if I can't find enough investors?

Expand your search. Look at different investor types (growth funds, strategic investors, corporate VC). Attend more events. Build more relationships. Keep pitching.

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