January 13, 2015
Fundraising is a distracting process – so distracting that Y Combinator’s Paul Graham recommends having only one founder focus on it.
One of the big distractions is actually figuring out which investors to pitch. How do you know that the investors you’re spending energy on actually care about your industry? Are they willing to invest in startups more than a few hours away from their office?
Foundersuite, which builds productivity software for entrepreneurs, came out with a new tool called Investor Search + Filter that addresses this very problem. Built on the AngelList API, it lets you search among 36,000 investors from AngelList by your industry and location.
(That can also be done on AngelList, but Foundersuite goes a step further – as you’ll see below.)
To find investors, sign up for a free Foundersuite account, click on Raising Capital, and then Investor Search. On that page, you can enter your sector (e.g., productivity software, pets, big data) and then click a city or region on the right to find investors who are willing to fund startups in your area:
Next, you can select relevant investors and add them to your CRM, which is where it gets interesting. Once they’re on your CRM – basically a personal contact list – you can see how you’re connected on LinkedIn, track to-do’s and export them to your calendar (“Send follow-up email if no response!!”), and add general notes (“met them at a Tech Cocktail event”). With the free plan, you can have up to 10 investors in your CRM; if you pay, that jumps to 30 or unlimited.
In the CRM, you’ll be able to see where you are with different investors – whether you’ve contacted them, pitched them, started due diligence, or extracted that illusory yes.
Fundraising will still be a huge time suck, but at least you’ll be organized.
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