Criteria worksheet + 50 pre-qualified funds.
A good lead‑investor list is short, specific, and partner‑level. You’re matching your stage, sector, cheque size and timeline to firms that can actually lead—not just ‘participate’. This guide gives you a criteria worksheet, reliable signals, and a tracker so you can run a tight process.
Key takeaways: Filter by partner fit, cheque size, and lead history before you email anyone. Target 20–40 high‑probability partners, not 200 firms. Sequence outreach in waves and keep your tracker obsessively up to date.
Partner‑first, signal‑driven, and sequenced in waves—quality over quantity.
Start with partner names, not firm logos. Filter by lead history, cheque size, thesis, and decision speed; then sequence outreach in 2–3 waves.
Your list should align on: stage (pre‑seed/seed/A), geography, sector, cheque size, and time to term sheet. Cut anyone who hasn’t led a round like yours in the last 24 months unless you have a strong internal sponsor.
A lead proposes price/structure and commits most of the round. Look for recent lead deals by the specific partner who would back you.
Signals: term sheets issued, board seats taken, ownership targets (e.g., 15–25%), follow‑on reserves, and reputable co‑leads. Check portfolio notes and partner blogs for how they decide and what they avoid.
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Score each candidate 1–5 on the factors that matter—then sort descending and cut the bottom half.
Score: partner fit, lead history, cheque size fit, sector/geo thesis, speed-to-term-sheet, follow‑on reserves, and value beyond capital. Keep free‑text notes on triggers (hiring focus, ICP, regulatory comfort).
Use primary sources first: firm sites, partner posts, and deal announcements; cross‑check with platforms for recency and cheque sizes.
Public trackers miss deals and lag. Start with the fund’s pages and partner writing; use platforms to fill gaps. Flag any stats older than 18 months and seek fresher confirmation during calls.
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Map one partner per firm who truly fits. Reach out in 2–3 waves so you can learn and adjust without stalling momentum.
Wave 1: 8–12 best‑fit partners. Wave 2: next 10–15 based on learnings. Keep a crisp intro email (why them, why now, your plan) and offer a short deck plus metrics page.
Make your deck page instant: INP ≤200 ms, LCP ≤2.5 s, CLS ≤0.1; compress images ≤150 KB and reserve space for embeds.
Busy partners decide in minutes. Preconnect to your CDN, use a system font stack, and include a downloadable PDF alongside a fast web view.
Start from primary sources; use platforms to cross‑check.
Read the firm site and partner pages first: recent investments (who led, cheque size), ownership targets, board roles, and thesis posts. Cross‑check with public databases and press to confirm recency and cheque sizes. If a datapoint is older than 18 months, label it and re‑verify in your first call.
Time‑box the first pass; perfect it later.
Short, specific, and partner‑personalised.
Cold intro: “Hi [Partner], we’re building [what] for [ICP], now at [metric]. Fit with your [thesis] post on [link]. Raising [round] at [band] to hit [milestone] in [months]. Deck + 1‑pager here: [link]. Would 20 mins next week work?”
Warm forwardable: “Hey [Name], could you forward the note below to [Partner]? We think there’s strong fit given [specifics]. Happy to share a 1‑pager if that’s easier.”
Call out local mechanics early.
Mention entity structure (e.g., ADGM/DIFC/KSA), revenue currency, and hiring costs to show you’ve grounded the plan. Include local customer logos if available. If your round may include Shari’ah‑compliant investors, note how your model fits the structure.
Mass‑emailing, targeting firms that don’t lead, and leaving the status tracker stale.
Fix by starting with partners, asking directly about lead appetite, and updating the tracker after every touch. Avoid holding patterns—if Wave 1 stalls, launch Wave 2 with updated learning.
Run this in 5 minutes.
Lead: investor proposing price/structure and taking the largest allocation. Ownership target: % a fund seeks in a round. Reserves: capital set aside for follow‑ons. Wave: a sequenced outreach batch to preserve momentum and learning.
From 180 firms to 24 partners to 2 term sheets.
A UAE SaaS team began with 180 firm names from platforms and friends. They rewrote the list as partners and applied the worksheet, cutting to 36. Wave 1 (12 partners) produced 7 first meetings and 3 partner meetings; learning: emphasise GRR/NRR and down‑market motion. Wave 2 (12) produced 8 firsts and 3 partner meetings; two term sheets emerged. They declined a third with aggressive covenants. Total elapsed: 5 weeks.
Send crisp notes within 24 hours.
Quick answers on building a lead list.
Related reads: Seed Data‑room Checklist, Negotiating Term‑sheet Valuation, Runway Calculator.
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