Fundraising

Raise capital, update investors, and engage your team from a single platform. Try Visible free for 14 days. The digital age has ushered in the rise of marketplace startups, changing the way we buy, sell, and interact. A marketplace now can take many forms but always connects buyers and sellers, facilitating transactions. These platforms can be vertical (specific to one industry), horizontal (across multiple industries), global, or localized. From Airbnb and Uber to niche platforms that cater to specific audiences, marketplaces have transformed industries. However, beyond creating a functioning platform, it’s essential for founders to build startups that resonate with investors. The Current Marketplace Investment Landscape According to the a16z Marketplace 100: 2023 report, the marketplace economy is growing rapidly, with the top 100 marketplaces generating over $2 trillion in GMV in 2022. Key Takeaways for Marketplace Founders Focus on solving a real problem. The best marketplaces address a real need that people have. They don’t just create a new way to do something that already exists. Build a strong network. The success of a marketplace depends on having a large and active network of buyers and sellers. Make sure you have a plan to attract and retain users. Be data-driven. Use data to make decisions about your business, such as which features to develop, how to price your products or services, and how to target your marketing campaigns. Trends Marketplace Founders Should Be Aware Of The growth of embedded finance, where financial services are embedded into non-financial products and services. This trend is creating new opportunities for marketplaces to offer lending, payments, and other financial services to their users. The increasing importance of data and analytics for marketplace businesses. Marketplaces generate a lot of data, which can be used to improve the user experience, optimize operations, and make better decisions. The rise of sustainability-focused marketplaces. Consumers are increasingly looking for sustainable options, and this trend is creating new opportunities for marketplaces to offer products and services that are better for the environment. The continued growth of cross-border marketplaces. The global marketplace is growing rapidly, and this trend is creating new opportunities for marketplaces to connect buyers and sellers from different countries. What Do Marketplace VCs Look for in Their Investments Traction & Momentum While this involves numbers, VCs also look at the qualitative aspects, like the pace of growth or the startup’s momentum in acquiring users or partnerships. Cultural and Social Impact Especially relevant for modern VCs, does the marketplace have a positive impact on society or the environment? Is there an alignment with broader societal values, like sustainability or inclusivity? Exit Potential VCs want to know the potential exit strategies, whether it’s an acquisition, merger, or going public. Strategic Partnerships & Alliances Does the startup have key partnerships that can accelerate growth or provide a competitive advantage? Feedback from Users Testimonials, case studies, or direct feedback that showcase the value and satisfaction of users. Market Trends & External Factors VCs assess external trends, economic factors, or global events that might impact the marketplace. Additional Resources: Kickstarting a Marketplace with Trey Closson, CEO of Amplio 25 Marketplace Metrics to Track By tracking these metrics, founders can gain insights into their marketplace’s health, growth potential, and areas of improvement. It’s crucial not just to monitor these numbers but also to understand their implications and how they interrelate. Adjustments and strategic decisions can then be based on data-driven insights. Positive unit economics are attractive to investors so make sure to highlight this in your updates. For instance, founders should understand the relationship between Customer Acquisition Cost (CAC) and the Lifetime Value (LTV) of customers. Related CAC Resources: Customer Acquisition Cost: A Critical Metrics for Founders Video: Formula Builder (Customer Acquisition Cost) Here are 25 metrics marketplace founders should be tracking: Gross Merchandise Value (GMV): Represents the total value of transactions on the platform. It gives a broad view of the marketplace’s activity. Net Revenue: This is the revenue the marketplace retains after direct costs (like refunds). For most marketplaces, this would be the fees they charge for facilitating a transaction. Monthly Active Users (MAU): Measures the number of unique users who have interacted with the marketplace within a given month. Customer Acquisition Cost (CAC): The average expense of acquiring a new customer, including marketing and sales expenses. Lifetime Value (LTV): An estimate of the total revenue a business can reasonably expect from a single customer account. LTV: CAC Ratio: A metric that compares the value of a customer over their lifetime to the cost of acquiring them. A ratio above 1 indicates a profitable customer acquisition. Take Rate: The percentage of GMV that the marketplace retains as revenue. Liquidity: A measure of how easy it is for users to make transactions on the platform. User Growth Rate: The speed at which new users are joining the platform. Churn Rate: The percentage of users (buyers or sellers) who stop using the platform over a specific period. Repeat Transaction Rate: The percentage of users who make more than one purchase or sale on the platform. Average Transaction Value (ATV): The average value of a transaction on your marketplace. Buyer-to-Seller Ratio: Represents the balance between the supply (sellers) and demand (buyers) sides of the marketplace. Time to First Transaction: The average time it takes for a new user to complete their first transaction after signing up. Conversion Rate: The percentage of users who take a desired action, like signing up after visiting the platform or making a purchase after browsing listings. Customer Satisfaction (CSAT): A measure of how satisfied users are with the marketplace. Net Promoter Score (NPS): Gauges user loyalty by asking how likely they are to recommend the marketplace to others. Average Resolution Time: Measures the time taken to resolve disputes or complaints on the platform. Supply/Demand Fill Rate: The percentage of demand/supply that gets successfully matched on the marketplace. Inventory Turnover Rate: Especially for product-based marketplaces, this metric measures how often inventory is sold and replaced over a specific period. Operational Efficiency Metrics: These can include the average time to onboard a new seller, average response time for customer queries, and so on. Engagement Metrics: Metrics like session duration, page views per visit, and actions per visit can provide insights into how users are interacting with the platform. Retention Rate: The percentage of users who continue to use the marketplace over time. Referral Rate: Measures how many new users are acquired through existing user referrals. Cost of Goods Sold (COGS): For product-based marketplaces, COGS represents the direct costs involved in producing the goods that were sold. How Founders Can Model Their Marketplace Startup for Success Modeling a marketplace startup for success involves a strategic approach to planning, execution, and scaling. Here are steps and considerations founders can undertake to increase the likelihood of their marketplace’s success: Clear Value Proposition Understand the core problem your marketplace solves. Ensure that your solution offers clear value to both sides (buyers and sellers) of the marketplace. Product-Market Fit: Conduct thorough market research to ensure there’s demand for your platform. Launch a minimum viable product (MVP) to gather feedback and iterate. Focus on Building Trust: Create a secure and transparent environment for transactions. Implement a robust review and rating system. Consider offering guarantees or refund policies for additional assurance. Achieve Liquidity: Ensure there’s a balance between supply (sellers) and demand (buyers). Consider strategies to stimulate one side if it’s lagging. Leverage Network Effects: Design the platform so that the more people use it, the more valuable and attractive it becomes to new users. Invest in Technology: Ensure your platform is scalable, secure, and user-friendly. Leverage AI and data analytics for personalized user experiences and to derive actionable insights. Adopt a Data-Driven Approach: Continuously monitor key metrics to understand user behavior, traction, and areas of improvement. Test and iterate features based on feedback and data. Effective Monetization Strategy: Determine the best revenue model: commission, subscription, freemium, advertising, or a combination. Ensure pricing is competitive and offers value to users. Community Building: Foster a sense of community among users through forums, events, or social media. Engage with your user base and encourage them to be brand advocates. Strong Marketing and Branding: Invest in building a recognizable and trustworthy brand. Employ a mix of content marketing, social media, partnerships, and paid advertising. Resources Finding the Balance While Building a Marketplace with the Founders of ChefPrep 13 Metrics for Marketplace Companies a16’s Required Reading for Marketplace Entrepreneurs All of a16’s Featured Marketplace Content VCs Investing in Marketplace Startups 1. VentureFriends About: VC fund based in Athens but investing across Europe, LatAm & the Middle East. We focus on FinTech, PropTech, B2C, Marketplaces & B2B SaaS. We are entrepreneurial investors, with strong experience, network and track record. We have been entrepreneurs, founders, worked at startups or angel investors in early stages and have a founder first & value driven approach. Stage: Pre-Seed, Seed, Series A Check size: $ 500K – $ 2.50M Check out their Connect Investor profile here. 2. Starting Line About: Starting Line invests in founders who are willing to take on substantial personal risks, out of fear of living a life of regret. That fear of wondering what life might have looked like if you’d just gone for it. Stage: Pre-Seed, Seed Check size: Around $ 1M Check out their Connect Investor profile here. 3. Version One Ventures About: Version One Ventures is an early-stage fund investing in outstanding consumer internet, SaaS, and mobile entrepreneurs. Thesis: Backing the next generation of mission-driven technology founders. Stage: Seed, Series A, Series B Check size: $ 500K – $ 750K Check out their Connect Investor profile here. 4. Benchmark VC About: Benchmark Capital is focused on one, and only one, mission: to help talented entrepreneurs build great technology companies. That’s what drives them and everything they do – from how they organize their firm to their investment strategy. Their investments range in size from as little as $100,000 to as much as $10 or $15 million. Typically, they invest $3 to $5 million initially and expect to invest $5 to $15 million over the life of a company. Stage: Seed, Series A, Series B, Growth Check size: $ 5M – $ 25M Check out their Connect Investor profile here. 5. Frog Capital About: Frog is a specialist European software scale-up investor. Our strategy is based on selecting the best scale-up phase investments and empowering technology CEOs to grow fast, by deploying our capital, our network and our support. At Frog we focus on ensuring long term commercial success for each and every business we invest in. A frog investment: – Headquartered in Europe – High-growth software businesses – Making a positive social impact – Generating over €3m ARR – Transactions of up to €20m Stage: Growth Check size: $ 5M – $ 30M Check out their Connect Investor profile here. 6. Global Founder Capital About: Global Founders Capital is a globally oriented, stage-agnostic venture capital firm that empowers gifted entrepreneurs worldwide. 01 // Global. We support founders in all geographies. 02 // Stage agnostic. We back companies across all stages and throughout the lifecycle. 03 // Operational. Our platform offers founders all the support they need to scale. Stage: Agnostic Check size: $ 50K – $ 10M Check out their Connect Investor profile here. 7. Market One Capital About: Market One Capital invests with a long term view in European startups across pre-seed and seed stages. European heart. Global mind. Thesis: Seed fund empowering network effects platforms across Europe Stage: Pre-Seed, Seed Check size: $ 2M Check out their Connect Investor profile here. 8. Peak Capital About: SaaS / Platforms / Marketplaces opportunities with multiple co-founders Thesis: Peak Capital is an Amsterdam-based venture capital firm. Stage: Pre-Seed, Seed Recent fund size: $ 71.70M Check out their Connect Investor profile here. 9. Piton Capital About: Founded in 2010, Piton Capital is a venture capital and growth equity firm headquartered in London and investing in businesses with network effects. We make investments ranging from €200k to €20m and since inception have invested in over 50 businesses, primarily in Europe. Piton focuses exclusively on network effects businesses as this provide one of the few moats or forms of defensibility to achieve dominance. Thesis: Investing in companies with network effects. Stage: Series A, Series B, Early Stage Recent fund size: $ 71.70M Check out their Connect Investor profile here. 10. White Star Capital About: White Star Capital is a global multi-stage investment platform built by a team of founders, investors and operators with a track record of entering new markets, expanding teams and exiting companies. Our approach to venture is characterized by a unique combination of international presence, perspective and people. With feet on the ground in New York, London, Montreal, Paris, Tokyo, Hong Kong, and Singapore, we partner closely with our portfolio to help them scale internationally from Series A onwards. Stage: Series A, Series B Check out their Connect Investor profile here. 11. Spark Capital About: Recognized as a 2022 Emerging 50 VC, Spark Growth Ventures is a community oriented, early & mid stage, vertical-agnostic, technology venture capital firm. Our mission is to support gritty and exceptional founders in their missions by bringing forth the combined value of our strong community. We are fortunate to have a global network of entrepreneurs, C-level relationships, subject matter experts, world-class talent, institutional investors, high net worth individuals and family offices, many of who are investors in our platform. Thesis: Spark Capital is an early and growth stage venture capital firm that partners with exceptional founders and the products they design. Stage: Seed, Series A, Series B Check out their Connect Investor profile here. 12. NextGen Venture Partners About: NextGen Venture Partners invests $1-2M in seed stage companies with the participation of 1,000+ Venture Partners. Stage: Pre-Seed, Seed, Series A Check out their Connect Investor profile here. 13. Right Click Capital About: Right Click Capital is a venture capital firm backing ambitious tech startups in Australia, New Zealand, and South East Asia. Thesis: We invest in and champion bold tech. Stage: Pre-Seed, Seed, Series A, Series B Check out their Connect Investor profile here. 14. LDR Ventures About: LDR is a VC firm based in Los Angeles investing In Female & Minority Founders, Consumer Product, Food, E-Comm, Marketplaces & Legal Tech Thesis: Female led and Los Angeles based, we consult to and invest primarily in female entrepreneurs at the Seed & Series A Stages. Stage: Seed, Series A Check out their Connect Investor profile here. 15. Strive VC About: STRIVE invests in early stage (Seed to Series A) internet and mobile companies in Asia. Thesis: We help fulfill each entrepreneur’s amibitions through continuous and proactive hands-on support understanding their true needs. Stage: Seed, Series A Check out their Connect Investor profile here. 16. Upfront Ventures About: We invest primary in the US but have a 20-year history of funding companies in Europe. Our managing partners (Yves Sisteron & Mark Suster) are both dual citizens of France & UK respectively. Kevin Zhang funds games companies and looks in Sweden, Finland, UK and beyond. And locally Julien Etaix is based in Paris and open to talking with anybody on the continent. Thesis: Early investors. Long-term partners. Stage: Seed, Series A, Series B, Growth Check out their Connect Investor profile here. 17. No Brand About: No Brand is a private investment company focussed on opportunities empowered by technology. Our focus is on backing mission driven leaders, who are building for a long term horizon and benefit from online platforms, community or network effects. Stage: Pre-Seed, Seed, Series A, Series B Check out their Connect Investor profile here. 18. Everywhere Ventures About: Global pre-seed fund backed by 500 founders and operators. Thesis: We invest $50-250k into pre-seed companies looking to raise between $500-$2M. We are happy to lead or partner with other investors. We are generalists at heart, but lean into three core areas: money, health, and work. We embrace first-time founders, and founders who may lack traction but have a distinct vision for a world that may not exist…yet. Stage: Pre-Seed Check out their Connect Investor profile here. 19. LAUNCHub Ventures About: LAUNCHub Ventures is a leading early-stage venture capital fund, investing in technology startups in the Seed and Series A funding stages. We invest in Central and Southeastern Europe (SEE & CEE), and in companies built by ambitious founders from that region who are based in the leading startup hubs such as London, San Francisco, and beyond. Our initial investment is between €500K and €2M, with capacity to continue supporting the funding needs of our portfolio companies in future rounds. We are looking for scalable businesses with initial traction and passionate founders, originating from South-Eastern Europe and the broader CEE region. Thesis: When evaluating potential deals, we place a strong emphasis on the team, market, and vision. Specifically, we look for: * an ambitious and talented team proven to execute, founder competitive advantage and path to a clear moat, a big market or one with the potential to grow or emerge. Stage: Series A, Seed, Pre-Seed Check out their Connect Investor profile here. Partner With VCs Investing In The Future of Marketplaces with Visible Venture capital has emerged as a powerful catalyst for progress in the Marketplace space. By bridging the funding gap, providing expertise, and fostering innovation, VCs enable Marketplace startups to thrive and create transformative solutions. Check out Visible’s investor database, Connect, to find VCs investing specifically within the Marketplace space. Also here two more of our list articles, 10+ VCs Investing in E-commerce and Consumer Products 15 Direct to Consumer (D2C) VC Investors You Need to Know Companies should leverage VCs expertise and resources to accelerate their growth, navigate regulatory challenges, and scale their impact. Also get access to Visible for free for 14 days: https://app.visible.vc/create-account

This year’s fundraising environment has been undoubtedly challenging for startups of all stages. Understanding today’s complex fundraising dynamics is critical to distinguish yourself from the competition. Join Visible and two fundraising experts from Antler for a recorded discussion on how to stand out to investors for the rest of this year and beyond. Webinar Overview You can check out a few of the topics we hit on below: Breakdown of current fundraising dynamics Standing out to early-stage investors Standing out with storytelling Standing out with investor communications Antler’s recommended Investor Update Template Watch the Recording Give the recorded webinar a watch below:

The esports realm is more than just a digital battleground; it’s a convergence of passion, innovation, and immense business potential. Esports has seen a huge rise in popularity over the past decade and is continuing its upward trend. The global audience, both in terms of participants and viewers, has grown exponentially, making it one of the fastest-growing sectors in the entertainment industry. According to DemandSage, there are currently 532.1 million e-sports audiences worldwide, and the e-sports market is valued at $1.44 billion as of 2023. This number is set to reach $5.48 billion by the year 2029. The Esports Investment Landscape The investment landscape in esports is dynamic, reflecting the industry’s rapid evolution. Current trends indicate a growing interest from traditional venture capitalists, corporate investors, and even celebrities. As the industry matures, we’re seeing a shift from early-stage investments to more growth-stage funding, indicating confidence in the long-term viability of esports ventures. Valuation Valuing an esports company can be complex. Traditional metrics might not always apply, given the unique nature of the industry. Factors like team performance, audience engagement, and brand partnerships play a significant role. It’s crucial to understand how similar companies in the space are valued and to be prepared to justify your valuation with concrete data and projections. Remember, while you want a valuation that reflects your company’s worth, it’s equally important to negotiate terms that are both favorable and fair to ensure a harmonious investor-founder relationship. What Esports VCs Look for in Esports Investments The weightage of these factors can vary. An investor more interested in the technology side of esports might prioritize infrastructure and assets, while another focused on branding might emphasize partnerships and audience engagement. Team Performance and Potential: Success in tournaments, player talent, and robust coaching infrastructure. Audience Engagement: The size and engagement level of the fan base, including metrics like social media engagement and merchandise sales. Monetization Strategies: Diverse revenue streams, their sustainability, and potential for new opportunities. Brand Partnerships and Sponsorships: Existing relationships with renowned brands and the potential for future collaborations. Market Potential: Industry growth trends, expansion opportunities, and competitive positioning. Management and Leadership: The track record of the management team, their vision, and organizational efficacy. Infrastructure and Assets: Both physical assets, like training facilities, and digital ones, such as streaming rights. Regulatory Environment: Understanding and navigating the regulatory landscape of esports. Scalability: The potential to scale and the infrastructure to support that growth. Unique Value Proposition: What makes your organization stand out? It could be unique content, community strategies, or other differentiators. Exit Strategy: Potential avenues for investors to see a return, be it through acquisition or public listing. Why Esports is Good Business Many VCs recognize that esports is not just a trend but a sustainable industry. With its integration into educational institutions and the establishment of professional leagues, there’s a belief in its long-term viability. Strategic Partnerships: The potential for partnerships between esports entities and established brands, media companies, and even traditional sports franchises offers lucrative opportunities. Diverse Revenue Streams & High Return Potential for VCs: Esports offers multiple avenues for monetization, including advertising, sponsorships, ticket sales, merchandise, media rights, and online streaming platforms. Global Reach: Unlike traditional sports that might be popular in specific regions, esports has a global appeal. Games like “League of Legends” or “Counter-Strike: Global Offensive” have massive followings across continents. Mainstream Acceptance: With esports events being broadcast on major networks and even discussions of esports becoming an Olympic event, there’s a belief that esports is moving from niche to mainstream. Young Demographic: The primary audience for esports comprises millennials and Gen Z, a demographic that’s attractive for advertisers and brands looking to establish long-term loyalty. Technological Integration: The ability to integrate emerging technologies like AR, VR, and AI into the esports ecosystem presents opportunities for innovative startups. Community Engagement: Esports fans are highly engaged, often participating in online forums, fan events, and even contributing to crowdfunded prize pools. Potential for Innovation: From virtual reality to AI-driven analytics, the esports industry is ripe for technological innovations that can enhance player performance and viewer experience. Related Read: The Startup Metrics Potential Investors Want to See Related Resources: All-Encompassing Startup Fundraising Guide 15 Venture Capital Firms Investing in VR FinTech Venture Capital Investors to Know BITKRAFT Ventures Stage: Seed, Series A/B Investment Location: Global Key person: Jens Hilgers, Malte Barth, Scott Rupp, and Moritz Baier-Lentz Gaming investments: Epic Games, Manticore Games, Frost Giant, Anzu, Bit Fry, Carbonated, Koji, Voicemod, etc. Thesis: Built by founders for founders, BITKRAFT is a global early- and mid-stage investment platform for gaming, esports, and interactive media. We focus on Seed, Series A, and Series B investments in game studios, interactive platforms, and immersive technology. Velo Partners Stage: Pre-Seed, Seed, Series A Investment Location: Global Key persons: Connor Williams Gaming investments: Ninjas in Pyjamas, Tripledot, and Moon Active. About: Velo Partner invests in Gaming and Gambling globally across mobile, online, land-based, online, social, B2B and B2C assets. Thesis: Velo typically invests in Series A or early growth stage rounds. Our ideal investment candidates demonstrate strong early traction and a clear understanding of their unit economics and growth trajectory. We also work in association with a gaming accelerator called RNG FOUNDRY for earlier-stage investment opportunities. Once invested, we typically follow our rights for later investment rounds and work with management to define good corporate governance and reporting. We will opportunistically evaluate later-stage investments on an ad-hoc basis. Play Ventures Stage: Pre-Seed, Seed, Series A Investment Location: Global Key persons: Anton Backman, Harris Manninen, Henric Suuronen Gaming investments: Thirdwave, Azra Games, Fractal Thesis: We are a global early-stage gaming fund, founded by two gaming entrepreneurs. We invest globally and early into ambitious mobile & PC free-to-play game studios and games services startups that are looking for more than just money. Makers Fund Stage: Seed, Series A, Series B Investment Location: North America Key persons: Jay Chi, Jiang Li, Lia Zhang, Matthew Ball, Michael Cheung Gaming investments: Theorycraft Games, Smitten, Xterio Thesis: We support innovative, ambitious founders. Our fund helps visionary entrepreneurs create their initial foundation and support them as they navigate the waters of early-stage business. 1Up Ventures Stage: Seed, Series A Investment Location: Pacific Northwest Key persons: Chris Wheaton, Ed Fries Gaming investments: Lost Lake Games, Drop Fake, Lightforge Games Thesis: At 1Up Ventures we are building a diverse and inclusive community of the most talented, experienced, and creative independent game developers in the world. We believe that by working together we can help each other be more successful. Black Sheep Ventures Stage: Pre-Seed, Seed, Series A Investment Location: Global Key person: Nolan Bushnell, Ron Bauer Gaming investments: X2 Games Thesis: Black Sheep Ventures seeks visionary entrepreneurs who are unflinching in creating new realities for entertainment experiences and human interactions, including in eSports, Gaming, Blockchain Technology and Immersive Experiences, and other sectors, where disruptive technology such as Blockchain and visionary creativity can permanently shift the established order. CAA Ventures Stage: Seed, Series A/B Investment Location: United States, Canada Key person: Michael Blank Gaming investments: Streamlabs, Mobcrush, Dapper, & more. Thesis: CAA Ventures provides value beyond capital to company founders. These companies are largely in the consumer Internet sector with an emphasis on mobile platforms, social media, crowdfunding, online video, publishing, games, and eCommerce. Dune Ventures Stage: Pre-Seed, Seed, Series A/B Investment Location: Global with a focus on NYC Key person: David Brillembourg Gaming investments: First Light Games, Oooh TV, Kanga Thesis: Dune Ventures: a new early-stage venture firm investing in gaming, esports, and interactive technology. We invest globally and back founders building content studios, social platforms and infrastructure that will define the next generation of entertainment. GameFounders Stage: Pre-Seed, Seed Investment Location: Global Key person: Kadri Ugand, Paul Bragiel Gaming investments: First Light Games, Oooh TV, Kanga Thesis: GameFounders accelerate teams or companies with two or more persons with launched games/demos/slices from any country in the world. Gamerforce Ventures Stage: Seed, Series A Investment Location: Global Key person: Lance Quek Gaming investments: Resurgence Thesis: Gamerforce Ventures is one of the first venture capital firms that is set up specifically to create high-value companies in the Esports and Gaming scene. Our partners are successful entrepreneurs and high flying executives coming from diverse backgrounds to help our portfolio companies succeed. We typically invest between seed and Series A, but may come in at later stages should the opportunity arises. Konvoy Ventures Stage: Seed, Series A Investment Location: Global Key person: Jason Chapman, Jackson Vaughan, Josh Chapman Gaming investments: Bunch, GameFam, Hiberworld, Lootcakes, & more. Thesis: We invest in the infrastructure technology, tools, and platforms of tomorrow’s video gaming industry. London Venture Partners Stage: Pre-Seed, Seed Investment Location: Europe, North America Key person: David Gardner, David Lau-Kee, Are Mack Growen Gaming investments: Treehouse Games, Knock Knock, Singularity 6, Coda, & more. Thesis: LVP is a venture capital seed fund with a difference – we’re operating experts in the games sector, and we only ever invest in the games ecosystem. That means we bring real experience and deep understanding. We speak the same language, share the same references, understand the same challenges – and we believe in the same vision. Remagine Ventures Stage: Pre-Seed, Seed Investment Location: Europe, Israel Key person: Eze Vidra, Kevin Baxpehler Gaming investments: Hour One, Syte, Minute Media, & more. Thesis: We meet and invest in startups early, help them refine product-market fit and introduce them to our strategic partners in order to kick-off collaborations and accelerate time-to-market. Related Resource: 9 Active Venture Capital Firms in Israel SeventySix Capital Stage: Pre-Seed, Seed, Series A Investment Location: United States Key person: Jon Powell, Wayne Kimmel, Chad Stender Gaming investments: Nerd Street Gamers Thesis: SeventySix Capital invests in passionate, smart and nice entrepreneurs who are launching game-changing startups in sports tech, esports, and sports betting. Griffin Gaming Partners Stage: All stages Investment Location: Global Key persons: Phil Sanderson, Peter Levin, Nick Tuosto Gaming investments: Forte, Discord, Overwolf Thesis: Investing at the intersection of content, software, infrastructure, and gaming-related web3 companies. Connect with esports investors with Visible Finding the right investors for your business is only half the battle. Having a system to track and manage your fundraise to help you get back to what matters most — building your business. Use Visible Connect to browse our investor database of hand-curated investors. Find investors and add them directly to your Fundraising Pipeline in Visible. Give it a try here.

Where Do LPs Get The Capital They Deploy? The National Venture Capital Association states that limited partners (LPs) are typically institutions or high-net-worth individuals, family offices, and sovereign wealth funds that have a substantial amount of liquid capital to invest. Some examples could include pension funds, endowments, foundations, and insurance companies. In many cases, these investors allocate a portion of their capital to alternative asset classes, such as private equity or venture capital, as part of a broader investment strategy. The LPs then pool these funds together and invest them in venture capital firms as limited partners. It carries a higher risk compared to traditional assets such as stocks and bonds but also offers the potential for higher returns. Institutional LPs generally invest between $5 million to $50 million in a fund. The venture capital firm, in turn, uses the capital to invest in early-stage or high-growth companies with the potential for significant returns. If the investments are successful, the venture capital firm will generate returns for its limited partners, who may then reinvest those returns into other funds or asset classes, or distribute them to their own investors or stakeholders. How To Find LPs Finding limited partners (LPs) for a venture capital fund can be a challenging and time-consuming process. Here are some general steps that can help: Develop a target investor profile: Before starting your search for LPs, you need to understand the type of investors who are likely to be interested in your fund. Consider factors such as their investment preferences, geographic location, size of investment, and sector focus. Network: Networking is a crucial part of the fundraising process. Attend industry conferences, join venture capital associations and groups, and seek out opportunities to meet potential LPs in person or online. Leverage existing relationships: Reach out to your existing network of investors, entrepreneurs, and industry contacts to see if they can introduce you to potential LPs. Work with placement agents: Placement agents are firms that specialize in helping venture capital firms raise capital from institutional investors. They can provide access to a broader range of LPs and can help you navigate the fundraising process. Use online databases: As mentioned earlier, there are online databases like PitchBook, Preqin, and NVCA that offer information on LPs investing in venture capital firms. These databases can help you identify potential LPs and get a better understanding of their investment preferences and history. Hire a professional investor relations team: Larger venture capital firms often have dedicated teams focused on investor relations. If you have the resources, hiring a professional investor relations team can help you navigate the fundraising process and build relationships with potential LPs. LPs and VCs typically connect through one of two channels, either directly, due to prior collaboration at another fund or in an adjacent area of finance, or indirectly, via a warm introduction from a trusted source. When VCs set out to establish a new fund, they often seek out an initial, strong LP known as an anchor. The anchor commits to the fund and helps the VC identify other potential investors. Depending on the network of the VC and their anchor, the fund’s investors can include family offices, high net-worth individuals, or even large institutional funds such as a fund of funds, CALPERS, or university endowments. While VCs tend to be selective in choosing who they allow to invest in their fund, the process of selecting an anchor by well-connected or respected individuals is even more deliberate and cautious. Securing the right anchor for a fund is a crucial task for a venture firm to successfully raise their fund and set the stage for subsequent rounds in the future. What Kind of Limited Partner To Target For Your First Fund If you are building your first fund, you should look for LPs who are interested in investing in early-stage venture capital funds and have a history of investing in first-time funds. These LPs are typically high-net-worth individuals or family offices who are willing to take on higher risks for potentially higher returns. Additionally, you may want to consider looking for LPs who have experience in the industry or sector you are targeting with your fund. They can provide valuable insights and connections that can help you identify and evaluate investment opportunities. It’s also important to consider the size of the LPs you are targeting. While institutional investors can provide significant capital, they may also have more stringent investment criteria and require a proven track record. On the other hand, smaller family offices and high-net-worth individuals may be more flexible and willing to take a chance on a first-time fund. Related Resource: Visible’s Guide to Fundraising for Emerging Managers Criteria That LPs Use to Evaluate VC Firms Limited partners (LPs) use various criteria to evaluate new venture capital firms that are raising either their first fund or subsequent ones. Investment thesis: LPs want to see that the VC firm has a clear and well-defined investment thesis that fits their interests and investment strategy. Team: LPs evaluate the experience, track record, and expertise of the VC firm’s founding team. They want to see that the team has relevant experience and a strong network in the industry. Transparency: LPs expect transparency from the VC firm on their investment activities, portfolio performance, and other relevant information. Use our templates for Investors to create transparency by sending your LPs updates! Differentiation: LPs look for a unique and differentiated value proposition of the VC firm that sets it apart from other firms in the market. Network: LPs consider the firm’s network of industry contacts, co-investors, and advisors to gauge their potential deal flow and access to investment opportunities. Deal flow: LPs assess the firm’s ability to source high-quality deals and their process for evaluating potential investments. Due diligence: LPs want to see that the VC firm has a rigorous and disciplined process for conducting due diligence on potential investments. Alignment of interests: LPs look for a firm that aligns its interests with those of the LPs, such as having a significant investment in the fund, a reasonable management fee structure, and a fair carried interest arrangement. Related Resources: VCs can use Visible.vc to send their LPs updates as well! Check out our LP Update templates below. Returns That LPs Expect There are very complex agreements between venture capital LPs and venture firms/GPs, as you might imagine. Based on research from Cambridge Associates, over the past ten years, the highest 25% of venture capital funds have yielded an average annual return between 15% and 27%. In contrast, the S&P 500 has only yielded an average of 9.9% per year over the same period. Generally, top-tier venture LPs are looking for something north of a 3x net return on invested capital. This is for venture funds that usually have a formal 10-year lifespan. Top-tier venture LPs usually would rather have higher returns than faster returns, i.e. they don’t really care about IRR if they can get high overall returns. Related Resource: What is IRR for VCs 3x net return on invested capital doesn’t sound like a lot for a financing industry that helps fund companies like Google and Facebook, but there are surprisingly few venture firms that can generate that level of overall return over time. Related Resource: VC Fund Performance Metrics 101 (and why they matter to LPs) What is Included in Limited Partner Agreements Extensive documentation of the terms of an investment in a venture fund is contained within the Limited Partnership Agreement (LPA). The LPA outlines several critical terms, including: Management Fee: This fee is paid quarterly by Limited Partners (LPs), the investors, to the General Partner (GP), the venture capitalist, to manage the fund. The fee is typically 2% of the committed investment but decreases once the fund has invested in new companies, typically after five or six years. After the investment period, the fee declines annually based on a negotiated formula. Carried Interest: The GP earns a fee, generally 20% of any profits on the fund after the LPs have received back their invested capital up to the point of liquidity event that made the carried interest possible. Once the GP has paid back the LPs all that they have invested up to that point, the GP gets 20% of distributions, and the LPs receive 80%. For a period, the GP may get more to “catch up” and receive their 20% carry. Hurdle Rate: While popular with private equity (PE) funds, a hurdle rate is not typical with venture capital (VC) funds. GP Clawback: If the GP receives more than 20% of the profits at the end of the fund, the GP agrees to pay back the LPs. This may happen if the GP receives their 20% early in the fund’s life based on early successes, but the LPs continue to invest, and the fund performs poorly, with no future distributions to bring the LPs to the point where they have all their invested capital back and 80% of any distributions above the return of capital. Investment Period: This is the period that the GP/VC has to make new investments, usually five to six years. After this period, the GP can only make follow-on investments in existing portfolio companies and cannot invest in new companies. Term: The term of a fund is generally ten years, with potential extensions of up to three years. The extensions may require LP approval or not. In theory, once the fund term is over, the fund should be fully liquidated, although provisions for a longer fund life may be necessary to take care of some lingering investments. Key Man: Many funds identify one or a few key employees (VCs) whose leaving can trigger something – usually the end of the Investment Period. So if the super star VC of the firm leaves or dies, something happens. Likely, the Fund at that point can’t make any new investments unless the LPs vote that they can. There are many variations of this. A typical clause would be if 2 or 3 of 5 named partners leaves then this is triggered also. GP Commitment: The GP has to commit at least 1% of the capital of the fund, with more being better, but 1% is standard. Fee Offset: If the GP takes any fees from portfolio companies, those fees go to reduce the management fee paid by the LPs. In a VC firm, the offset is usually 100%. Investment Limitations: Limitations on investments in public companies, in hostile takeovers, in international companies…Limits on the amount of investment in any one company… Borrowing: Limitations on the Fund’s ability to borrow or guarantee borrowings. Related Resource: What should be included in a Data Room for LPs? Resources NVCA-2023-Yearbook The NVCA Yearbook serves as an important industry resource documenting trends and analysis of venture capital activity from the past year. OpenLP Demystifies the LP perspective, helping GPs stay on top of their game and better understand how venture works. 4Degree Airtable LP List A database with LP names, websites, investment manager names, and other information to help you with your fundraising List of LPs Foundry We invest in startups and venture funds, creating a symbiotic network that propels innovation. Our approach to venture capital is characterized by long-term thinking and a “give first” philosophy. Wellcome Trust Wellcome Trust is a healthcare-focused private foundation with investments in various financial assets, including public or private corporate equity, real estate, and infrastructure, among others. Its investment portfolio is currently valued at $25.7 billion. Point72 Point72 is a global asset manager led by Steven A. Cohen that deploys discretionary long/short equity, systematic, and macro investing strategies, complemented by a growing portfolio of private market investments. Blackstone Blackstone is the world’s largest alternative asset manager, with $975B in AUM. We serve institutional and individual investors by building strong businesses that deliver lasting value. StepStone Group StepStone Group provides investors with customized portfolios that integrate primaries, secondaries, and co-investments. GIC GIC is one of the three investment entities in Singapore that manage the Government’s reserves, alongside the Monetary Authority of Singapore (MAS) and Temasek. Recast Capital Recast Capital is a platform supporting and investing in emerging managers in venture capital. As our name suggests, we are breaking the traditional mold and doing things a bit differently. MacArthur Foundation The MacArthur Foundation supports creative people and effective institutions committed to building a more just, verdant, and peaceful world. Plexo Capital Plexo Capital is an institutional investor focused on investing into: 1/ venture capital funds led by general partners creating the next generation of leading franchises + 2/ private companies led by entrepreneurs building the future. Partners Group Partners Group is a large, independent investment firm that is truly dedicated to private markets. We are fully aligned with our clients and provide bespoke solutions to institutional investors, sovereign wealth funds, family offices and private investors globally. MSD Capital MSD Capital, L.P. was established in 1998 to exclusively manage the assets of Dell Technologies Founder, Chairman, and CEO Michael Dell and his family. MSD Capital engages in a broad range of investment activities with flexibility to invest in a wide variety of asset classes. Emerson Collective Emerson Collective is focused on several key issue areas. Complex issues require complex solutions, so we use a broad range of tools including philanthropy, venture investing, convening, and art to spur measurable, lasting change. Soros Family Office Soros Fund Management LLC (SFM) is the principal asset manager for the Open Society Foundations – one of the world’s largest private philanthropic funders. SFM invests globally in a wide range of strategies and asset classes, including public equities, fixed income, commodities, foreign exchange, alternative assets and private equity. Vintage Investment Partners Vintage is a global venture firm that invests in venture funds and startups via primary and secondary transactions. Korea Venture Investment Corp KVIC invests in VC funds globally, managing the ‘Korea Fund of Funds’ backed by Korean governments. Argonautic Ventures Argonautic Ventures is a Venture Capital and Hedge Fund that focuses on a handful of emerging and mature industries. Mousse Partners Mousse Partners is the investment division of Mousse Investments Limited that manages a proprietary global portfolio of investments. Top Tier Capital Partners Top Tier Capital Partners is a venture capital fund of funds, co-investment, and secondaries manager investing. Next Play Capital Next Play Capital is a venture investment firm that focuses on both funds and direct co-investments. Greenspring GA is a comprehensive platform focused on fund, direct and secondary investments solely within the venture capital asset class. Sapphire Ventures Sapphire is a venture capital firm that partners with visionary teams and venture funds to build companies. Willougghby Capital Willoughby Capital is an investment firm focused on partnering with growth companies across private and public markets. Pritzler Vlock Family Office Pritzker Vlock Family Office (PVFO) manages a diverse and international asset base that includes emerging bio tech and medical device companies, consumer technology products, real estate and more. Created with a vision to back great people with industry changing ideas, PVFO is a family backed organization that operates with a singular goal: to invest in capital efficient opportunities that result in meaningful and lasting impacts. Seven Valleys Seven Valleys is a New York City-based family office. The family office manages a portfolio across investments in commercial real estate, venture capital, private equity and other asset classes. Related resource: Carried Interest in Venture Capital: What It Is and How It Works Keeping Your LPs Up to Date with Visible Over 400+ funds are tracking key metrics from their portfolio companies and keeping their Limited Partners up to date using Visible. Impress your LPs with data-informed, easy-to-build, updates about your portfolio and fund performance. Related resource: Understanding the Role of a Venture Partner in Startups

Solo GPs (the sole general partner of a fund) are a unique and growing breed of venture capitalists. Unlike larger venture capital firms, solo GPs manage their own investment funds independently, without the backing of a larger organization. While solo GPs may have smaller teams and fewer resources, they offer unique strengths and benefits to startups. They are often more nimble, able to make faster investment decisions and move more quickly to support portfolio companies. They may also have more flexibility in terms of investment focus, as they are not beholden to the constraints of a larger firm. However, solo GPs also face challenges such as limited resources and networks compared to larger firms, and they may need to work harder to build credibility with investors and establish their reputation in the industry. Despite some challenges they may face, solo GPs are increasingly playing an important role in the venture capital ecosystem, providing a valuable source of funding and support for startups across various industries and stages of growth. Investment Focus of Solo GPs The investment focus of solo GPs varies widely depending on the individual investor’s background, interests, and expertise. Some solo GPs may specialize in a particular sector, such as healthcare or fintech, while others may focus on a specific stage of the startup lifecycle, such as seed or early-stage investing. Additionally, some solo GPs may have a geographic focus, investing primarily in companies in a certain region or market. For startups seeking funding from solo GPs, it is important to understand the individual investor’s investment focus and determine whether their startup aligns with that focus. This can help increase the likelihood of a successful investment and ensure that the startup receives the support and resources it needs to succeed. Resource: You can filter through our Connect Investor Database based on these focuses Raising Capital from Solo GPs Versus Traditional VC Solo GPs and traditional VCs differ in several ways when it comes to the investment process, including how they source deals, conduct due diligence, make investment decisions, and approach risk and portfolio management. Sourcing deals Traditional VCs often have larger teams and more resources, which allows them to source deals through a wider variety of channels, including conferences, events, and partnerships with accelerators and incubators. Solo GPs, on the other hand, often rely more heavily on their personal networks and referrals from other investors. Due diligence Traditional VCs often have larger teams and more specialized expertise, which allows them to conduct more detailed and comprehensive due diligence on potential investments. Solo GPs, on the other hand, may have to rely more on their own knowledge and experience when conducting due diligence, which can make the process more time-consuming. Investment decisions Traditional VCs often have more rigorous investment decision-making processes, which may involve multiple rounds of pitches, due diligence, and review by investment committees. Solo GPs, on the other hand, may be able to make investment decisions more quickly and independently, given their smaller team and more streamlined decision-making process. Risk management Traditional VCs often have a more diversified portfolio, which can help mitigate risk. They may also have more resources to devote to risk management and monitoring of portfolio companies. Solo GPs, on the other hand, may take a more hands-on approach to risk management, given their closer involvement with their portfolio companies. Portfolio management Traditional VCs often have larger portfolios, which can make it more challenging to provide individualized attention and support to each portfolio company. Solo GPs, on the other hand, often have smaller portfolios, which allows them to provide more personalized attention and support to each investment. Overall, the differences in the investment process between solo GPs and traditional VCs often stem from differences in team size, resources, and investment focus. Traditional VCs may have more specialized expertise and more resources to devote to due diligence and portfolio management, while solo GPs may take a more hands-on approach and rely more heavily on personal connections and networks when sourcing deals. Benefits of Solo GPs Raising capital from a solo GP can be a different experience for a founder compared to raising capital from a larger venture capital firm or other types of investors. Some of the key differences and benefits include: Personal relationship With a solo GP, the founder will likely have a more personal relationship with the investor. This is because the GP is typically the sole decision-maker and has a more hands-on approach to working with their portfolio companies. Easier access It may be easier for founders who are just starting out or who have limited connections in the industry to get access to Solo GPs. They may also be more willing to take a chance on early-stage startups that have not yet established a track record. Long-term partnership Solo GPs often view their investments as long-term partnerships, rather than just financial transactions. This means that the GP may be more invested in the success of the startup and more willing to provide ongoing support and guidance. Faster decision-making Solo GPs often have a shorter decision-making process compared to larger firms, as they don’t have to go through multiple layers of approval. This can be beneficial for founders who need to move quickly to secure funding. Smaller funding amounts Solo GPs typically manage smaller funds compared to larger firms, so they may offer smaller investment amounts. However, this can be beneficial for early-stage startups that are not yet ready for large rounds of funding. More flexible terms Solo GPs often have more flexibility in terms of investment focus and deal terms. They may be more willing to invest in unconventional or niche markets and may be open to negotiating terms that are more favorable to the founder. While solo GPs can offer many benefits to founders, they also have limited resources compared to larger firms. This means that founders may need to be more self-sufficient and may not receive the same level of support and resources that they would from a larger firm. Solo GPs to Watch Underline Ventures GP: Bogdan Iordache About: Underline Ventures partners at the earliest stages with Eastern European founders building high-growth startups with global ambitions Thesis: We believe founders should be in control of the company they are building. We subscribe to their strategy and align our interests for the long term, while providing a needed critical view. And, if things don’t go as planned, which they often do, we help them through thick and thin. Investment stages: Pre-Seed, Seed, Remote First Capital GP: Andreas Klinger About: A group of remote founders, operators and early investors investing in the next generation of remote work. Thesis: First investor in ideas by global talent going after global opportunities. Investment stages: Pre-Seed, Angel, Early Stage Wischoff Ventures GP: Nichole Wischoff About: Wischoff Ventures invests in early stage, high growth technology companies bringing massive offline industries online. Investment stages: Pre- Seed and Seed Coelius Capital GP: Zach Coelius About: Coelius Capital provides entrepreneurial early-stage capital for technology startups. Investment stages: Pre-Seed, Seed, Series A Streamlined Ventures GP: Ullas Naik Location: Palo Alto, California, United States About: We are a seed stage investment firm rooted in the belief that the founders of companies are the true heroes of entrepreneurial value creation in our society. We are passionate about working with visionary founders to help them create exceptional companies and help them capture as much of that value for themselves as possible – they deserve it! If we stay true to our beliefs and we are good at what we do, then we will benefit too. Our style of engagement with all our stakeholders focuses on low ego behavior, mutual respect and clarity of thought. We seed invest in visionary founders who are building the next generation of transformational technology companies. Investment stages: Series A, Seed Buckley Ventures GP: Josh Buckley Location: San Francisco, California, United States About: We partner with entrepreneurs to build ambitious technology companies Investment stages: Seed, Growth Anamcara GP: Annelie Ajami About: Anamcara is a pre-/seed stage fund investing angel-size checks in B2B companies across Europe. We are reimagining the future of commerce by investing in companies that are leading the new wave of business technologies. Thesis: Anamcara means ‘soul friend’, a person with who can share anything with without judgment. Our mission is to find the best founders and to build meaningful partnerships to help them achieve greatness. Investment stages: Seed, Pre-Seed Buckley Ventures GP: Josh Buckley Location: San Francisco, California, United States About: We partner with entrepreneurs to build ambitious technology companies Investment stages: Seed to Growth Stellation Capital GP: Peter Boyce II Location: Brooklyn, New York, United States About: Stellation’s mission is based on the belief that communities of learning, mission-driven, talent magnets shape the future of technology in service of improving human livelihood. We bank on people because we believe they are the fundamental atomic units of every successful company, even and especially at their earliest stages. Investment stages: Seed to Growth D2 Fund GP: Amory Poulden Location: London, United Kingdom Thesis: Technical founders building capital efficient businesses Traction metrics requirements: No, although we prefer to see some signs that you have built a first version of your product. Sales carry enormous weight. Investment stages: Pre-Seed, Seed Zeev Ventures GP: Oren Zeev Location: Palo Alto, California, United States About: Zeev Ventures is an early-stage venture fund that invests in technology, financial, e-commerce, and consumer service sectors. Investment stages: Seed and Series A Beyond Capital GP: Gloria Bäuerlein Location: Berlin, Germany About: We are a €21.5M angel-operator fund dedicated to partnering with exceptional European pre-seed and seed founders who aspire to build transformational B2B companies. We aim to support you like a founding team member, not like another investor, even if it means negotiating against ourselves. We work tirelessly to support you on your journey, connecting you with early customers, world-class talent, and global investors. We strive to be the highest value per euro invested on your cap table. We collaborate with other investors and will help you build an exceptional support group, optimising for your success and without our own agenda. Investment stages: Pre- Seed and Seed Air Street Capital GP: Nathan Benaich About: Air Street Capital is a venture capital firm investing in AI-first technology and life science companies. We invest as early as possible and enjoy iterating through product, market and technology strategy from day 1. Thesis: AI-first technology and life science companies. Investment stages: Pre-Seed, Seed No Label Ventures GP: Ramzi Rafih Location: London, England About: No Label Ventures (NLV) is a European early-stage VC fund built to capitalise on the over-performance of immigrant founders. NLV backs exceptional immigrant founders from Day 1, helps them with visa and immigration, as well as introductions to clients and downstream funding. Investment stages: Early Stage Nomad Capital GP: Marc McCabe About: Nomad Capital is a seed stage fund focused on investing in emerging companies building marketplaces and B2B software. Nomad is founded by Marc McCabe who previously worked at Google, SV Angel and was an early employee at Airbnb where he led numerous projects including Airbnb for Work and Samara. Since leaving Airbnb in 2018, Marc has been angel investing and supporting clients with fundraising, business strategy, hiring and organizational design. Investment stages: Seed Curious Capital GP: Andrew Dumont Location: Seattle, Washington About: Since 2017, and long before that as operators, we’ve been bettering the odds for companies we work with. We do this as minority investors in our seed companies, majority owners in the companies we operate, and occasionally with outside companies we advise and consult. Every company we support benefits from our scaling machine. Curious was founded by Andrew Dumont, a former technology CEO with nearly 20 years of hard-earned experience operating and scaling early-stage companies. Thesis: As investors and operators, we join you in the trenches to better the odds. Curious has three distinct pillars. An investment arm that supports seed-stage companies, a holding company that operates majority-owned businesses, and a machine that helps them reach scale. We’re the empathetic partner you’ll want on your cap table and in your corner. Investment stages: Seed Pretiosum Ventures GP: Yana Abramova About: We invest in the Future of Businesses, Web2 and Web3 Infrastructure your company should care about. Investment stages: Pre-Seed, Seed 20VC GP: Harry Stebbings About: Building the next great financial institution at the intersection of venture capital and media. 20VC raised $140M across two separate vehicles from some of the most renowned limited partners in venture including MIT, Harvard, Sequoia Heritage, and RIT Capital Partners. Early breakout investments include BeReal, Sorare, Linktree, Nex Health, Merge API, Linear, TheyDo.io, and many more. Investment stages: Pre-Seed and Seed Start Your Next Round with Visible We believe great outcomes happen when founders forge relationships with investors and potential investors. We created our Connect Investor Database to help you in the first step of this journey. Instead of wasting time trying to figure out investor fit and profile for their given stage and industry, we created filters allowing you to find VCs and accelerators who are looking to invest in companies like you. Check out all our investors here and filter as needed. After learning more about them with the profile information and resources given you can reach out to them with a tailored email. To help craft that first email check out 5 Strategies for Cold Emailing Potential Investors. After finding the right Investor you can create a personalized investor database with Visible. Combine qualified investors from Visible Connect with your own investor lists to share targeted Updates, decks, and dashboards. Start your free trial here.

Raise capital, update investors and engage your team from a single platform. Try Visible free for 14 days. A fundraise is full of challenges. On top of building a fundable business, meeting with the right investors, and working through due diligence — you need to share the right documents, with the right investors, at the right time. Over the course of a fundraise, it is all but guaranteed that you’ll need to share a pitch deck, data rooms, and other assets with potential investors. When expecting to communicate with 50+ investors it is crucial to have a reliable system and tool to share your most important fundraising materials. Related Read: What Should be in a Startup’s Data Room? Below, we highlight some of the most popular alternatives to DocSend when it comes to reliably sharing your data room: 1. Visible Integrated fundraising tools for every part of the process. At Visible, we like to compare a fundraise to a traditional B2B sales and marketing funnel: At the top of the funnel, you are finding potential investors via cold outreach and warm introductions. In the middle of the funnel, you are nurturing potential investors with meetings, pitch decks, updates, and other communications. At the bottom of the funnel, you are working through due diligence and hopefully closing new investors. Just as a sales and marketing team has dedicated tools — we believe the same should be true for founders managing their current and potential investors. With Visible you can manage and track every interaction. Find investors at the top of your funnel with our free investor database, Visible Connect Track your conversations and move them through your funnel with our Fundraising CRM Share your pitch deck and monthly updates with potential investors Organize and share your most vital fundraising documents with data rooms Visible Data Rooms allow you to re-purpose your existing Visible assets to quickly build and securely share (via login or link) your data room. We’ll offer granular data so you can understand how different investors are engaging with your data room materials. Related Read: Manage Every Part of Your Fundraising Funnel with Visible Data Rooms Key features Fully integrated with our other fundraising tools — like our Fundraising CRM, Pitch Deck Sharing, Investor Updates, and Dashboards Segmented permissions so you can share individual folders, documents, and assets with different investor groups Advanced analytics so you can understand how individual investors are engaging with your data room materials Manage your fundraise from start to finish with Visible. Give it a free try for 14 days here. Pricing options You can learn more about Visible pricing here. Visible Lite Plan includes data rooms, pitch deck sharing, dashboards, and updates and starts at $59/mo Visible Pro Plan includes the above with more usage and advanced features and starts at $99/mo Visible Scale includes the above with full customization, custom domains, and other advanced features and starts at $199/mo 2. DocuSign Best for electronic signatures. As put by their team, “Contract collaboration doesn’t belong in email, documents and chats. With your most important documents stored and managed in one place, you can focus on what matters most.” Learn more about Docusign and it’s key features below: Key features 400+ direct integrations Easy electronic signatures Contract lifecycle management Pricing options DocuSign pricing differs depending on what products and features you’d like to use. Their trademark eSignature tool starts at $15/month and goes up to $65/month depending on usage. 3. Paperflite Best-rated sales content management. Paperflite is file management software focused on sales and marketing organizations. As put by their team, “Paperflite’s dynamic content hub brings all your sales collaterals, playbooks, marketing materials, and content your teams need and use every day from multiple sources in one single intuitive interface.” Learn more about Paperflite and its key features below: Key features Intelligent content discovery Direct integrations to a mailbox Analytics to help understand how prospects are engaging with your content As we mentioned above Paperflite is highly geared towards sales and marketing teams and does not mention use of data rooms for fundraising. Pricing options Paperflite pricing starts at $50/month and scales up to $500/month depending on feature usage. 4. emPower Document management system. Empower offers document management geared towards learning at large organizations. With their suite of tools, you can organize and share your organization’s important policies, quizzes, and documents. Etc. Learn more about emPower and its key features below: Key features Centralized training materials for teams Create your own quizzes for training Set automatic email reminders for team member training assignements Pricing options The team at emPower does not publicly list pricing for their product. 5. Showell Best for sales enablement. Showell is a centralized place for sales and marketing teams to centralize their most important documents. Showell is especially useful for sales enablement leaders looking to set their sales and marketing teams up for success. Learn more about Showell and its key features below: Key features Single platform to centralize all sales and marketing collateral Can be used to share and present your sales materials to clients real-time Content tracking and analytics to understand how leads are engaging with content Pricing options Showell offers a free plan. Depending on usage and number of users prices will scale. Their first paid plan starts at $25/month. 6. 360Learning Best for knowledge sharing. 360Learning is a tool dedicated to learning and development managers looking to level up their team training and development. Learn more about 360Learning and its key features below: Key features Direct integrations to automatically centralize vital L&D documents and materials Use off the shelf content created by the 360Learning team to learn from the best organizations that have mastered L&D Workflow tools to help encourage your team members to move along with their learning materials Pricing options 360Learning pricing is based on individual users. Per-seat pricing starts at $8/user for the first 100 users and offers custom pricing from there. 7. Box Best maximizing sales and customer growth. Box offers secure document management for teams across an organization. In addition to their document management and storage, Box offers tools to help with esignatures. Learn more about Box and its key features below: Key features Box offers an e-Signature tool to help users sign critical documents Box offers direct integrations with thousands of tools Workflows to help build process and systems around your document sharing Pricing options Box pricing is based on number of users. Plans start at $20/month per user (with a minimum of 3 users). Depending on usage and features, plans can scale to as much as $47/month (per user with a minimum of 3 users). 8. Docuware Best for digitizing your paperwork. Docuware focuses on digitizing business paperwork to help teams boost productivity. Docuware helps with documents in every corner of the business from HR to sales materials. Learn more about a few of Docuware’s key features below: Key features Fully automate invoice processing with their digitization and workflows Support remote team members with digital documents Archive and store critical documents Pricing options Docuware does not publicly list its pricing options and plans. Share documents and connect with investors using Visible At Visible, we oftentimes compare a fundraise to a B2B sales and marketing funnel. At the top of your funnel, you are finding new investors. In the middle, you are nurturing and pitching potential investors. At the bottom of the funnel, you are working through diligence and ideally closing new investors. With the introduction of data rooms, you can now manage every aspect of your fundraising funnel with Visible. Find investors at the top of your funnel with our free investor database, Visible Connect Track your conversations and move them through your funnel with our Fundraising CRM Share your pitch deck and monthly updates with potential investors Organize and share your most vital fundraising documents with data rooms Manage your fundraise from start to finish with Visible. Give it a free try for 14 days here.

At Visible, we often compare a venture fundraise to a traditional B2B sales and marketing funnel. At the top of your funnel, you are adding potential investors via warm introductions and cold outreach In the middle of the funnel, you are nurturing potential investors with meetings, updates, pitch decks, and other materials At the bottom of the funnel, you are hopefully adding new investors to your cap table Just as a traditional sales and marketing funnel starts by finding your ideal customer, the same idea is true with fundraising — you might consider location, check size, investment velocity, etc. If you are a founder in Silicon Valley, check out our list of investors in the area below: 1. Bessemer Venture Partners Location: Redwood City, CA – San Francisco, CA Focus: BVP invests in many focus areas. A few key areas include – SaaS, cloud, healthcare, vertical software, and marketplaces. Related Resource: 32 Top VC Investors Actively Funding SaaS Startups Stage: BVP invests across all stages. Typically writing checks anywhere between $100K and $50M. As put by their team, “Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 135 IPOs and 200 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth.” Notable investments: Twilio Pinterest Shopify Yelp Twitch 2. Citi Ventures Location: Palo Alto, CA Focus: Citi Ventures invests in 7 key focus areas: Fintech Data Analytics & Machine Learning Future of Commerce Security & Enterprise IT Customer Experience & Marketing Proptech DLT & Digital Assets Related Resource: FinTech Venture Capital Investors to Know Stage: Citi Ventures invests across all stages with a focus on Series B and later. As put by their team, “Citi Ventures is committed to charting the unknown in a world of unprecedented change and disruption. We invest in innovative startups, and we work with our colleagues, clients, and the innovation ecosystem to experiment with next-generation technologies.” Notable investments: Some of Citi Ventures’ most notable investments include: C2FO Docker Honey 3. Amplify Partners Location: Menlo Park, CA – San Francisco, CA Focus: Amplify Partners focuses on companies building developer tools & computer infrastructure, machine learning & artificial intelligence, data & analytics, and cybersecurity. Related Resource: 15 Cybersecurity VCs You Should Know Stage: As put by their team, “Amplify is an early, early stage investor: we meet many of our founders well before they start their companies, or even settle on a product idea.” The Amplify team further goes on to state, “We believe that technical problems are best solved by the people who experience them firsthand. Our founders tackle what bothered them and their teams as practitioners. Empathy for your end user is much more powerful when you are your end user. From the start, Amplify has been working with engineers, professors, researchers, and open source project creators to help turn their bold ideas into beloved products and companies. Long live the technical.” Describe this venture capital firm and why they are a notable firm in Silicon Valley. Notable investments: Datadog Gorgias Primer 4. Accel Location: Palo Alto, CA – San Francisco, CA Focus: Accel is industry agnostic in their investment focus. Stage: Accel invest across all stages. As put by their team, “Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth.” Notable investments: 1Password Away Invision 5. UpHonest Capital Location: Give the location of this firm. Focus: List the industries of focus for this firm. Stage: Give the funding stage(s) this firm invests in. As put by their team, “UpHonest Capital is a sector agnostic early stage VC based in Silicon Valley. Our thesis is using our cross border network and information arbitrage to invest in tech driven founders in the U.S. and the next generation of high-impact Chinese and Chinese-American founders. We identify and invest in the next wave of early stage startups in consumer, enterprise and deeptech.” Notable investments: Ironclad Substack Instacart 6. Designer Fund Location: San Francisco, CA Focus: Designer Fund is industry agnostic. Stage: Designer Fund invest in early stage companies that “use design to improve health, sustainability, and prosperity for all people.” As put by their team, “Designer Fund invests between $100K – $1M in tech startups that are design leaders including Stripe, Gusto, and Omada Health. Designer Fund specializes in helping design products and scale design teams through their community of designers from companies like Apple, Facebook, Google, Airbnb, Pinterest, and Dropbox.” Notable investments: Some of Designer Fund’s most notable investments include: Framer Gusto Stripe 7. GSR Ventures Location: Menlo Park, CA Focus: GSR is focused on healthcare and healthtech companies. Stage: GSR is focused on early stage companies. As put by their team, “Founded in 2004, GSR Ventures is one of the world’s most successful early-stage venture firms, with over $3 billion under management. We are focused on early-stage digital health companies that leverage emerging technology to transform the healthcare landscape.” Notable investments: Alpha Glimpse Nimble 8. GGV Capital Location: Menlo Park, CA Focus: GGV Capital is industry agnostic. Stage: GGV Capital invest across multiple stages. As put by their team, “GGV Capital is a global venture capital firm focused on multi-stage, sector-focused investments. Recognizing that the talent to build great companies can come from anywhere, the firm invests in founders building category-leading companies around the world. Founded in 2000 with roots in Singapore and Silicon Valley, GGV has expanded with additional offices in San Francisco, Shanghai, and Beijing.” Notable investments: Airbnb Slack Opendoor 9. Expa Location: San Francisco, CA Focus: Expa is industry agnostic and focuses on “tech-enabled” companies Stage: Expa invests in early-stage startups and also helps launch companies via their studio. As put by their team, “We fund passionate founders that are building revolutionary, tech-enabled companies. We invest in startups at the earliest stages. Expa founders receive access to a global community of founders, startup resources, funding, and personalized support from our network of operators.” Notable investments: Metabase Kit Clyde 10. Artiman Ventures Location: Palo Alto, CA Focus: Artiman Ventures is industry agnostic Stage: Artiman Ventures focuses early-stage investments As put by their team, “Artiman is an early-stage sector agnostic venture fund with offices in Silicon Valley and Bangalore. We are seeking to invest in entrepreneurs building white space companies that have the potential to create or disrupt multi-billion dollar markets. As former entrepreneurs, we bring empathy, curiosity, passion, experience, and (occasionally) patience to the table. As investors, we bring capital plus access to a network that reflects the diversity of the firm and our portfolio. Artiman was founded in 2001 and has over $1 billion under management.” Notable investments: Aditazz Airwide ApplyBoard 11. Sapphire Capital Location: Menlo Park, CA – San Francisco, CA Focus: Sapphire Ventures invest in many areas: AI/ML B2B SaaS Crypto Cybersecurity Data & Analytics DevOps Fintech Healthcare Vertical SaaS Related Resource: 10 VC Firms Investing in Web3 Companies Stage: Sapphire Ventures is focused on growth and expansion stage companies. As put by their team, “Sapphire is a leading global technology-focused venture capital firm with more than $10.2 billion in AUM and team members across Austin, London, New York, Menlo Park and San Francisco. For more than two decades, Sapphire has partnered with visionary teams and venture funds to help scale companies of consequence. Since its founding, Sapphire has invested in more than 170 companies globally resulting in more than 30 Public Listings and 45 acquisitions.” Notable investments: Box Chargebee DocuSign 12. Corner Ventures Location: Palo Alto, CA Focus: Corner Ventures is industry agnostic Stage: Corner Ventures invest in growth stage companies. As put by their team, “Corner Ventures is a venture capital firm investing in companies as they hit the inflection point of growth, supporting founders and companies as they transition from promising startups to category-defining leaders. Founded in 2004 as DAG Ventures, DAG Ventures was rebranded Corner Ventures in 2018 by its founders as the firm’s next chapter.” Notable investments: Instawork Grubhub Yelp 13. K9 Ventures Location: Palo Alto, CA Focus: As put by their team, “We do not follow a sector strategy like other venture firms. Instead, we look for either core new technologies or radically new markets.” Stage: K9 Ventures is focused on pre-seed and early-stage investments. K9 wants to be the first institutional check. As put by their team, “K9 Ventures is a technology-focused Pre-Seed fund based in Palo Alto, California. We believe that extraordinary things are possible when great teams come together around technology. We primarily invest at the pre-seed stage, when the founding team is established and just starting to build the product, but we sometimes invest even earlier and engage with founders when they’re just thinking about the idea and haven’t yet incorporated their company. K9 wants to be the first institutional/professional capital raised by the companies we invest in. This means we typically engage with companies either when they have raised no capital at all (preferred) or when they have raised only friends' and family money. If a company is going through an incubator/accelerator, then that’s probably already too late for K9 to engage.” Notable investments: Twilio Lyft Card.io 14. Tribe Capital Location: San Francisco Focus: Tribe Capital is focus agnostic. Stage: Tribe Capital is stage agnostic. As put by their team, “Tribe Capital is a venture capital firm focused on capturing a perpetual edge in venture and crypto using data science. The team is made up of investors, engineers and scientists who use data to model venture-backed private companies. The San Francisco-based firm has approximately $1.5 billion in assets under management.” Notable investments: Bolt Docker Kraken Network with investors in Silicon Valley with Visible As we mentioned at the beginning of this post, we often compare a venture fundraise to a traditional B2B sales and marketing funnel. Just as sales and marketing teams have dedicated tools, shouldn’t a founder managing a fundraise and their current investors? Raise capital, update investors and engage your team from a single platform. Try Visible free for 14 days.

For many founders, reaching out cold to potential investors is their only option to engage with a potential investor. However, most VC funds are skimming through hundreds of deals every month so it is crucial to put together a brief email that will grab their attention. Jonah Midanik, GP at Forum Ventures, joined us yesterday and broke down a great format for reaching out cold to potential investors: Lead with your strength  You only have 2-3 sentences to grab the attention of a potential investor. As Jonah puts it, “Regardless of round this is always true, lead with your strength.” Your strength could be you were employee #3 at Facebook, you had a consulting business in the domain, a specific metric, etc. Why is your company going to be big  Explain not what your company is but why it is an intriguing investment opportunity. As Jonah put it, “A VC wants to understand why your company is going to be big and why you are the person to do it.” 3 proof points A combination of metrics or other things that prove your company is an intriguing opportunity. These could be specific metrics, customer logos, previous experience, a big-name investor, etc. In addition to cold outreach, Jonah covered all things fundraising for pre-seed and seed-stage founders. Check out the recording here.

With more SaaS companies entering the market, the more SaaS venture capital options we have seen emerge. In order to help you navigate the space, we’ve laid out some helpful information for SaaS founders who are currently looking to scale their businesses and raise Venture Capital. We’ve also put together a list of VC firms with a proven track record of investing in SaaS startups. Using data from our investor database, Visible Connect, we highlight investors across different stages (if you’re looking for only seed-stage investors check out our list of 60+ Active Seed Stage SaaS Investors). Related Resource: Top SaaS Products for Startups You can check out our entire database of SaaS investors here. The Current State of SaaS The SaaS market is currently characterized by rapid growth, technological innovation, and intense competition. SaaS companies that can develop products to meet the evolving needs of businesses and users in a fast-changing landscape are in for a win! The SaaS market is one of the fastest-growing industries globally. The rise of cloud computing has accelerated the growth of the industry, as more businesses look to adopt software solutions that are delivered over the internet. This has led to the development of a wide range of SaaS products that cater to different industries. One of the notable trends in the SaaS market is the increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies. SaaS companies are leveraging AI and ML to develop products that can automate processes and provide more personalized experiences for users. This trend is expected to continue, with the global AI market projected to reach $190 billion by 2025. Another trend is the growing importance of data privacy and security. As more businesses move their operations online, there is an increasing need for SaaS products that can provide secure and reliable data storage and management. SaaS companies are investing heavily in cybersecurity to meet this demand, and this has led to the development of new products that offer advanced security features. In terms of competition, the SaaS market is becoming increasingly crowded, with new players entering the market every day. This has led to a focus on differentiation, with SaaS companies looking to develop unique products that can stand out in a crowded market. The rise of open-source software has also increased competition, as businesses can now build their own software solutions using existing code. Related resource: 11 Top Industry Events for SaaS Startups SaaS Metrics Metrics play a crucial role in the success of SaaS startups, and they are especially important when it comes to securing funding from investors. Investors look for companies that can demonstrate strong growth potential and profitability, and metrics provide a way to measure these factors. Here are some of the key metrics that investors will be looking at: Monthly Recurring Revenue (MRR): MRR is the amount of revenue that a SaaS company generates each month from its recurring subscriptions. Investors will be looking for steady and predictable growth in MRR, as this indicates that the company has a solid customer base and is generating recurring revenue. Customer Acquisition Cost (CAC): CAC is the amount of money a SaaS company spends to acquire a new customer. Investors will be looking for companies with low CAC, as this indicates that the company has an efficient customer acquisition strategy. Lifetime Value (LTV): LTV is the total amount of revenue that a SaaS company can expect to generate from a customer over the course of their lifetime. Investors will be looking for companies with high LTV, as this indicates that the company has a strong customer retention strategy. Churn: This measures the percentage of customers who cancel their subscription each month. It’s important to keep churn as low as possible to maximize the lifetime value of customers. Monthly Active Users (MAU): This measures the number of unique users who engage with the product each month. It’s important to track this metric to ensure that the business is growing and that users are finding value in the product. To improve these metrics, SaaS founders should focus on developing a strong product and providing excellent customer service. They should also invest in marketing and sales strategies that are tailored to their target audience. To present these metrics to investors, SaaS founders should be prepared with clear and concise presentations that demonstrate the company’s growth potential and profitability. Related Metrics Resources: [Webinar Recording] Using SaaS Metrics to Build Your Fundraising Narrative with Forum Ventures Download Your SaaS Metrics Template: Our SaaS Metrics Template automatically calculates your key SaaS metrics like MRR, ACV, churn, CAC, payback period, and more. Simply enter in your new customer data and the template will handle the rest. Our Ultimate Guide to SaaS Metrics What VCs Look For in SaaS Companies Growth is the key to attracting investment, increasing revenue, and expanding market share. The SaaS industry is highly competitive, and startups must grow quickly to stay ahead of the competition. VCs want to see that your SaaS startup is gaining traction in the market. This can be demonstrated through metrics such as: Customer acquisition Retention Expansion Revenue growth Provide insights into effective customer acquisition strategies, such as content and value-driven marketing, paid advertising, and referral programs. Acquiring new customers is essential, but retaining them is equally important, as it is cheaper to retain existing customers than to acquire new ones. Expansion can come in the form of upselling or cross-selling to existing customers, or expanding into new markets. Scalability is another important factor as VCs are looking for startups that have the potential to grow rapidly and become market leaders. It’s important to have a business model and infrastructure that can support this growth and scale efficiently. By achieving growth through these means, SaaS startups can demonstrate their ability to scale and attract investment, which is critical for continued success. The Role of Technology for a SaaS Startup Technology plays a crucial role in scaling a SaaS business, as it enables companies to automate processes, analyze data, and optimize their operations. Data analytics is key to understanding customer behavior, user engagement, product performance, identifying trends, and making data-driven decisions. By leveraging tools and analyzing this data, SaaS companies can identify areas for improvement, make data-driven decisions, and optimize their products and services to better meet customer needs. For example, data analytics can help companies identify which features are most popular with users, which marketing campaigns are most effective, and which customer segments are most valuable. Automation plays a crucial role in scaling a SaaS business, as it enables companies to streamline their operations, reduce costs, improve efficiency, and can free up time and resources to focus on more strategic initiatives. Cloud infrastructure enables companies to scale their operations, as it provides the flexibility, scalability, and security needed to support a growing customer base. By leveraging cloud computing services like Amazon Web Services (AWS), Microsoft Azure, or Google Cloud Platform, companies can easily scale their infrastructure up or down based on demand, without the need for significant upfront investments in hardware. SaaS Success Stories & How They Got There The success of these SaaS startups can be attributed to their ability to provide innovative solutions that met the needs of their target customers. Their fundraising strategies, customer acquisition tactics, and product development processes all played a crucial role in achieving their goals and building sustainable businesses. In terms of product development, all of these companies focused on building products that were easy to use and provided real value to their customers. They also prioritized customer feedback and made regular updates to improve their products based on user needs. Slack is a communication platform that has revolutionized the way teams work together. Slack’s success can be attributed to its user-friendly interface, integrations with other tools, and its focus on collaboration. Slack raised a total of $1.4 billion in funding before going public, and its customer acquisition tactics included word-of-mouth marketing, referrals, and a freemium model. Zoom is a video conferencing platform that has seen explosive growth in recent years. Zoom’s success can be attributed to its simplicity, ease of use, and reliability. Zoom raised $751 million in funding before going public, and its customer acquisition tactics included viral marketing through free trials and referrals. HubSpot is a marketing automation platform that provides a range of tools to help businesses grow. HubSpot’s success can be attributed to its all-in-one platform, user-friendly interface, and inbound marketing approach. HubSpot raised $375 million in funding before going public, and its customer acquisition tactics included content marketing, SEO, and social media marketing. DocuSign is a digital signature platform that enables businesses to sign and manage documents electronically. DocuSign’s success can be attributed to its ease of use, security, and convenience. DocuSign raised $518 million in funding before going public, and its customer acquisition tactics included partnerships with other software providers, targeted advertising, and a free trial offer. Resources For SaaS Founders Developing a Successful SaaS Sales Strategy 20 Best SaaS Tools for Startups VCs Investing in SaaS Companies SaaStr Fund Location: Palo Alto, California, United States About: SaaStr is the world’s largest community of SaaS executives, founders, and entrepreneurs. To continue expanding and serving the community, SaaStr has grown its offerings to include regional and global events, a co-selling space, an investment fund, and an automated e-learning platform. Investment stages: Seed Popular investments: Gorgias, RevenueCat, MaestroQA To learn more, view their Visible Connect Profile. Related Resource: 14 Venture Capital Firms in Silicon Valley Driving Startup Growth 500 Startups Location: Mountain View, California, United States About:500 Startups is a global venture capital firm with a network of startup programs headquartered in Silicon Valley. Investment stages: Seed, Series A Popular investments: LottieFiles, Butlr Technologies, Flat.mx To learn more, view their Visible Connect Profile. Frontline Ventures Location: London, England, United Kingdom About: We back B2B SaaS companies with international ambition. Whether you’re at an early stage with sights on the US, or at a later stage looking to the rich potential of Europe, we can help you get where you want to go. Investment stages: Pre-Seed, Seed Popular investments: Localyze, Koyo, Qualio To learn more, view their Visible Connect Profile. Atlanta Ventures Location: Atlanta, Georgia, United States About: We empower SaaS entrepreneurs to achieve their potential through community, content, and capital. Investment stages: Pre-Seed, Seed, Series A Popular investments: Terminus, MessageGears, Greenzie To learn more, view their Visible Connect Profile. VenTech Location: Paris, Ile-de-France, France About: Ventech is a global early-stage VC firm based out of Paris, Munich, Berlin, Helsinki, Shanghai and Hong Kong with over €900m raised to fuel globally ambitious entrepreneurs and their visions of the future positive digital economy. Since inception in 1998, Ventech has made 200+ investments. Investment stages: Seed, Series A Popular investments: Believe, Vestiaire Collective, Botify To learn more, view their Visible Connect Profile. Molten Ventures Location: London, England, United Kingdom About: We invest in Europe’s tech leaders at Series A and beyond to make more possible. More from hardware, more from software, more from healthcare, more for consumers… the hardest tech problems are just the biggest business opportunities. Investment stages: Seed, Series A, Series B Popular investments: CoachHub, FintechOS, Lyst To learn more, view their Visible Connect Profile. Shasta Ventures Location: Menlo Park, California, United States About: We invest in Europe’s tech leaders at Series A and beyond to make more possible. More from hardware, more from software, more from healthcare, more for consumers… the hardest tech problems are just the biggest business opportunities. Investment stages: Series A, Series B Popular investments: Partly, Tally, Data.world To learn more, view their Visible Connect Profile. Seedcamp Location: London, England, United Kingdom About: We invest early in world-class founders attacking large, global markets and solving real problems using technology. We are running our Investment Forum process entirely online and are proactively investing in European companies across pre-seed and seed who are building the breakout businesses of tomorrow. Investment stages: Pre-Seed, Seed, Series A Popular investments: CyberSmart, Treecard, Meilisearch To learn more, view their Visible Connect Profile. 1517 Fund Location: San Francisco, CA About: 1517 supports teams with pre-seed and seed funding for technology startups. Investment stages: Seed, Pre-seed Popular investments: Space Perspectives, Presso To learn more, view their Visible Connect Profile. 2048 Ventures Location: New York City, NY About: First and foremost, we always want to meet exceptional founders with a compelling vision and strong founder-market-fit, regardless of the space they are building in. We look for companies that are differentiated and defensible through data and technology. Investment stages: Pre-seed Popular investments: Koffie Labs, Mealco, Ware Check size: $300K-$600K To learn more, view their Visible Connect Profile. Acceleprise Location: San Francisco, CA About: Acceleprise invests in early stage B2B SaaS and enterprise technology companies and unifies the global technology community through mentors. Investment stages: Pre-seed, Seed, Series A Check size: $50K-$1M Thesis: There are many founders who have great ideas in B2B, but don’t know enough about Sales and GTM to scale. With the help of top operators in our network from the likes of Salesforce, Cisco, Gainsight, Zuora, and more, we can help. To learn more, view their Visible Connect Profile. Active Capital Location: San Antonio, TX About: Active Capital is a venture firm focused on leading seed rounds for B2B SaaS companies outside of Silicon Valley. Investment stages: Pre-seed, Seed Check size: $100K-$1M Thesis: Active Capital is a venture firm designed to lead seed rounds for B2B SaaS companies outside of Silicon Valley. To learn more, view their Visible Connect Profile. Album VC Location: Provo, UT About: Album VC is a venture capital firm that invests in early-stage technology ventures, shaping the future of technology and culture. Investment stages: Seed, Series A, Series B Check size: $500K-$5M Sweetspot Check Size: $1.25M To learn more, view their Visible Connect Profile. Bessemer Venture Partners Location: San Francisco, CA About: Bessemer Venture Partners is the world’s most experienced early-stage venture capital firm. With a portfolio of more than 200 companies, Bessemer helps visionary entrepreneurs lay strong foundations to create companies that matter and support them through every stage of their growth. Investment stages: Pre-Seed, Seed, Series A, Series B, Growth Check size: $100K-$50M Sweetspot Check Size: $15M To learn more, view their Visible Connect Profile. Boldstart Ventures Location: New York, NY About: Boldstart Ventures is a first check investor for technical enterprise founders. Investment stages: Pre-Seed, Seed Check size: $250K-$2.5M Sweetspot Check Size: $1.5M To learn more, view their Visible Connect Profile. Connetic Ventures Location: Covington, KY About: Connetic is reinventing the VC industry by turning tables on intuition and biases to a more data-driven approach Investment stages: Pre-Seed, Seed Check size: $100K-$800K Sweetspot Check Size: $100K Thesis: We use proprietary data and machine learning to create a diversified portfolio of high-potential startups To learn more, view their Visible Connect Profile. Forum Ventures Location: San Francisco, CA About: Forum Ventures is the leading early-stage fund, program and community for B2B SaaS startups based in New York, San Francisco, and Toronto. With over 400 portfolio companies globally, Forum founders have gone on to raise $600M+ in follow-on funding from funds like Andreessen Horowitz, Bessemer Ventures, Serena Ventures, Kleiner Perkins, CRV, 8VC, Founders Fund, Menlo Ventures, Bowery Capital, FirstRound Capital Salesforce Ventures, SV Angel, and many more. Investment stages: Early stage To learn more, view their Visible Connect Profile. Frontier Ventures Location: Cupertino, CA About: Frontier Ventures invests in early-stage internet companies with network effects and connects them with global markets. Investment stages: Pre-Seed, Seed, Series A, Series B Check size: $5M Thesis: We invest in technology businesses with network effects. We believe that network effects create the strongest barriers to entry for technology businesses. To learn more, view their Visible Connect Profile. Growth Street Partners Location: San Francisco, CA About: Growth Street Partners is an investment firm that provides SaaS and technology-enabled services to grow your sales & marketing. Investment stages: Series A, Growth Check size: $3M-$5M To learn more, view their Visible Connect Profile. Harlem Capital Location: New York, NY About: Harlem Capital is an early-stage venture firm that invests in post-revenue tech-enabled startups, focused on minority and women founders. Investment stages: Seed, Series A, Series B, Growth Check size: $500K-$1M Thesis: Women or POC founders (no deep tech, bio, crypto, hardware) To learn more, view their Visible Connect Profile. High Alpha Location: Indianapolis, IN About: High Alpha creates and funds companies through a new model for entrepreneurship that unites company building and venture capital. Investment stages: Seed, Series A, Startup Studio Check size: $1M-$3M Thesis: Scalable Enterprise Cloud Businesses To learn more, view their Visible Connect Profile. Kickstart Fund Location: Cottonwood Heights, UT About: Kickstart is an early-stage VC fund based in Utah. Investment stages: Pre-Seed, Seed Check size: $200K-$2M Sweetspot Check Size: $1M To learn more, view their Visible Connect Profile. Related Resource: The Rise of Venture Capital in Utah: A Look at Utah’s Top 10 VC Firms M25 Location: Chicago, IL About: Early-stage VC investing in startups headquartered in the Midwest across a wide variety of industries. Investment stages: Pre-Seed, Seed, Series A Check size: $250K-$500K Sweetspot Check Size: $350K Thesis: Midwest HQ, tech-enabled, and any industry except therapeutics/pharma or vices To learn more, view their Visible Connect Profile. Matrix Partners Location: San Francisco, CA About: Matrix Partners works with visionary founders of early-stage startups to amplify their potential. Their general partners blend deep experience with personal commitment to support founders from start to success. Investment stages: Seed, Series A, Series B Check size: $5M-$20M Sweetspot Check Size: $12M Thesis: Matrix Partners works with visionary founders of early-stage startups to amplify their potential. To learn more, view their Visible Connect Profile. Moai Capital Location: San Mateo, CA About: Moai Capital is a Silicon Valley seed capital firm, founded and managed by Brian Jacobs. Investment stages: Pre-Seed, Seed, Series Check size: $25K-$100K Thesis: Seed Capital for Impassioned Entrepreneurs To learn more, view their Visible Connect Profile. Mucker Capital Location: Santa Monica, CA About: MuckerLab is a venture capital firm specializing in incubation, pre-seed, seed, start-up, early-stage, and Series A investments. Investment stages: Accelerator, Pre-Seed, Seed, Series A Check size: $100K-$4M Thesis: We partner with exceptional entrepreneurs to provide their earliest institutional funding and work with them side-by-side to help launch and scale their new ventures. To learn more, view their Visible Connect Profile. Newark Venture Partners Location: Newark, NJ About: Newark Venture Partners is an early-stage venture fund based in Newark, NJ. Investment stages: Seed, Series A Check size: $250K-$2M Sweetspot Check Size: $1M To learn more, view their Visible Connect Profile. NXTP Ventures Location: Buenos Aires, Argentina About: NXTP Ventures backs early-stage technology companies led by extraordinary entrepreneurs throughout Latin America. Investment stages: Seed, Series A, Series B Thesis: We partner with high-impact, visionary founders early on in their journey as one of the first sources of institutional funding to help build their companies into future market leaders with long-term competitive advantages. To learn more, view their Visible Connect Profile. Point Nine Capital Location: Berlin, Germany About: We invest globally with a focus on early-stage B2B businesses, particularly in SaaS, marketplaces, and crypto. Investment stages: Pre-Seed, Seed, Series A Check size: $500K-$5M Sweetspot check size: $1.25M Thesis: We’re looking for dedicated, passionate entrepreneurs who are committed to building large internet companies. To learn more, view their Visible Connect Profile. Precursor Ventures Location: San Francisco, CA About: An early-stage venture firm focused on classic seed investing. Investment stages: Seed Check size: $100K-$300K Sweetspot check size: $250K Thesis: We invest in people over products at the earliest stage of the entrepreneurial journey. To learn more, view their Visible Connect Profile. PreSeed Ventures Location: Lyngby, Denmark About: As a notable early-stage investor PreSeed Ventures lived well over 400 journeys alongside Danish startups like Vivino, Trustpilot & Lunar. Investment stages: Pre-Seed, Seed Thesis: We might be just another early stage VC. We’re no alchemists, but we know our craft by heart. We lived well over 400 journeys, alongside young guns, moms, dads, outliers, big egos and eccentrics – the best kind if you ask us. We worked closely with them all – long term, and we can say without a shadow of doubt that we know startups way beyond metrics and facts. Only invest in Danish companies. To learn more, view their Visible Connect Profile. Tiny Capital Location: Victoria, Canada About: Tiny Capital makes investments in both private and public companies and have a base of permanent capital from a family office. Investment stages: Seed Check size: $100K-$50M Sweetspot check size: $3M Thesis: We start, buy, and invest in wonderful internet businesses. To learn more, view their Visible Connect Profile. Related Resource: 10 Venture Capital Firms in Canada Leading the Future of Innovation How To Target the Right SaaS Investors With the average VC + founder relationship being 8-10 years, it is important you are selective about what investors you are adding to your cap table. Learn more about finding the right SaaS investors for your business below: 1. Build Your Ideal Investor Profile To Narrow the Search At Visible, we think of a VC fundraise similarly to a traditional B2B sales and marketing funnel. You are bringing investors into your top of funnel, nurturing them throughout a raise, and hopefully closing them at the bottom of the funnel. Just like any sales process starts by defining your ideal customer, the same can be said for an investment process. Location: Understand where an investor is based and if they invest globally or locally. Industry focus: Might sound obvious but make sure an investor is actively investing in your space and has experience in your sector. Investment stage focus: As you likely noticed in our list above, VC firms can range from small, early-stage checks to huge, late-stage checks. Make sure your size and stage align with the investors you are pitching. (if you’re looking for only seed-stage investors check out our list of 60+ Active Seed Stage SaaS Investors) Current portfolio: Understanding a VC funds current portfolio can help you (1) see what type of companies they are investing in (2) make sure they have not invested in any competitors and (3) can use it as a source to see if you know any current founders for a reference check and introductions. Fund age: While it might be less obvious knowing a fund age will help you determine where you fit into their lifecycle. If they are nearing the end of their fund/capital, chances are they might not be able to offer the support as an earlier investment. Deal velocity: VC funds oftentimes have differing strategies. Some might invest in deals at a rapid rate while others might be extra diligent and invest in a handful a year. If you’re in need of capital asap, make sure you are paying attention to their deal velocity. Related Resource: Building Your Ideal Investor Persona 2. Get a Meeting With Your Top Candidates Generally, there are 2 umbrella strategies to get an introduction to a potential investor: Cold Outreach Warm introductions Most investors will tell you they prefer a warm introduction. As a founder, it is your job to make this happen. Turn to your immediate network and see if you can find your way in via warm introduction. Look to other founders, current investors, mentors, and peers. Sometimes a warm introduction is not possible and that is 100% okay! Cold outreach can work well when crafted and leveraged correctly. For cold outreach, check out our blog post, 5 Strategies for Cold Emailing Potential Investors. 3. Come Prepared With a Powerful Pitch Deck and Questions Once you have built your list of investors and defined your strategy for reaching out. You will likely need resources to share and build interest — the most common is the pitch deck. Different investors will have different opinions but chances are an investor will likely want to see a pitch deck or some data before a meeting. If you are lucky enough to land a meeting check out our post, “First Meeting with a Potential Investor? Ask These 5 Questions.” Related Resource: How to Nail Your First Investor Pitch with Lolita Taub & Eric Bahn Use Visible to find investors, track your raise, share your pitch deck, and understand how investors are engaging with your raise. Give it a free try for 14 days here. Related Resource: 11 Top Venture Capital Firms in Boston Start Your Next Round with Visible We believe great outcomes happen when founders forge relationships with investors and potential investors. We created our Connect Investor Database to help you in the first step of this journey. Instead of wasting time trying to figure out investor fit and profile for their given stage and industry, we created filters allowing you to find VCs and accelerators who are looking to invest in companies like you. Check out all our investors here and filter as needed. After learning more about them with the profile information and resources given you can reach out to them with a tailored email. To help craft that first email check out 5 Strategies for Cold Emailing Potential Investors. After finding the right Investor you can create a personalized investor database with Visible. Combine qualified investors from Visible Connect with your own investor lists to share targeted Updates, decks, and dashboards. Start your free trial here.

This guide incorporates content from Visible’s webinar on the same topic hosted with guest Sara Zulkosky from Recast Capital. You can watch the full recording here. Raising a venture fund is hard. General Partners (GPs) first have to find and then nurture relationships with potential investors, also known as Limited Partners (LPs). Then they have to build a persuasive enough case as to why the LP should entrust them as stewards of the LP’s capital for about 10 years — that’s the timeline if things go according to plan. When looking at it from this perspective, it makes sense why the VC fundraising process can take a year or in some cases even a few years. Now throw in the challenge of not having prior experience raising a fund and the pursuit of becoming a GP sounds even more daunting. However, with the help of programs like Recast Capital and VC Labs, emerging managers have access to more support than ever to close on their first, second, or third fund. Plus, according to a report from Cambridge Associates emerging managers are outperforming established funds which bodes well for GPs trying to make their case to LPs. This article breaks down the fundamentals of raising a venture fund for emerging managers. Understanding Different Types of LPs Just like when starting a company, it is critical for GPs to find product market fit for their fund. The customers of the fund are LPs who are not only looking for a return but oftentimes are also interested in market insights, access to deal flow, and even impact. To set yourself up for success in finding the right LPs, it’s crucial to invest in getting to know your customers and their pain points. Diana Murakhovskaya (The Artemis Fund) recommends… “…ask questions like a startup would do if they were doing customer discovery. You need to learn about them (LPs) first. What drives them? What are they interested in besides returns? Treat LPs as individuals and not just a check.” (Source: How to Source and Connect with LPs). There are four major types of LPs that exist: High Net Worth Inviduals, Family Offices, Institutional LPs (including pensions and endowments), and Sovereign Wealth Funds. The chart below outlines the Pros and Cons of the different LP types from the perspective of an emerging manager. To summarize, high-net-worth individuals and family offices are typically the best fit for emerging managers. They’re more nimble and able to write smaller check sizes which is good because the typical fund size for emerging managers according to Recast Capital is $10 – $30 M. (Source: Webinar Recording Fundraising Best Practices for Emerging Managers) Alternative LP types that shouldn’t be ruled out and that are becoming more common include corporations, banks, and fund of funds. Sara Zulkosky from Recast Capital encourages emerging managers to widen their lens a bit and consider exploring these alternative types of LPs. How to Find LPs Tap into Your Immediate Network A great place to start fostering relationships with potential investors is by tapping into your current network. Communicate your goals and why you’re passionate about them with people already in your network but be sure to avoid violating General Solicitation laws. Don’t approach these conversations with a check in mind but rather to seek feedback on your thesis and approach. Even if no one in your immediate network may be able or interested in investing in your fund, there may be people willing to make an introduction to someone who is. Foster Your Peer Network Building out your peer network is important not only for fundraising but also for knowledge exchange, support, and emotional well-being — as stated before — fundraising is challenging and it’s helpful to have others in your corner who understand what you’re going through. While GPs targeting the exact same sector, stage, and thesis might be considered competition, any GP with an adjacent approach can be a great source of support and even introductions. Consider joining different communities of emerging managers such as Recast Capital, VC Lab, Women in VC, All Raise, or starting your own round table if you don’t already have a peer group in place. The maxim holds true that rising tides raise all ships. Use LinkedIn LinkedIn is a powerful tool to find new contacts and leverage your existing network. While Family Offices are traditionally opaque, an easy search for ‘Family Office’ or ‘Private Family Office’ in people’s job titles results in people supporting different functions of this type of investor. From there, it’s always best to see who your second-degree connections are to understand if someone can make a warm introduction on your behalf or as Sara Zulkosky stated it’s also ok to “shoot your shot” and send a cold message. Tips for Cold Emails: Keep it short, sweet, and to the point. Always take the time to personalize it when you can. Flattery works. We’re all human and we all like it when people take the time to get to know what interests us. Use Databases While not free, if you can get access to PitchBook or Prequin these can be good sources to better understand the investment activity of LPs. You’ll be able to get an understanding of which LPs invested in certain funds (if it was disclosed) and for how much. Drawing LPs to you Some LPs seek out GPs so it’s a great idea to create thought leadership content that demonstrates your expertise. These can be articles that communicate your conviction around your thesis and the sectors in which you’re investing. It’s also a great idea to share this content with LPs via email after you meet with them to stand out from other GPs. While some GPs have created a robust social following by investing in content for twitter and LinkedIn, Sara Zulkosky stated this isn’t necessary and you should choose activities that are aligned with your personal brand and your fund’s brand. Keeping Track of LPs We’ve covered how to find LPs in general and which types of LPs at a high level might make sense for your fund. These potential investors should be considered your ‘top of funnel’ LPs and you should keep track of them in the first stage of your fundraising pipeline. Learn how to build a fundraising pipeline in Visible here. Visible recommends tracking LPs in 6-8 pipeline stages to stay organized. In this article Roseanne Wincek at Renegade Partners shared she used the following pipeline stages for her fundraising process: Cold Lead Warm Lead Scheduling First Meeting Data Room Second Meeting(s) References Docs Learn about how to keep track of LP’s in your fundraising pipeline in Visible by booking some time with our team. How to Qualify LPs Next, it’s important to qualify LPs based on certain criteria to make sure you’re running an efficient fundraising process. Appropriately qualifying LPs will save both you and LPs a lot of time in the long run. Here are some example criteria you can use to qualify LPs: Check Size — Make sure the LP is able to write check sizes that will work for the size of the fund you’re raising Thesis of Firm — Understand whether the LPs have a vested interest in your space Room for Emerging Managers — Newer LPs often have more open slots for emerging managers as a part of their investment strategy Vision Alignment — Does the LP understand and align with your vision What does an ‘Ideal’ LP look like While the points above are mandatory to appropriately qualify an LP, here are some other traits to look for in an ideal LP. They’re someone you’d want to engage with regularly for at least 10 years. They’re able to be patient with returns. They can offer valuable support in a way that will benefit you or your fund. What to Ask During a First Meeting with an LP The first meeting is not just for the LP to get to know you — it’s also a great time for you to show you’ve done your homework by asking thoughtful questions to the LP. Sara from Recast Capital’s advice to GP’s.. “You should always feel comfortable asking LPs questions to start the conversation and LPs should always be willing to answer them…Don’t feel shy. Definitely ask these questions because you’ll get a very good sense a few minutes in whether this is worth your time.” Here is a list of example questions GPs should feel comfortable asking LPs in a first meeting: Could you tell me more about your investment strategy? Where do you want to be spending your time as it relates to your investment strategy? What’s the size of your private portfolio? Are you currently making new commitments? What’s your typical check size? What does your process look like to invest in an emerging manager? Have you ever invested in an emerging manager? What’s the smallest fund you’ve invested in? The LP Diligence Process The length of the diligence process depends on the LP organization and how much red tape there is internally. If an organization is small, nimble, and enthusiastic about your fund, it could take just a month but this is rare. The diligence process from Institutional LPs usually takes about 6 months. It can take even longer if advisors and consultants are involved. Do your part to keep the diligence process streamlined by having your LP Data Room set up in advance. Related resource: What to Include in your LP Data Room. Visible supports Data Rooms for Emerging Managers — learn more. Nurturing Relationships with LPs It’s important to remember that LP’s have a lot of inbound interest to manage. For this reason, it’s a great idea to go the extra mile to stand out to LPs by following the tips below. Demonstrate you’re an excellent communicator It’s a great idea to get into the habit of sending monthly fundraising updates to potential LPs that you’d like to build deeper relationships with. Check our Visible’s LP Fundraising Monthly Progress Update for inspiration. Here’s what Elizabeth “Beezer” Clarkson, Partner at Sapphire Partners and institutional LP had to say about best practices for reaching out, building, and maintaining relationships with institutional LPs… “Clear and consistent communication is imperative in helping create a strong GP/LP relationship. LPs want to know you’re in touch with your portfolio and you have a full assessment of its health: cash runway, pacing information, ownership, who was in the round, why you did the deal, how you found it, and how the company is doing. Some folks do routine newsletters, Zooms, or recordings – whatever works for you. Once a quarter is sufficient, and it’s always good to offer to stop by and visit when in town.” (Source: “Ask an LP” with Beezer from Sapphire Partners) Prove your sector expertise by sharing thought leadership content Sara Zulkosky from Recast Capital recommends taking the time to write your own thought leadership pieces that focus on the sectors that you want to invest or your thesis. Include these articles in your monthly updates or send a one-off email to an LP after a meeting to further demonstrate your expertise. You can also use the content you’ve written as a reason to follow up with an LP who may have ghosted you after a first meeting. “I wanted to follow up with a recent article I wrote that was a continuation of the conversation we had last month…”. Do what you say you’re going to do LPs are only human after all and every single one of us respects the people in our lives who are true to their word. If you said you were going to do something or follow up with a resource, do it. This is both a powerful and easy way to build rapport. Use Visible’s fundraising CRM to stay on top of when it’s time to follow up with a contact. Learn more here. Know your metrics like the back of your hand — and how to communicate them Even if this is the first time you’re raising a fund you will be expected to understand the core VC Fund Metrics and why they matter to LPs. Take the time to make sure you understand your fund model in and out and how the variables affect return possibilities. Related Resource: VC Fund Performance Metrics 101 (and why they matter to LPs) Add bottom-of-the-funnel LPs to current LP Updates And finally, a suggestion from Sara at Recast is to add the LPs with a serious interest, your ‘bottom of funnel’ LPs, to your current committed LP communication list. It’s a great way to make them feel special (because they are) and bring them into the folds of how you communicate and what you share with current LPs. Concluding Thoughts Raising a venture fund, especially for first-time managers, can seem like a daunting challenge. However, over time emerging managers are being recognized by both Limited Partners and startup founders as the best way to bring about positive change in the venture industry. Visible provides professional fundraising tools for ambitious fund managers with its Emerging Manager Fundraising Toolkit.

At Visible, we like to compare a venture fundraise to a traditional B2B sales and marketing funnel. At the top of your fundraising funnel, you are trying to add qualified investors via warm and cold outreach. In the middle of your fundraising funnel, you are nurturing potential investors with meetings, pitch decks, monthly updates and more. At the bottom of your fundraising funnel, you are working through due diligence and turning potential investors into new investors. Related Resource: The 12 Best VC Funds You Should Know About Like a traditional B2B sales and marketing process, you need to find qualified “leads” (AKA investors) to fill the top of your funnel. If you’re located in Atlanta, check out our list of investors in the area below: 1. BIP Ventures Since 2007, BIP Ventures has invested in the success of B2B software and tech-enabled service businesses at all stages of maturity. In addition to capital, we support entrepreneurs with access to infrastructure, acumen, and talent that results in category-leading companies. A distinct multi-stage investment platform drives consistent top-quartile returns. Location: Atlanta, GA 2. Engage As put by their team, “Engage is a first-of-its-kind innovation platform comprised of category-leading corporations in the Southeast that have joined forces to support startups building the future of enterprise.” Focus and industry: Engage focuses on B2B enterprise companies. They have 6 strategic themes within B2B enterprise — “Customer Experience, Supply Chain & Manufacturing, Future of Work, Big Data, Analytics, & Security, Logistics & Mobility, and Climate Tech & Sustainability.” Funding stage: According to their Visible Connect Profile, Engage invests in Seed through Series B stages According to their team, “Engage is an enterprise venture platform that counts 11 of the country’s largest corporations as investors. We invest in enterprise and frontier technology informed by insights from our corporate partners.” Some of their popular investments include: Fast Radius MetaCX Paladin ThingTech Location: Atlanta, GA 3. Forté Ventures As put by their team, “Forté Ventures is an institutional venture capital firm uniquely focused on collaborating and co-investing with Corporate Venture Capital groups. We believe that the right corporate strategic investors can act as a force multiplier for startups, and we work alongside our corporate partners to ensure the realization of those benefits.” Focus and industry: As put by their team, “We pursue a generalist model, searching for great companies across diversified industries and business models.” Funding stage: The team at Forté looks for companies that have found product market fit and have yet to scale — typically series A and series B. As put by their team, “Our focus and experience allow us to help entrepreneurs navigate the complexities of corporate investment, while also enabling us to serve as trusted partners to both our portfolio companies and our syndicate partners.” Some of their popular investments include: Urgently Integrate Springbot Location: Atlanta, GA and Sunnyvale, CA 4. Fintech Ventures Fund As put by the team at Fintech Ventures Fund, “We are hyperfocused on investing in founders building disruptive early-stage fintech and insurtech companies.” Related Resource: FinTech Venture Capital Investors to Know Focus and industry: The team at Fintech Ventures Fund is focused on fintech and insurtech companies. Funding stage: The team is focused on pre-seed and seed stage investments. They typically write checks anywhere between $250k and $1M. As put by their team, “Our primary mission is to forge strategic partnerships with entrepreneurs and provide them with the resources and support they need to build successful businesses. Following our Fund’s initial investment, our portfolio company founders have secured over $1 billion in cumulative equity and debt financing from leading institutional co-investors.” Some of their most popular investments include: Groundfloor Marble Vero Technologies Location: Atlanta, GA 5. Tech Square Ventures As put by their team, “Tech Square Ventures is an Atlanta-based early-stage venture capital firm. We partner with visionary entrepreneurs and help them with what they need most – access to markets and customers.” Focus and industry: The team at Tech Square Ventures is focused on B2B (enterprise), Marketplace, Tech-enabled services, and university spinouts. Funding stage: Tech Square Ventures is focused on early stage startups. As put by their team, “We believe the best part of what we do is the privilege of working with exceptional founders. We invest in the early stages of company development, partnering with entrepreneurs building transformative companies and continuing as committed partners through the journey of building a successful business.” Some of their most popular investments include: The Mom Project Paladin MetaCX Location: Atlanta, GA 6. TTV Capital As put by their team, “TTV Capital is one of the first and only early-stage venture capital firms focused exclusively on investing in companies in the financial services ecosystem. We’ve been a driving force in fintech since before the sector was defined.” Focus and industry: TTV Capital is focused on companies in the financial services ecosystem. TTV also has the following subset focus areas: Funding stage: The team at TTV Capital is focused on early-stage investments TTV has been investing for multiple decades so their portfolio spans many markets and generations of fintech companies. Check out some of their most popular investments below: Bitpay Greenlight Cardlytics Location: Atlanta, GA 7. Noro-Moseley Partners As put by their team, “At NMP, our investment philosophy is centered squarely on the entrepreneurs with whom we partner. In addition to capital, the firm’s goal is to provide energy, connections and domain expertise to strong entrepreneurs in order to help them succeed.” Focus and industry: As written by their team, “NMP is vertically-focused within the information technology and healthcare markets.” Funding stage: NMP typically looks for companies with a $2M-20M run rate and will write checks between $10M and $20M. Some of NMP’s most popular investments include: Red Canary Revenue Analytics UpwardHealth Location: Atlanta, GA 8. Fulcrum Equity As put by their team, “Fulcrum Equity Partners manages over $600 million and makes equity investments in rapidly growing businesses that are led by strong entrepreneurs and management teams. We target companies within the healthcare, B2B SaaS, and technology-enabled services industries. We provide financing to meet a wide range of needs including internal growth initiatives, acquisitions, shareholder liquidity, buy-outs, recapitalizations, and divestitures.” Focus and industry: Fulcrum Equity is focused on companies within healthcare, B2B SaaS, and tech-enabled service industries. Funding stage: Fulcrum typically writes checks between $5M and $30M Fulcrum’s criteria slightly differ depending on the industry of the company. You can learn more about their investment criteria here. Some of their most popular investments include: Olio Avant-Garde HomeFirst Location: Atlanta, GA 9. Atlanta Ventures As put by the team at Atlanta Ventures, “We are focused on serving entrepreneurs in earlier stages (<$5M ARR). We offer a unique community in partnership with the Atlanta Tech Village. We have an exclusive focus on fast growing companies in the Southeast region. Our team has direct operating experience as successful entrepreneurs, product leaders, and deal advisors. We typically lead or fill the entire round with an investment of $250K to $5M, and we built the Studio for entrepreneurs looking to launch with us at the absolute ground floor of their business.” Focus and industry: Atlanta Ventures has a focus on SaaS and subscription businesses. Funding stage: Atlanta Ventures will invest in any stage from seed to series B. As they put it, “After achieving Product/Market fit, you may even find yourself well on your way to hitting a milestone very few companies ever reach: $1M in ARR. We love partnering with entrepreneurs at this stage of the journey. “ Some of Atlanta Ventures most popular investments include: Calendly Salesloft Terminus Location: Atlanta, GA Related Resource: 24 Top VC Investors Actively Funding SaaS Startups Network with investors today with Visible At Visible, we oftentimes compare a fundraise to a B2B sales and marketing funnel. At the top of your funnel, you are finding new investors. In the middle, you are nurturing and pitching potential investors. At the bottom of the funnel, you are working through diligence and ideally closing new investors. Related Resource: A Quick Overview on VC Fund Structure With the introduction of data rooms, you can now manage every aspect of your fundraising funnel with Visible. Find investors at the top of your funnel with our free investor database, Visible Connect Track your conversations and move them through your funnel with our Fundraising CRM Share your pitch deck and monthly updates with potential investors Organize and share your most vital fundraising documents with data rooms Manage your fundraise from start to finish with Visible. Give it a free try for 14 days here.

Webinar Recap Throughout a fundraise, founders are expected to share the data and financials that fuel their business. Jonah Midanik of Forum Ventures joined us on March 21st to discuss all things SaaS metrics and fundraising. Watch Recording A few things you can expect us to cover: The SaaS metrics every founder should know What metrics a founder should expect to share with potential investors What metrics and financials a founder should expect to have prepared for due diligence How early-stage founders should think about more “advanced” SaaS metrics About Jonah Jonah has spent the last twenty years at the intersection of marketing and technology as a serial entrepreneur in Canada. He has experienced several different lenses on the founder’s journey from bootstrapping his own startup, to launching new corporate divisions, and raising 8 figures of venture capital. At Forum, in supporting hundreds of founders’ growth, Jonah has carved out a niche in the market of teaching founders how to build and deliver pitch decks and which metrics to include to convey traction to raise capital successfully.

Women-led venture capital firms are relatively new players in the VC world, but they are rapidly gaining traction. These firms are founded and run by women, who bring a unique perspective to the table when it comes to identifying and investing in promising startups. One of the advantages of women-led VC firms is that they tend to invest in companies that are founded by women or that have a diverse leadership team. Studies have shown that diverse teams tend to perform better, so investing in such companies is not only good business but also much-needed. Women-led startups receive only a small fraction of VC funding. According to PitchBook, “In 2022, companies founded solely by women garnered just 2% of the total capital invested in venture-backed startups in the US.”. This lack of funding has a profound impact on women-led companies, making it harder for them to grow and succeed. To address these issues, it is important to promote diversity in the VC industry. This can be done by supporting women-led VC firms and encouraging more women to enter the industry. It can also be done by promoting diversity in the companies that VC firms invest in, and by challenging the biases that exist in the industry. Women-led VC firms bring a unique perspective to investing and have the potential to promote diversity in the companies they invest in. Image source: PitchBook How Women-led VC Firms Are Influencing The Broader Industry Women-led VC firms have had a significant impact on the VC industry, driving investment trends and promoting more diverse and inclusive practices. With a focus on funding companies led by women and underrepresented minorities, women-led VC firms have increased the visibility and opportunities for these groups, shifting the traditional power dynamic within the industry. This shift has led to the development of more inclusive practices, such as blind investment pitches and increased emphasis on diversity metrics. Additionally, women-led VC firms have demonstrated that investing in diverse founders is not only socially responsible, but also financially lucrative. As a result, the broader VC industry has started to recognize the benefits of diversity and inclusion, leading to an increased emphasis on funding diverse founders and promoting more diverse leadership within VC firms themselves. Related resource: The Femtech Frontier: Opportunities in Women's Health Technology + the VCs Investing Benefits of Working With Women-led VC Firms Women-led VC firms have a better understanding of the unique challenges faced by women entrepreneurs, and they often have a broader network of resources and connections to support them. Women-led VC firms can provide mentorship, access to funding, and networking opportunities that can help women founders overcome barriers to success. Additionally, working with women-led VC firms can help promote diversity and inclusion in the industry, which is critical for building a more equitable and sustainable startup ecosystem. By investing in women-led businesses, these firms are helping to close the gender gap in entrepreneurship and promote the growth of female-led businesses. Ultimately, partnering with a women-led VC firm can lead to better outcomes for women founders and contribute to a more diverse and inclusive startup ecosystem. Breaking into the VC industry as a woman can be challenging, but it is not impossible. Here are a few tips for women looking to start their own VC firms: Build a strong network: Building relationships with successful investors and entrepreneurs is critical. Attend networking events, conferences, and meetups to connect with potential partners and investors. Gain experience: Consider working for a VC firm or startup to gain the necessary experience and knowledge of the industry. This can help build your credibility as a potential VC and provide valuable insights into the investment process. Develop a unique investment thesis: Create a unique investment thesis that sets you apart from other VC firms. This will help attract investors and provide a framework for identifying and evaluating potential investments. Fundraising: Fundraising is a critical component of starting a VC firm. Start by building a strong pitch and a compelling story that resonates with potential investors. It’s essential to have a diverse group of investors to ensure a well-rounded portfolio. Build a diverse team: Creating a diverse team is critical in the VC industry. Building a team with different backgrounds, perspectives, and experiences can help identify unique investment opportunities and promote more inclusive decision-making. Find investments: Identifying promising startups and entrepreneurs is a crucial part of the VC process. Connect with entrepreneurs, attend pitch events, and leverage your network to find investment opportunities. Resources EY Entrepreneurial Winning Women– EY provides program participants evergreen access to our vast resources, rich networks and know-how, helping to strengthen their abilities to become market leaders. At the same time, the program creates a vibrant global community of successful women entrepreneurs and inspiring peer role models who, in 2021, numbered more than 800 across 49 countries. Lolita Taub‘s Newsletter (Issue 77: Women’s History Month edition) has great resources for female founders. 37 angels– is a community of women investors dedicated to educating early-stage investors and promoting women’s participation in investing. WLOUNGE– is a mission-driven organization headquartered in Berlin that supports diversity and women in business and technology. They incubate startups and founders, connect startups, VCs, and corporates to the ecosystem, and facilitate hundreds of deals and investments. They provide innovative services, workshops, round tables, conferences, and leadership programs. WLOUNGE focuses on building partnerships for investment opportunities, founder support, and incubating. They collaborate across the world, including Germany, Europe, Israel, the U.S, China, and Asia. Ultimately, WLOUNGE was established to uplift the tech ecosystem and the women within it. Women’s Business Center-WBCs provide free, to low-cost counseling and training and focus on women who want to start, grow, and expand their small business. digitalundivided– is the leading non-profit leveraging our data, programs, and advocacy to catalyze economic growth for Latina and Black women entrepreneurs and innovators. Our goal is to create a greater world where all women of color own their work and worth. Our mission moves the entrepreneurial ecosystem forward, to increase funding, access, and opportunities for women of color in business and innovation. Tory Burch Foundation– the organization strives to strengthen female entrepreneurship by offering capital, education, and fellowship programs. They collaborate with Bank of America to provide affordable loans via Community Lenders as part of their capital program. Additionally, in partnership with Goldman Sachs’s 10,000 Small Businesses, the foundation furnishes female small-business owners with education in business and management. Furthermore, the Tory Burch Fellows Program encompasses workshops, a year of support, a $10,000 prize, and an opportunity to present a pitch for a $100,000 grant. AIm High AI Bootcamp For Female Founders: Now is last chance to apply and join this equity-free 12-week online accelerator, get business support and access to leading VC funds like Molten Ventures, Dawn Capital, Antler, Nauta Capital, Sunfish Partners and more. All Raise– All Raise started as a call to action. Today, it’s a community, a movement, and a rallying cry centered on the belief that our personal ambitions can and will include the prosperity of all women. Recast Capital– Women-owned platform supporting and investing in emerging managers. Their enablement program is a tuition free educational program 82% of which are female GPs. Women founders looking for investors: share your details in Lolita Taub‘s twitter thread here 10+ VCs & Accelerators Investing in Underrepresented Founders Women-led VCs RevUp Capital “For women investors and female founders, innovation isn’t always about activism. Often, it’s a matter of necessity,” says Melissa Withers, Managing Director of RevUp Capital. “From the beginning, women in entrepreneurship had to do things differently to create the opportunities we wanted. For all the hardships that come with that, there’s also a measure of freedom in it. Women in the industry aren’t just breaking the rules, they’re playing a new game. Good luck getting that genie back in the bottle.” About: RevUp Capital invests and supports revenue-driven B2B and B2C companies. Companies receive $350K-500K in non-dilutive cash delivered in tandem with RevUp’s growth platform, which includes strategy and execution support to accelerate market-facing growth. Thesis: We invest with a singular purpose: to give founders a better shot at success. Traction metrics requirements: Companies enter our portfolio with $500K-$3M in revenue, a strong growth rate, and plans to reach $10-30M in revenue in 3-5 years. We invest in both B2B and B2C companies. RevUp is committed to investing in women, people of color, and in founders outside of top tier geographies. We believe in you. Funding stage: Seed, Pre-Seed, Series A Primetime Partners Who or what has been most supportive in your journey of leading a women-founded VC firm? “The other female GPs and investors I have met in NYC community and beyond have inspired me, taught me and humbled me.” – Abby Levy Managing Partner and Founder at Primetime Partners Thesis: Improving the quality of life for older Adults, aging and longevity. Funding stage: Seed, Pre-Seed, Series A, Series B Female Founders Fund About: Female Founders Fund is an early-stage fund investing in the next generation of transformational technology companies founded by women. Thesis: Investing in the exponential power of exceptional female talent. Funding stage: Seed Supernode ​​Ventures About: We serve two groups: entrepreneurs and investors. We love connecting both groups together, not only for investing purposes, but also for problem-solving, partnerships and other activities. Thesis: At Supernode Ventures, we are investing in entrepreneurs to help transform the way people live, work and socialize. Funding stage: Pre-Seed Urban Innovation Fund About: A venture capital firm that provides seed capital and regulatory support to entrepreneurs shaping the future of cities – helping them grow into tomorrow’s most valued companies. Thesis: The Urban Innovation Fund invests in startups enhancing the livability, sustainability, and economic vitality of our cities. Funding stage: Pre-Seed, Seed Ganas Ventures About: Ganas Ventures invests in pre-seed and seed Web 2 and Web 3 community-driven startups in the US and Latin America. Funding stage: Pre-Seed, Seed Steelsky Ventures About: SteelSky Ventures is an early stage VC fund investing in Women’s Health. Funding stage: Seed, Series A Serena Ventures About: Serena Ventures focuses on early stage companies, and giving them the opportunity to be heard. Thesis: Serena Ventures invests in founders who are changing the world with their ideas and products. Funding stage: Series A Moxxie About: Moxxie Ventures is a $25M seed-stage fund that invests in founders who make life and work better. Thesis: Make life and work better. Climate positive. Funding stage: Pre-Seed, Seed Overlooked Ventures About: We support founders who operate early-stage technology companies who are historically overlooked and provide them capital, resources, and connections to scale their business. We’ve been in your shoes. We’re tech founders with 10+ years of experience running companies and making deals. Now we’re authentically supporting entrepreneurs with capital and a founder-friendly focus. Funding stage: Pre-Seed, Seed Mendoza About: Mendoza Ventures is an early and growth stage Fintech, AI, and Cybersecurity venture fund that provides an actively managed approach to VC. We invest in areas where we have deep domain expertise, companies with early revenue, a clear value proposition and using a proven due diligence model. We focus on diversity as playing an important role in our investment decisions, as roughly 75% of our portfolio consists of start-ups led by immigrants, people of color, and women. Based in Boston, Mendoza Ventures is women owned and the first LatinX-owned venture fund on the East Coast. The firm is run by husband and wife Adrian and Senofer Mendoza, entrepreneurs and prior operators who are veterans of the Boston start-up ecosystem. Thesis: Started by serial entrepreneurs and investors, Adrian Mendoza and Senofer Mendoza, their investment thesis is this – Focus on helping the startups grow by leveraging the experience of advisors and investors in their respective fields. By giving experience and accountability first, learning more about the team, technology and market, only then can an informed investment be made. Funding stage: Pre-Seed, Seed Halogen Ventures About: Halogen Ventures is an early stage venture capital fund focused on consumer technologies prioritizing a female in the founding team. Thesis: Halogen Ventures is an early stage venture capital fund focused on female led consumer technology companies. Funding stage: Early Stage GingerBread Capital About: GingerBread Capital invests in the next generation of women founders and entrepreneurs leading high-growth businesses Funding stage: Series A, Series B, Seed Forerunner Ventures About: VC firm investing in transformative B2C & B2B companies defining a new generation of business, with an eye on the consumer. Funding stage: Seed, Series A, Series B, Growth Kapor Capital About: Kapor Capital invests in early stage gap-closing tech enabled startups. Thesis: Kapor Capital invests in tech-driven early stage companies committed to closing gaps of access, opportunity or outcome for low income communities and/or communities of color in the United States. Funding stage: Pre-Seed, Seed, Series A, Series B Vitalize Ventures About: VitalizeVC was founded in 2017 as a seed-stage venture fund. It was originally launched as a result of continued growth and investment appetite among the IrishAngels investor network. Initially called IrishAngels Ventures, it was rebranded VitalizeVC in 2019. Funding stage: Seed, Series A BBG About: BBG Ventures is a seed and pre-seed venture fund leading investments in female & diverse founders who are uniquely qualified to solve the toughest challenges facing new consumers, workers, and employers. Thesis: The next generation of breakout companies will solve problems for the 99% and build solutions for key emerging populations in America. With today’s consumer being intersectional, more conscious, multi-generational, and often underserved; we believe that the founders who intuitively understand her are the ones poised to fix our broken systems. These founders have a natural competitive advantage — which means we do too. We look for companies that drive systems change, build 10X better consumer solutions, or address new buying behaviors across the biggest categories of consumer spending that are ripe for reinvention, focusing on: Healthcare Transformation, the Work and Learning Revolution, Climate & Consumption, Overlooked Consumers, and Fintech. We seek out companies making large-scale behavior change possible by improving access, enhancing affordability, or reducing friction in the consumer experience. Funding stage: Seed, Pre-Seed StandUp Ventures About: StandUp Ventures is a Toronto-based, seed stage venture capital fund focused on investing in high growth ventures with at least one female founder in a key leadership role. We believe that women led companies think outside the box, recruit great talent, and serve bigger markets. We invest in seed-stage, for-profit technology companies with at least one woman in a C-level leadership position within the company and an equitable amount of ownership. Thesis: We’re dedicated to curious, confident, and fearless entrepreneurs building ground-breaking technology companies. We partner with ambitious founders across Canada to break through from Seed to Series A. Funding stage: Seed Amboy Street Ventures About: The world’s first venture capital fund focused on Sexual Health & Women’s Health Technology startups. Amboy Street Ventures is an active investor and adds value above and beyond capital. Its dedicated Value Enhancement Team supports portfolio companies with marketing & branding, sales & distribution, product development & scientific innovation and public education resources through its position within the Healthy Pleasure Group, an ecosystem dedicated to solving the problems that startups face in the Sexual Health and Women’s Health Tech market. Thesis: Amboy Street Ventures invests in the Seed and Series A rounds of Sexual Health & Women’s Health Technology startups that are progressing the industry in America and Europe. Funding stage: Seed and Series A SoGal Ventures About: As the first female-led millennial venture capital firm, SoGal Ventures represents how far our generation has come, and how deep our impact on the world can be. We believe in the power of diversity, borderless business, and human-centric design. We invest in seed stage diverse founding teams in the U.S. and Asia, and aim to be the first institutional investor for our portfolio companies. Our investments paint the future picture of how we live, work, and stay healthy. Thesis: Next generation of living, working and staying healthy, created by and for the rest of us. Funding stage: Pre-Seed, Seed Urban Innovation Fund About: A venture capital firm that provides seed capital and regulatory support to entrepreneurs shaping the future of cities – helping them grow into tomorrow’s most valued companies. Thesis: The Urban Innovation Fund invests in startups enhancing the livability, sustainability, and economic vitality of our cities. Funding stage: Seed, Pre-Seed Recast Capital About: Recast Capital is a platform supporting and investing in emerging managers in venture capital. As our name suggests, we are breaking the traditional mold and doing things a bit differently. Thesis: Our founders experienced first-hand the shift that was taking place in venture and came together with a clear view of what was needed in the industry: an institutional-grade intermediary to help investors access the opportunity presented by emerging managers, and create a way to support those managers in the process. Funding stage: Pre-Seed, Seed Start Your Next Round with Visible We believe great outcomes happen when founders forge relationships with investors and potential investors. We created our Connect Investor Database to help you in the first step of this journey. Instead of wasting time trying to figure out investor fit and profile for their given stage and industry, we created filters allowing you to find VCs and accelerators who are looking to invest in companies like you. Check out all our investors here and filter as needed. After learning more about them with the profile information and resources given you can reach out to them with a tailored email. To help craft that first email check out 5 Strategies for Cold Emailing Potential Investors. After finding the right Investor you can create a personalized investor database with Visible. Combine qualified investors from Visible Connect with your own investor lists to share targeted Updates, decks, and dashboards. Start your free trial here.

Being a startup founder is difficult. On top of having to build a product or service, hiring top talent, managing the day-to-day, and more — founders have to fund their business. This can come in the business of equity financing, bootstrapping, debt, or other methods. For founders looking to raise equity financing (via angel investors or venture capital), running a process is crucial to success. A strong process starts by finding the right investors to target and pitch during your raise. For founders in New York, check out a few active angel investors in the area below: Angel investors in New York As we mentioned above, running a process is crucial to fundraising success. At Visible, we often compare a fundraise to a traditional B2B sales and marketing funnel. At the top of your funnel, you add qualified investors to your pipeline (via cold and warm outreach). In the middle of the funnel, you nurture and pitch potential investors with email, updates, pitches, meetings, etc. At the bottom of the funnel, you are hopefully closing your new investors. To help you filll the “top of your fundraising funnel,” check out a list of angel investors in New York below: 1) Roger Ehrenberg Roger Ehrenberg is the Founding Partner of IA Ventures. In addition to founding IA Ventures, Roger is an active investor. In 2022, Roger has started Eberg Capital. As put on it’s website, “Eberg Capital helps creators and their fans develop closer, more authentic relationships. Our work sits at the intersection of sports, gaming, the arts and web3.Eberg Capital helps creators and their fans develop closer, more authentic relationships. Our work sits at the intersection of sports, gaming, the arts and web3.” Some of Eberg capitals most popular investments include: Alt Rally Cabin Related Resource: 10 VC Firms Investing in Web3 Companies 2) Adam Rothenberg Adam Rothenberg is a Partner at BoxGroup. Adam is primarily focused on seed stage companies. Learn more about some of the investment criteria for BoxGroup below: Some popular investments include: Plaid Airtable Blue Apron Related Resource: VCs Investing In Food & Bev Startups 3) Joanne Wilson Joanne Wilson is synonymous with angel investing in New York City. As put on her website, “Joanne Wilson is a prominent early-stage angel investor, entrepreneur, and philanthropist with a diverse background in retail, wholesale, media, real estate and technology. She has over 140 companies in her investment portfolio such as Food52, Eater, and Parachute Home, and has invested in several restaurants throughout downtown New York City.” Some of Joanne’s most popular investments include: Houseplant Blue Bottle Coffee Parachute 4) Kal Vepuri Kal Vepuri is the CEO of Hero. In addition to leading Hero, Kal makes angel investments via his personal investment vehicle, Brainchild Holdings. As put on his LinkedIn, Kal (via Brainchild) has made “300+ direct investments in seed stage marketplaces, networks and saas in fintech, blockchain, healthcare services, enterprise/SMB and consumer.” 5) Gary Vaynerchuk Gary Vaynerhcuk is a recognizable name in the angel investing world. Gary is a Partner at VaynerRSE. At put on their website, “Through our partnership with leading entrepreneur Gary Vaynerchuk, Vayner/RSE invests in companies building tomorrow’s capabilities through unique consumer insight and relentless drive. Beyond capital, Vayner/RSE supports its community with access and insights derived across both our investment portfolio and the operating companies we oversee on a daily basis.” Gary has made investments in some of the most popular tech companies of our era: Twitter Tumblr Uber 6) Fred Wilson Fred Wilson is a Partner at Union Square Ventures. As put on his website, “Fred Wilson has been a venture capitalist since 1987. He currently is a Partner at Union Square Ventures and also founded Flatiron Partners.” Some of his most popular investments include: Twitter Etsy Coinbase 7) Chris Dixon As put on the a16z site, “Chris Dixon is a general partner and has been at Andreessen Horowitz since 2012. He founded and leads a16z crypto, which invests in web3 technologies through four dedicated funds with more than $7 billion under management.” In addition to investing at Andreessen Horowitz, Chris writes angel checks in various technology companies. Angel investor firms in New York In addition to individual angel investors, there are firms dedicated to angel investors that write checks in startups across many stages and sectors. Check out a few of the popular angel investor firms in New York below: 8) New York Angels As put on their website, “New York Angels is a membership based group of accredited investors who are professionals, entrepreneurs, operators, and industry experts.” In addition, they share their investment criteria, “In the aggregate, the members of New York Angels invest between $100,000 to $1,500,000 per round in early stage companies. Our members are looking for companies that have an established proof of concept and are poised for growth.” Some of their most popular investments include: Bombas Pinterest Gust 9) 37 Angels As put on their website, “At 37 Angels, we are committed to: Education: Our goal is to shed light on the black box of startup investing for investors and founders through education. Transparency: 37 Angels has a process that’s built around clear and open communication for both founders and funders. Empathy: Many of our members are former entrepreneurs who understand the highs and lows of business-building.” 10) Pipeline Angels As put on their website, “Pipeline Angels is changing the face of angel investing and venture capital, as well as creating funding for trans women, cis women, nonbinary, two-spirit, agender, and gender-nonconforming founders.” Some of their most popular investments include: Apothecarry Cocomama GoldBean 11) Golden Seeds As put on their website, “We are a discerning group of investors, seeking and funding high-potential, women-led businesses. And creating lasting impact… Golden Seeds accepts applications from women-led companies domiciled in the U.S. These companies must have at least one woman in an operating role at the C-suite level. Frequently, companies have a female founder or CEO, but we also consider companies with women in other C-level positions.” 12) Empire Angels As put on their website, “Empire Angels is a diverse group of Millennials investing in early stage ventures with a focus on supporting young entrepreneurs.” Some of Empire Angels most popular investments include: The Infatuation Popsy App Socure Connect with investors for your startup with Visible At Visible, we oftentimes compare a fundraise to a B2B sales and marketing funnel. At the top of your funnel, you are finding new investors. In the middle, you are nurturing and pitching potential investors. At the bottom of the funnel, you are working through diligence and ideally closing new investors. Related Resource: A Quick Overview on VC Fund Structure With the introduction of data rooms, you can now manage every aspect of your fundraising funnel with Visible. Find investors at the top of your funnel with our free investor database, Visible Connect Track your conversations and move them through your funnel with our Fundraising CRM Share your pitch deck and monthly updates with potential investors Organize and share your most vital fundraising documents with data rooms Manage your fundraise from start to finish with Visible. Give it a free try for 14 days here.

Equity is a motivator for most early-stage founders, employees, investors, and other shareholders. Poor management of the cap table and dilution in the early days can be costly in the long run. Founders need to pick and choose when issuing additional shares and diluting themselves and existing shareholders. As always, we recommend consulting with a lawyer or legal team regarding your cap table and dilution. Learn more about share dilution and what it means for your business below: What is share dilution? As put by the team at Investopedia, “Share dilution is when a company issues additional stock, reducing the ownership proportion of a current shareholder. Shares can be diluted through conversion by holders of optionable securities, secondary offerings to raise additional capital, or offering new shares in exchange for acquisitions or services.” Primary types of share dilution The type of conversion or sale will impact the share dilution. This is typically boiled down to 2 major types of share dilution — primary and secondary share dilution. Learn more about each type of dilution below: Primary share dilution Primary share dilution happens when a company raises additional capital. Taking on new capital means that any existing shareholders will be diluted — as more financing capital comes in, the ownership % of existing owners will decrease. Secondary share dilution On the flip side is secondary share dilution. This happens when existing owners sell their shares to a new investor. The price at which the shares are sold impacts what the level of dilution will be. Reasons for share dilution Dilution when a company issues additional shares. This can happen in a number of different ways. Check out a few examples below: For financing options and capital needs The most common reason for share dilution is when raising capital, typically from venture capital funds. VC and Private Equity funds invest capital for equity. In turn this is issuing additional shares and diluting the existing shareholders on the captable. Related Resource: Private Equity vs Venture Capital: Critical Differences Employee stock options and equity compensation plans As put by the team at Investopedia, “The term employee stock option (ESO) refers to a type of equity compensation granted by companies to their employees and executives.” Whil an employee stock option plan offers individuals options in the business there are also equity compensation plans which offer equity directly in the business. Both of these instances will dilute your existing shareholders as additional shares are being issued. Related Resource: Employee Stock Options Guide for Startups To introduce new shareholders into the holdings There is also the introduction of new shareholders. This can be someone like an advisor or mentor that has gone above and beyond for your business. In the early days of a business, some founders will offer advisors equity instead of cash. Related Resource: Advisory Shares Explained: Empowering Entrepreneurs and Investors Impact of share dilution Many founders, early employees, investors, etc. are motivated by equity and the opportunity to grow the value of their shares. With this said, many founders need to pick and choose their spots when issuing additional shares to keep dilution in mind. Poor management of the cap table in the early days can be costly in the run. Erosion of ownership percentage and control As new shares are issued the ownership of existing owners will slowly erode. For many founders this can result in control and less impact on the overall direction of the business. Effect on earnings per share (EPS) and dividends For later stage companies, dilution can impact earning per shares and dividends. As more shares are issued, the earning per share goes down. Potential impact on stock price Related to the point above, as earnings per share go down with dilution this can potentially be less of a draw to investors and cause the stock price to lower. Strategies for avoiding share dilution As we mentioned above, founders need to pick and choose when issuing additional shares in their business. Avoiding dilution and maintaining ownership of the business can have huge impacts in the event of an exit or sale. As always, we recommend consulting with a legal team or counsel when determining different strategies regarding your cap table and dilution. Look at other financing alternatives Equity financing is the not the only financing option when it comes to raising capital for a startup. Over the last few years there has been an explosion in funding alternatives for startup founders. Ranging from debt to entirely new funding models. A few examples: Pipe Corl Clearbanc Calm Company Fund Related Resource: Checking Out Venture Capital Funding Alternatives Focus on generating internal cash flow for growth The best way to avoid dilution is by relying solely on your business to fuel growth and expansion (of course, this is easier said than done). When limiting the need for external capital, you’ll be able to maintain ownership of the business and would (potentially) only need to issue new shares when hiring new employees and executives. Create clear terms from the start Having clear terms from the start when fundraising will help model and project your dilution. By having a gameplan in place and a realistic view of dilution will help manage your cap table and issue new shares as needed as you raise capital and hire new talent. Limit excess funding with SAFEs Introduced by YC, SAFEs have taken over the startup funding world. As put by the team at Forbes, “A Simple Agreement for Future Equity (SAFE) is a contractual agreement between a startup company and its investors. It exchanges the investor’s investment for the right to preferred shares in the startup company when the company raises a future round of funding. The SAFE sets out conditions and parameters for when and how the capital will convert into equity. Unlike a convertible note, a SAFE does not accrue interest or have a maturity date.” However, both pre and post money SAFEs can have a different impact on the founder. We recommend consulting a lawyer or legal team when determining how to leverage different financial instruments for your business. Related resource: The Startup's Handbook to SAFE: Simplifying Future Equity Agreements Build strategic partnerships and alliances Strategic partnerships and alliances can be a valuable way to scale your business and avoid dilution. By having different partners and alliances you can grow your business and resist the need to raise additional equity financing and maintain ownership of your business. Looking for Investors? Try Visible Today! With Visible, you can manage every stage of your fundraising pipeline: Find investors at the top of your funnel with our free investor database, Visible Connect Track your conversations and move them through your funnel with our Fundraising CRM Share your pitch deck and monthly updates with potential investors Organize and share your most vital fundraising documents with data rooms Manage your fundraise from start to finish with Visible. Give it a free try for 14 days here.