How to Get a Warm Introduction to an Investor

A lot of the companies we've backed at Solid Bond were introduced to us by someone we know. Cold applications can still work, but a warm introduction is usually the better way in, and it's easier to get one than most founders think.

Why warm intros work.

An introduction gives an investor a filtered view of what their network is seeing. Most people won't forward something unless they genuinely think it's worth the investor's time, because their own name is attached to it.

Cold applications are different. A fund has to sift through a lot of them to find the few that fit what it invests in. With an introduction, a good part of that sifting has already been done by someone the investor trusts.

Who gives the best introductions.

Founders the fund has already backed

These are often the best introductions you can get. We've backed companies that came to us this way. When a good founder is impressed by another founder, there's usually a reason: either the team is great, or the problem they're tackling is big and important. It's often in a sector the founder knows well, so they can judge it.

Founders are also more open to helping than most people you could ask. They've been through fundraising themselves and tend to want to help each other.

Other investors

Introductions from other funds are strong, but you can't really make them happen. Investors only pass on companies they had real conviction in but couldn't back themselves, for example because of a conflict, a sector they don't invest in, or a portfolio that's already heavy in that area. I'd never pass on a company I didn't think was really good.

It's different if you've spent real time with a fund. If they liked what you're doing but couldn't invest for a good reason, they'll often help. There's sometimes a disconnect between the person at the fund who wanted to do the deal and an investment committee that said no. In that case, the investment manager will usually still be happy to make introductions.

Advisers, accountants and lawyers

An introduction from an adviser will usually get you further than a cold email, but they're rarely the best ones. Advisers are often helping a client by introducing them to every investor they know. They don't always know what each fund invests in, so the match can be poor. And they don't always know what makes a business right for venture capital. Other investors and portfolio founders have a much better read on this.

Accelerators

An accelerator introduction isn't really a warm intro. Helping you raise is part of an accelerator's job, and most funds see accelerators as a standard source of new companies. That said, funds rarely turn down a new source of deals, so if an accelerator gets in touch, most will at least take the call.

Start your raise with a list.

Before you contact anyone, write down every investor you'd like to speak to. Then, next to each one, write down every possible way to get a warm introduction:

• Your own network: anyone you know who knows someone at the fund.
• Other investors: angels or funds you've already spoken to who know them.
• Their portfolio founders: the companies they've already backed, especially any close to your sector.
• Advisers and accelerators: anyone helping you who has a genuine relationship with the fund.

Doing this up front shows you where the gaps are. It also stops you burning your best route on the wrong investor, or going in cold to a fund you could have reached through someone they trust.

The best way in: reach out to a portfolio founder.

You don't need to know a fund's founders already. One of our portfolio founders was contacted out of the blue by another founder who simply said they wanted to speak to us about investment. They had a 20-minute call. Our founder was impressed, and respected the hustle of reaching out, so he made the introduction.

It wasn't about who that founder already knew. It was just a much better way to do cold outreach.

Most funds list their portfolio on their website. Pick one or two founders whose company is closest to yours, find them on LinkedIn, and ask for 15 minutes. Be clear about what you want, and make it easy for them to say yes.

What to say.

Here are three examples to adapt. Keep them short and specific.

To a founder the fund has backedHi [name], I saw [fund] backed [their company] and I'm hoping to speak with them about our round. We're building [one line on what you do] for [who it's for], and they look like a great fit because [reason, such as their sector focus or a similar portfolio company]. Could I grab 15 minutes to ask what they're like to work with, share what we're doing, and see if you'd be happy to help me get a conversation going? Thanks, [your name]

To someone who knows you well and knows the investorHi [name], We're raising a [£ amount] pre-seed round for [company], and [fund] is high on our list because [reason]. I noticed you know [investor name]. Would you be comfortable introducing us? I've put a short note below that you can forward as it is. Completely fine if it's not a good fit for you. Thanks, [your name]

The note they can forward to the investorHi [investor name], I wanted to flag [company], who I think could be a great fit for [fund]. What they do: [company] helps [who it's for] to [the problem they solve]. [One line on why it matters, such as how the problem is handled today and what that costs.] Traction so far: • [customers, paying pilots or revenue, for example "8 paying customers and £12k monthly revenue"] • [growth, for example "revenue up 3x in the last 6 months"] • [any proof the market wants it, for example a waitlist, a major customer or strong retention] The founders: [founder name] spent [X years] at [company or role] working on exactly this problem, and [co-founder] previously [built or led something relevant]. [One line on why this team is the right one, such as what they've already done with very little money.] The raise: they're raising [£ amount] at pre-seed to [what the money is for], and have [£ amount] committed so far. Deck attached. Let me know if you're open to an intro and I'll connect you both. [introducer's name]

Whoever makes the introduction, send them this note ready to forward, with your deck attached. The less work it is for them, the more likely the introduction happens. Most investors also prefer being asked first, before an email connects you both, which is why the note ends with that question.

What doesn't work.

• Asking people you don't really know. Messaging LinkedIn connections you've never spoken to and asking them to introduce you to an investor rarely works. I've never had a company come to me this way.
• Asking investors you haven't spent time with to refer you on. Lots of founders email a fund cold and ask to be passed on to other investors. Nobody does this. Introductions come from investors who've got to know you and believe in what you're building.

Cold still works.

I might be in the minority, but I think cold outreach can still work. It's harder, and it takes just as much effort as chasing introductions. And unless you're very well networked, a big part of your fundraise will probably be cold anyway.

The problem is that most cold outreach is bad. It's generic, sent to every fund on a list, and says nothing about why this investor in particular. To stand out, a cold email needs to be on point:

• Do your research. Check the fund invests at your stage, in your sector and in your location. Most funds say this clearly on their website.
• Say why them. Mention a portfolio company, a thesis or something the investor has written, and why it connects to what you're building.
• Lead with the facts. What you do, who it's for, your traction and what you're raising, in a few short lines.
• Attach the deck. Don't make the investor ask for it.
• Follow up, but not forever. One or two short, polite nudges, a week or two apart, are fine. After that, move on.

VC is a relationship business. Even when you start cold, the aim is to find the right way in through the people the investor knows and trusts. Use cold outreach to start the relationship, not just to send a deck.

Funds that take applications through their website, as we do at Solid Bond for UK B2B tech, AI and tech-enabled businesses, are a good place to start. Every application gets read, so a specific, well-written one has a fair chance.