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How do you find angels if you don't know any?

We often receive this question, and I'm excited to share my approach with you, which will be valuable in your fundraising journey.

First, the best way is always to get a referral or a warm introduction.  Always start by searching LinkedIn for angels or angel groups in your area. But if your network isn't cutting it, rest assured, there are other practical ways.

Here's what I do:

  • Step 1: Go to Crunchbase.com and look at the funding rounds for startups similar to yours or in the same industry. If they have invested in your space before, they might be interested in another opportunity.
  • Step 2: Crunchbase gives you any available contact information, but you can also search LinkedIn.
  • Step 3: Study their profile and see if putting them on your outreach list is appropriate.
  • Step 4: Look for mutual connections. If you have them, contact your mutual connection and see if you can get an introduction.
  • Step 5: Contact them (most likely using inMail), starting with a compliment or a customized comment on their background. I always pay attention to these days, especially if I can see it in the preview or subject line.
  • Step 6: In your initial outreach, ask if they're interested in looking at another investment opportunity or if they would provide feedback on your pitch.Here are my protips:
  • Tip 1: Don't start with "Hope you're doing well." You waste space.
  • Tip 2: Make sure your profile is professional and showcases your subject-matter expertise. If I like the opening line, I always investigate the profile.
  • Tip 3: Stay away from fluff or canned small talk. Get to the point professionally.
  • Tip 4: Remember, you're starting a relationship. Blasting someone cold and asking for money upfront does not go well with Angels. They are not professional VCs and don't need to hear your pitch.
  • Tip 5: Only ask for referrals after they have engaged with you and you've had a meaningful interaction. You can say, "Who else do you think I should speak to of your caliber?"
  • Tip 6: Do not come across as desperate. This takes time. They are not in a rush, and if you push them, they won't respond.

In an upcoming post, I'll share tips on how I pitch angels and what you need.  But this should get you started.

There you go. For all our members who raised funding from Angels, what did you do? What tips and best practices do you have?


Ed Kangposted 21 days ago

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Wil Schroter

One of my favorite "hacks" in this is actually using other funded Founders to make referrals.  

Reply19 days ago