Cold email to investors: a template that gets read

Investors read cold emails the way most people read their inbox: a subject line, a first line, then a decision. An email that doesn't show in that first look why it belongs in this investor's inbox gets archived, however good the company is.

This guide covers the research to do first, the subject line, the five-line body, what to link and how to follow up, with an illustrative template you can adapt.

Does a cold email to an investor work?

A cold email can work, but it is the weakest route to an investor, so it has to be better than a warm one. Most deals in the best survey data come through networks, referrals or the investor's own search. Use cold email when no warm route exists, and write each one for one investor.

The best data is global. In the NBER survey of 885 VCs, mostly in the US, over 30% of deals came through professional networks, 20% were referred by other investors and only 10% came inbound from management teams. A cold email sits in that last group.

So try the warm routes first. How to find investors for a startup in India maps them, and angel networks usually prefer their own application forms to email, as how to reach angel investors explains.

What should you research before writing?

Research four things before you write: the investor's thesis, the stage they invest at, their typical cheque, and their portfolio. If any of the four doesn't fit your company, don't send the email. If all four fit, use one of them in your first line.

• Thesis: the sectors and problems they say they back, from their website, posts and interviews.
• Stage: a fund that leads Series A won't write a pre-seed cheque, however strong the email.
• Cheque size: if your round is far smaller or larger than their usual cheque, the fit is weak.
• Portfolio: look for a company that makes your pitch relevant, and for a competitor that makes it impossible.

Write to a named partner or angel, at an address they use for deals. A generic contact form gets a generic response.

For an Indian fund, also confirm what it is. A venture fund raising from outside investors is usually registered with SEBI as an alternative investment fund, and its stated strategy tells you more than its social media does. An angel who invests through a network may want to see you there first.

How do you write the subject line?

Write the subject line as a label, not a teaser: the company name, what it does in a few words, the round, and one proof point if it is strong. The investor should know from the subject alone whether the email fits their thesis and stage.

Good subject lines read like "[Company]: [what it does] for [customer], raising pre-seed" or "[Company]: [proof point], raising seed". Avoid questions, urgency and words like "opportunity" that say nothing about the business.

What goes in the five-line body?

The body is five lines, each doing one job: why this investor, what the company does, the strongest proof, the round, and the ask. Anything else, such as team history, market size or roadmap, belongs in the deck. Short emails get read on a phone between meetings.

Illustrative template (adapt every line):

• Subject: [Company]: [what it does] for [customer], raising [stage]
• Line 1, why you: Hi [Name], your note on [topic] and your investment in [portfolio company] are why I'm writing.
• Line 2, what we do: [Company] helps [customer] [do something] without [the current pain].
• Line 3, proof: Since [month], [number] [customers or users] have [paid, signed or renewed], and [one more fact].
• Line 4, the round: We're raising [amount] at [stage] on [instrument] to reach [milestone].
• Line 5, the ask: Would a 20-minute call next week be useful? The deck is here: [link].
• Sign-off: [Name], [title], [phone], [LinkedIn].

Fill the brackets with facts, not adjectives. If line 3 has nothing you can count, the email is early; build the proof first or lead with what makes the founders the right people for the problem.

If the investor can't tell from the subject line whether you fit their thesis, the body won't get read.

What should you attach or link?

Link a short deck rather than attaching it, and send nothing else. A link keeps the email light, lets you update the deck, and shows you whether it was opened. Don't attach financial models, ask for an NDA or send a video in the first email.

The deck behind the link should stand on its own without you talking over it. The pitch deck checklist for Indian investors lists what it should cover. Check the link opens without a login before you hit send.

How often should you follow up after a cold email?

Follow up once after about a week if there's no reply, with a single new fact. After that, write only when you have real news, such as a signed customer, a key hire or a closed commitment. If three useful notes get no reply, take that as a no for now.

Reply in the same thread so the investor sees the history. Keep each follow-up to two or three lines: the news, and the same ask. When an investor goes quiet, move them to a monthly update list rather than chasing.

If the email does get you a meeting, the next steps are different. How to follow up after a pitch covers what to send once you've met.

What mistakes get investor cold emails ignored?

Most ignored cold emails fail on fit or length, not on the business. The investor doesn't back the stage or sector, or the email takes five paragraphs to say what the company does. Both are fixed before you write, by research and editing.

• Sending one email to a long list, with other investors visible in the address line.
• A generic opening that would work for any investor.
• No number anywhere, or numbers with no time frame.
• A round size or stage the investor never invests at.
• Heavy attachments, or a deck link that asks for access.
• Following up every few days with nothing new.

Track every email in a simple sheet: investor, date sent, reply, follow-ups and next step. It stops double sends and shows which kind of investor replies.

Questions

How do you write a cold email to an investor?

Research the investor's thesis, stage and portfolio, then write a subject line with the company, what it does and the round. The body has five lines: why this investor, what you do, your best proof, the round, and one ask. Link the deck and sign off with your contact details.

What should the subject line of an investor cold email say?

Name the company, what it does in a few words, the stage you are raising, and one proof point if you have a strong one. A specific subject line tells the investor whether the email fits their thesis before they open it, which is the decision that matters.

Should I attach my pitch deck to a cold email?

A link is usually better than an attachment. It keeps the email light, lets you update the deck, and lets you see whether it was opened. Send a short deck that reads well on a phone, and keep the detailed version for the meeting.

How many times should I follow up with an investor after a cold email?

Follow up once after about a week if there is no reply, and again only when you have real news, such as a signed customer or a key hire. After three useful notes with no reply, move the investor to a monthly update list instead.

Sources: NBER Digest, How Do Venture Capitalists Make Decisions?, 30 Nov 2016

For more on how startup funding works in India, read the MyStartupValley blog or visit mystartupvalley.com.