The fundraising process is a critical aspect of any startup's journey. One of the most important components of fundraising is building relationships with potential investors. To manage these relationships effectively, it is essential to treat your fundraising table as a sales funnel and track all communication with investors.
According to Docsend’s analysis, the number of investors you reach out to can impact the number of meetings you can secure. However, the data also shows that many successful founders have raised their rounds by contacting 80 or fewer VCs. Therefore, it is essential to prioritize quality and focus over quantity when it comes to building relationships with investors.
By keeping track of all communication in your fundraising table, you can ensure that you maintain a clear overview of your fundraising progress. This will enable you to make informed decisions and prioritize your efforts effectively. Ultimately, taking a strategic approach to building relationships with investors can significantly increase your chances of securing the funding you need to grow your startup.