While a warm introduction is ideally the best way to connect with an investor, in many cases, that’s not an option. Many founders must rely on cold pitches to reach investors. A cold pitch is an unsolicited message to an investor with whom you have no prior relationship. It’s your first attempt to grab their attention and get them interested in your startup. But how do you craft one that stands out?
The reality is that investors receive dozens of cold pitches every day—via LinkedIn, email, and contact forms on their websites. When I speak with them, they tell me that they take a meeting from a cold pitch at a ratio of around 1 in 12. That means a staggering 92% failure rate at the very first step!
So, how do you get into the successful 8%? Rather than offering just my opinion, I’ve listened to what investors themselves say about cold pitches. Here’s what I’ve learned:
Common reasons cold pitches fail
There are two big reasons most of them get rejected:
A) Wrong match: This first reason is simple, the startup isn’t aligned with the investor’s interests or focus areas. Many investors clearly state the sectors and types of companies they back. For example, if you’re pitching a hardware solution to an investor who focuses on SaaS and marketplace startups, you’re wasting both their time and yours.
To fix this: Invest time in researching investors thoroughly. Ensure they focus on the market or technology your startup is working on. It sounds simple, but it’s a common mistake that instantly decreases your chances of a meeting. Finding the right investor match already puts you ahead of the curve.
B) Too much information: Many founders overload their initial pitch with too much detail. They mistakenly think that the more they explain, the better their chances of grabbing the investor’s interest. But investors, who sometimes receive dozens of pitches a week, don’t have the luxury of time. If your value proposition isn’t clear immediately, your email is likely to end up in the trash.
How to write an effective pitch via email
This is where being concise is crucial. I recommend following Guy Kawasaki’s famous 5-sentence email structure, which has been a hit with investors:
- Who are you?
- What do you want?
- Why are you asking me?
- Why should I do what you are asking?
- What’s the next step?
This structure ensures that your message is clear, direct, and easy for an investor to process quickly. It also respects their time, which, as I’ve heard from many investors, is a huge plus.
What to attach: Quality over quantity
Even if you nail the 5-sentence email, don’t fall into the trap of attaching a massive deck that overwhelms the investor. They simply don’t have the time to go through a 27-slide presentation right off the bat.
Instead, here’s what investors suggest: either attach a concise, 5-7 slide deck, or, even better, a one-pager that summarizes your business in a clear and compelling way. The goal is for them to be able to scan it in under two minutes and get excited enough to want to learn more.
What excites investors?
So, what should you highlight in this short attachment? Based on feedback from investors, here are the key things that make them sit up and take notice:
- A huge or unsolved problem: Investors love big, bold problems that haven’t been solved. Include one key metric that shows how widespread this problem is and why it matters.
- Your product: Describe your solution simply and, most importantly, explain the measurable improvement it delivers—whether in terms of saving time, and money, reducing waste, or increasing productivity.
- Traction or validation: Show the progress you’ve made. This could be through growth metrics, customer numbers, revenue, or validation from credible customers or partners.
- Your team: Investors bet on people as much as on ideas. Highlight the complementary skills and unique experience that make your team the one that can solve this problem and take the business to the next level.
Persistence is key
To sum up, no matter how great your pitch is, there’s no guaranteed formula for securing a meeting or investment. The journey of raising capital is a marathon, not a sprint. Persistence is a quality that all successful, well-funded startups share. But if you do your research to find the right investors, craft a clear and concise message, and provide a compelling, succinct summary of your business, you’re already ahead of the game. You’ll massively increase your chances of getting past the first hurdle and securing those all-important first meetings with investors.
