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Raise like a PRO - Cold emails vs Warm emails
...and how to get on the right side of your target investor.
David Levine
April 03, 2025
Welcome back to Raise Like a Pro dear reader! ; a newsletter to help you do exactly that.
I'm David, and unlike most people giving fundraising advice, I don't just talk about raising money – I’ve been there as a founder and now I spend my day raising money for startups all over the world from investors all over the world.
I've closed millions in new investment in the past few months alone for startups - and I’m going to teach you how to do it without needing someone like me. This is my playbook; the operational, tactical and yes - sometimes boring stuff you need to do each and every day to raise your round.
No nonsense, no fluff and definitely no fuzzy sheep.
Table of Contents
My promise to you
Every piece of advice in this newsletter comes from actual experience: deals I've closed, terms I've negotiated, and strategies I've refined through real-world application.
I'm not here to give you startup platitudes or generic advice. Instead, you'll get practical, actionable tactics that you can implement immediately in your fundraising journey.
The goal? To help you raise money faster, at better valuations, while protecting your interests and your time.
– David
TL;DR - Blowing Hot or Cold
I had an enlightening chat with Marla Shapiro from Hermesa Ventures recently.
She said that at Hermesa they open every single email and like to think of themselves as accessible to cold calls.
But it kinda shocked them when they did some analysis; 97% of the deals they did came from warm intros.
FounderFam? That’s pretty standard. So today I’m going to deepdive into the reasons that might be the case and what you can do about it.
I’m talking about:
The disconnect between what investors say (and genuinely believe) about accessibility and the reality of how deals get funded
Data and statistics showing the significant advantage of warm introductions:
13x higher meeting rate with warm intros (DocSend)
Only 3.8% of First Round Capital investments came from cold outreach
80% of successful early-stage funding rounds begin with personal connections
58% higher average funding amounts through warm introductions
Psychological factors behind why investors prefer warm introductions
Detailed strategies for both approaches:
For cold outreach: deep research, personalization, multi-channel engagement
For warm networks: ecosystem mapping, value creation, relationship building
Book some time with me
Chuffed to bits that I’ve been asked to join the cohort of super impressive folks at Hubble!
Getting the right advice changes everything. I wish I had that right advice when I was raising.
Over the past few years, I’ve raised millions for startups all over the world from investors all over the world.
Here’s how I can help:
✔️ Pre-Seed to Series A Fundraising
✔️ Scaling Early-Stage Tech
✔️ Confident Investor Pitching
✔️ Angel & VC Investment
✔️ Founder Growth & Development
👉 Book now: https://www.hubble.social/davidlevine
💰 Deals done this week
Hampshire-based green tech startup Caldera has secured £10M from German industrial giant GEA to expand its low-carbon heating solutions. Caldera’s electric storage boilers use renewable electricity to generate heat, targeting breweries, distilleries, food manufacturers, and pharma—key GEA customers. With industrial heat demand heavily reliant on gas, GEA aims to integrate Caldera’s technology with its heat pumps to decarbonize industrial processes. Both companies see this as a major step toward electrification and sustainability in the sector. Read more
Isomorphic Labs, a Google DeepMind spinout focused on AI-driven drug discovery, has raised $600M in its first external funding round, led by Thrive Capital, with backing from Alphabet and Google Ventures. Founded by Sir Demis Hassabis, the company remains a subsidiary of Alphabet and benefits from DeepMind’s expertise. With an estimated $3.6B valuation, Isomorphic is at the forefront of AI-powered drug design, including its AlphaFold 3 model, which won Hassabis a Nobel Prize. The funding will accelerate its AI drug design engine and move programs into clinical development. Read more
Embargo, a London-based hospitality tech startup, has received a £350K UK Smart Grant to develop an AI-driven CRM platform for hospitality SMEs. The system will automate customer data analysis—tracking purchases, timing, weather impact, and more—to optimise pricing, marketing, and loyalty strategies. With rising operating costs, co-founder Tsewang Wangkang emphasised the sector’s need for automation. Founded in 2017, Embargo serves 2,000+ businesses and has previously raised £1.59M. The company is also finalising an EIS funding round to expand its AI-powered solutions. Read more
To cold email or get warm intros: that is the question
Cold Calls vs. Warm Networks: That is the question
One question I get asked all the time - should founders rely on cold outreach or prioritise building warm networks to connect with investors? Despite the growing chorus of VCs on LinkedIn and Twitter claiming accessibility and encouraging direct approaches, the data tells a different story—one where relationships still reign supreme.
It’s why at Glenluna Ventures we spend a lot of time and money in building out these relationships with investors. It shouldn’t be like this - but it is. Let’s take a look why.
The Disconnect Between Investor Messaging and Reality
Scroll through any VC's social media feed, and you'll see posts advocating for founder accessibility. "My DMs are open," they sing! "I read every email," they say.
Course you do mate.
Some proudly display their contact information, while others make you go on a bizarre digital scavenger hunt, hiding their email addresses behind cryptic clues or making founders jump through hoops to prove their persistence.
Reality is folks: despite this public messaging about approachability, the vast majority of investments still flow through warm introductions. The startup ecosystem, for all its innovation, remains fundamentally built on human relationships and trust networks.
What the Data Reveals
The numbers paint a clear picture of this disconnect:
According to DocSend, startups with warm introductions are 13 times more likely to get a meeting with investors compared to those who reach out cold. The same research found that while only 1.2% of cold emails convert to meetings, a staggering 15.8% of warm introductions lead to face-to-face conversations.
First Round Capital's analysis of their own portfolio revealed that 38.4% of their investments came through referrals from their network, with another 18.1% coming from introductions from existing portfolio companies. Cold outreach accounted for just 3.8% of their investments.
A Harvard Business School study examining early-stage investments found that over 80% of successful funding rounds began with a personal connection or warm introduction, not cold outreach.
Y Combinator partner Jared Friedman has shared that while YC does accept companies through cold applications, roughly 70-75% of their funded startups had some prior connection to the YC network.
When examining investment dollars rather than deal count, the disparity becomes even more pronounced. NFX research indicates that startups reaching investors through warm introductions raise on average 58% more funding than those connecting through cold channels.
The Psychology Behind Warm Introductions
Why this persistent bias toward warm introductions? The answer lies in basic human psychology:
Trust Transfer: When someone you trust vouches for a founder, some of that trust automatically transfers to the introduction. This "borrowed credibility" creates an immediate advantage.
Risk Mitigation: Investing is inherently risky. Warm introductions serve as an initial filter, providing a signal that someone in the investor's network has already vetted the opportunity to some degree.
Efficiency: Investors receive hundreds of pitches weekly. Warm introductions help prioritise their limited time and attention.
Relationship Assessment: Venture capital is a long-term relationship. How founders navigate their network to reach an investor serves as a preview of their relationship-building capabilities.
Quality Signal: A founder's ability to secure introductions from respected individuals in an investor's network demonstrates their ability to build meaningful connections—an essential skill for company building.
Warming up the cold
If you're really going to pursue the cold outreach route, here's how to maximise your admittedly slim chances:
Do the hard yards: deep research is non-negotiable.
Generic, templated emails are the fastest path to the delete folder. Before reaching out:
Study the investor's entire portfolio, noting patterns in sectors, business models, and investment stages
Read their blog posts, tweets, podcast appearances, and articles
Understand their investment thesis at a granular level; sector, stage, geography etc. They’re not going to change for you.
Analyse their recent investments to identify current priorities
Research their personal interests and backgrounds for potential connection points
Craft a Hyper-Personalised Approach
Your email should instantly demonstrate you've done your homework:
Reference specific investments they've made and explain how your venture complements their portfolio
Connect your opportunity to public statements they've made about the market
Explain why your company aligns with their investment thesis, geography preferences, and stage focus
Demonstrate understanding of their firm's decision-making process and timeline
Keep it concise—three paragraphs maximum, with clear asks
Multi-Channel Engagement
Don't rely solely on email:
Engage thoughtfully with their social media content before reaching out. LinkedIn and X is where we’re most succesful.
Attend events where they're speaking and make a meaningful in-person connection
Comment substantively on their blog posts or newsletter
Participate in online communities where they're active
Consider creating valuable content that addresses questions or challenges they've publicly discussed
Demonstrate Traction and Momentum
Cold outreach works best when you can show traction that validates your hypothesis:
Lead with your most compelling metrics and growth data
Include validation from recognised customers, partners, or advisors
Highlight recent milestones that demonstrate momentum
Share specific insights you've gathered from your market that they might find valuable
Offer proof points that validate your unique approach or technology
Building a Warm Network (The More Effective Approach)
Given the data, investing in relationship building remains the higher-probability path to funding. Here's how to expand your "surface area of influence":
Map the Ecosystem Around Target Investors
Start by creating a comprehensive map of connections:
Identify portfolio companies of your target investors
Map out their executive teams, advisors, and board members
Research the investor's former colleagues, classmates, and co-investors
Look for shared alumni networks, professional associations, or interest groups
Identify service providers (lawyers, accountants) who work with their portfolio companies
Become a Value-Creator in Their Network
Before asking for anything:
Find ways to help portfolio companies through introductions, feedback, or resources
Contribute meaningfully to communities and forums where these networks congregate
Share industry insights or research that benefits companies in their portfolio
Offer specific expertise or assistance where you have unique capabilities
Create content that showcases your knowledge in areas relevant to their investments
Strategic Relationship Building
Focus on developing genuine relationships:
Start with second-degree connections where you have the strongest links
Request specific, time-bounded conversations rather than open-ended "pick your brain" meetings
Always follow up with thanks and tangible value after any interaction
Maintain regular, meaningful touchpoints without obvious self-interest
Look for opportunities to connect people within your growing network to each other
The Art of Asking for Introductions
When you're ready to request a warm introduction:
Make it extremely easy for your connection by providing a forwardable email
Clearly articulate why you're a fit for the specific investor
Demonstrate respect for your connection's relationship with the investor
Be specific about what stage of conversation you're seeking
Express gratitude regardless of outcome
Finding the Middle Path
In reality, the most successful fundraising strategies blend both approaches:
Build your network proactively, long before you need funding. Remember investors Invest in Lines not Dots.
Pursue warm introductions as your primary pathway
Use strategic cold outreach as a supplementary channel
Create public content that attracts investor interest
Participate in founder communities that expand your network
The Uncomfortable Truth
Despite the egalitarian messaging from the venture community, the startup funding ecosystem remains fundamentally relationship-driven. The most successful founders recognise this reality and invest accordingly in building their networks.
Perhaps the most valuable insight is this: the same relationship-building skills that help you secure investor meetings are precisely the skills you'll need to build partnerships, recruit talent, and develop customer relationships. Viewed through this lens, the effort to build a strong network isn't just about fundraising—it's about developing a core competency for company building.
🤖 AI in fundraising
Fundraising is time-intensive and distracts from what matters - building the business. Emerging AI tools will help you save time whether summarising investor requests, preparing for meetings, or managing due diligence materials.
Here are a couple of tools that have been a game changer for me recently:
PrezoAI is an AI software that helps you create effective, professional slide decks. It helps you create a pitch deck for your business, present ideas to your team, and more. Try it here
Looka helps you design and test different logos, allowing you to visualise and view mockups of your logos on different products. Try it here
📖 Interesting things I’ve been reading….
About Raise Like a Pro
Raising a funding round isn’t rocket science. It’s not even brain surgery. But it's incredibly time-consuming, HARD and emotionally challenging.
As a founder, your time is better spent building product, finding product-market fit, signing up customers, and building your team. Yet fundraising demands an enormous amount of your attention and energy.
I've witnessed countless founders struggle with this balance. They get stuck in the cycle of endless pitch meetings, confusing feedback, and the dreaded "no's" that seem to pile up without explanation. Even successful companies like Canva, now valued at $25.5 billion, started with their CEO Melanie Perkins hearing "no" over 100 times before getting that crucial first "yes."
I'm going to share my exact playbook – the same one I use to raise millions for startups across the world. This isn't about theory or inspiration. Instead, you'll get:
The actual processes I use to close deals.
Step-by-step morning routines for effective fundraising.
Real email templates that get responses.
Meeting scripts that convert to term sheets.
Pipeline management techniques that close deals.
The stuff you really need to know so you don’t get screwed by investors.
My days are spent navigating negotiations with every type of investor: angels looking for their next big win, syndicates pooling capital for bigger deals, and VC firms conducting thorough due diligence.
I'll share insights from all these perspectives, helping you understand how each type of investor thinks and what they're really looking for.
What's coming up
In the next issues, we'll dive into a whole bunch of stuff including:
How to structure your fundraising for maximum efficiency
The exact outreach strategies I use to get investor meetings
Common terms to watch out for (and how to negotiate them)
Ways to create competitive tension in your raise
Due diligence preparation that speeds up closing
Raise like a Pro is what David Levine does every single day though this business Glenluna Ventures. An exited founder, he raises money each and every day for founders all over the world from investors all over the world.