Pitching
The Feedback Loop: How to Use Meeting Data to Engineer the Perfect Pitch
See how to turn investor call data into insights.
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Learn how to increase your fundraising success by tailoring your pre-seed pitch to different investor types.
Mark Bugas
Pre-seed investors fall into three primary archetypes, each with distinct decision-making processes and priorities that require tailored approaches. Angels and Super Angels, who invest personal capital, make fast, conviction-based decisions focused on your founder story, personal connection, and how their experience aligns with your venture. Solo VCs, often former operators running small funds, blend personal conviction with emerging institutional rigor, prioritizing deep founder-market fit, unique insights, and technical expertise while moving quickly when excited. Pre-Seed Funds, managing outside capital from LPs, employ structured multi-stakeholder processes over 3-6 weeks, emphasizing market size, scalability, competitive landscape, and thesis alignment. Success in pre-seed fundraising isn't about having one perfect pitch; it's about understanding which archetype you're addressing and emphasizing the elements that drive their specific decision-making process while maintaining your core narrative across all conversations.
These investors are often successful entrepreneurs or executives investing their own capital. Their decisions are heavily influenced by personal experience, network effects, and gut feeling about the founding team.
Often former operators or VCs striking out on their own, Solo VCs blend the personal conviction of an angel with increasing institutional rigor. They need to build a portfolio and thesis, often moving quickly when they see strong signals.
These institutional funds manage outside capital (LPs) and employ more structured evaluation processes, often involving multiple team members and investment committees.
Understanding archetypes also helps interpret negative signals:
Leveraging these archetypes effectively requires organization. Don't rely on memory; maintain detailed records of interactions, noting investor questions, perceived interests, and archetype (if discernible). This is where systematic tracking becomes powerful. Platforms like Flowlie can assist by helping you categorize target investors based on fund type, typical check size, and investment history, potentially flagging them by archetype. You can then tag interactions and track engagement patterns (e.g., response rates, meeting progression) specific to each archetype, allowing you to refine your tailored messaging based on real data about what resonates with each group.
Research their background and investment history before meetings. Check their LinkedIn to see if they're former operators (likely Empathic Operators or Solo VCs) or career investors (likely institutional). Review their fund's website to understand if they manage outside capital from LPs (Pre-Seed Funds) or invest personal capital (Angels). Look at their portfolio company stages and check sizes on Crunchbase or PitchBook. Solo VCs typically have smaller, newer funds with 10-20 portfolio companies, while institutional pre-seed funds have larger AUM and broader portfolios. Angels often invest alongside their day job or post-exit. The investor's behavior in early conversations also reveals patterns: Angels focus heavily on your story, Solo VCs drill into your unique insights, and institutional funds immediately ask about process and next steps.
Absolutely. Many investors blend characteristics, especially as the fundraising landscape evolves. A successful founder-turned-angel who's raised a small fund might operate like a Solo VC with angel sensibilities. A Solo VC building institutional processes as their fund grows might require partner consensus like a Pre-Seed Fund. Some angels invest with such volume and structure that they function institutionally. The archetypes are frameworks for understanding decision-making patterns, not rigid boxes. Pay attention to how they actually behave in your interactions rather than forcing them into a single category. Adapt your approach based on the signals they send about what matters most to them.
You should have one core narrative but emphasize different elements based on your audience. Your fundamental story about the problem, solution, and opportunity remains constant, but you adjust which aspects you highlight and how much time you spend on each. With angels, spend more time on your personal journey and unfair advantages. With Solo VCs, go deeper on market insights and competitive differentiation. With institutional funds, lead with market size and scalability. Think of it like having a modular pitch where you rearrange components based on what resonates, not maintaining completely separate presentations. This requires reading the room and being flexible rather than delivering a scripted deck identically every time.
Angels and Solo VCs who are interested typically respond within days and appreciate timely follow-ups after 3-5 days if you haven't heard back. Their faster decision cycles mean delays often signal disinterest rather than process. Pre-Seed Funds operate on institutional timelines, so give them 1-2 weeks before following up after initial meetings, understanding they're coordinating multiple stakeholders. However, if a fund expressed strong interest and promised specific next steps by a certain date, follow up promptly if that timeline passes. The key is reading their stated process and urgency level. If someone says "we'll discuss internally and get back to you in two weeks," respect that timeline. If they're vague about next steps, that's often a soft pass regardless of archetype.
These three archetypes cover most pre-seed investors, but you'll encounter variations like corporate VCs investing strategically, family offices with unique mandates, or crowd-funding platforms with different dynamics. When facing unfamiliar investor types, do extra research on their typical investment criteria and process. Ask them directly about their decision-making process and timeline in early conversations. Most investors appreciate founders who ask intelligent questions about how they work. Look for pattern matches with companies they've funded previously. The core principle remains the same: understand what drives their decisions and tailor your approach accordingly, even if they don't fit neatly into these three categories.
Yes, significantly. Angels and Super Angels often provide hands-on mentorship, make warm introductions, and stay closely involved based on personal interest and available time. Solo VCs typically offer strategic guidance in their areas of expertise and can be highly engaged thought partners. Pre-Seed Funds usually provide structured support through partner meetings, platform resources, and connections to their broader network and portfolio. Angels might text you advice at midnight; institutional funds typically schedule quarterly board meetings. Neither is better, just different. Consider what type of support you need and ensure investor expectations align with yours. Some founders want deeply involved investors; others prefer capital with occasional strategic input.
Yes, diversifying your investor outreach across archetypes reduces risk and increases your chances of closing your round. Different archetypes have different timelines, so pursuing all three in parallel helps maintain momentum. Angels might commit quickly while you're still in early conversations with funds. Institutional funds moving slowly provide backup options if angel interest cools. Having commits from one archetype creates social proof that attracts others. The key is managing multiple processes simultaneously without getting overwhelmed. Use tracking systems to stay organized, be transparent with investors about your timeline, and don't wait for one archetype to pass before engaging others.
Institutional funds become increasingly dominant as you move from pre-seed to seed to Series A, as check sizes grow beyond what most angels and Solo VCs can write. Angels remain relevant across all stages but typically participate in smaller portions of larger rounds. Solo VCs at seed often need to bring in institutional co-investors. By Series A, you're almost always dealing with institutional funds requiring extensive diligence, multiple partner meetings, and formal investment committees. The skills you build navigating institutional processes at pre-seed become critical later. Starting with angels or Solo VCs can help you refine your pitch and build traction before facing more rigorous institutional scrutiny.
Most successful pre-seed rounds combine 1-3 strategic angels or a Solo VC providing expertise and conviction with institutional pre-seed fund participation lending credibility and structure. This mix gives you hands-on operational guidance from experienced individuals plus the platform resources and follow-on funding potential of institutions. Avoid taking only angel money if it limits your Series A options, and avoid only institutional money if you need more hands-on support. The specific mix depends on your needs: technical founders might prioritize go-to-market angels, while commercial founders might want technical Solo VCs. Think about gaps in your team and expertise when constructing your cap table strategically.
Access routes vary by archetype. Angels often come through personal networks, accelerators, warm introductions from other founders, or industry events where they're active. Solo VCs can be reached through similar channels plus targeted cold outreach if you demonstrate clear fit with their thesis. Pre-Seed Funds typically require warm introductions from portfolio founders, other VCs, or trusted ecosystem players, though some accept cold applications through their websites. Start by mapping your existing network to identify potential paths to each archetype. Leverage platforms like LinkedIn to find mutual connections. Ask current advisors and friendly investors for intros. Strong founders can also create their own access by building in public and attracting inbound interest.
Ask every investor directly about their process and timeline early in conversations. Useful questions include: "What's your typical timeline from first meeting to decision?", "Who else from your team would I meet if we move forward?", "What specific milestones or metrics do you need to see?", "What's been your experience with companies at our stage?", and "What typically makes you pass on opportunities in our space?" These questions demonstrate sophistication while giving you critical information for managing your fundraising pipeline. Most investors appreciate founders who understand that fundraising is a two-way evaluation. Their answers reveal whether they're serious, what matters most to them, and how to navigate their process effectively.
Conflicting advice often reflects different investment philosophies and risk tolerances rather than one party being wrong. Angels might encourage aggressive experimentation while institutional funds want validated playbooks. Solo VCs might push you toward technical depth while angels emphasize commercial traction. Evaluate advice based on the advisor's relevant expertise, success in similar situations, and alignment with your vision and risk tolerance. Seek pattern recognition across multiple advisors rather than following any single voice. Ultimately, you're the founder and must make final calls. Use diverse perspectives to stress-test your thinking, but maintain conviction in your strategic direction. Investors actually respect founders who listen thoughtfully but decide independently.
Yes, certain archetypes concentrate in specific sectors based on expertise and thesis. Enterprise SaaS attracts Solo VCs and institutional funds with operating experience in that domain. Deep tech and hardware often require institutional funds with technical expertise and patient capital. Consumer and creator economy startups attract angels who are users themselves and Solo VCs with consumer backgrounds. Fintech draws former financial services operators across all archetypes. Climate tech increasingly has specialized institutional funds. Research which investors actively fund your sector by reviewing recent deals in your space. Targeting investors with sector expertise dramatically increases your odds since they can evaluate your opportunity more quickly and add more strategic value post-investment.
If you're only accessing one archetype, that's valuable data about where your network and traction currently sit. Founders with strong operator networks often start with angels. Technical founders from top companies might attract Solo VCs first. Accelerator graduates get institutional fund access. Rather than viewing this as limiting, use early meetings with your accessible archetype to refine your pitch, gather feedback, and secure first commits that unlock other archetypes. Angels and Solo VCs who commit become validators helping you access institutional funds. One institutional fund's interest attracts angels wanting to participate. Focus on converting accessible opportunities while systematically building bridges to other archetypes through asks for introductions and by demonstrating traction that makes you attractive to broader investor types.
Angels typically don't negotiate for or exercise Pro Rata rights in future rounds since their check sizes are small and they lack the capital reserves to maintain ownership percentages through multiple rounds. Solo VCs often want Pro Rata rights and have sufficient fund size to exercise them selectively in winners, making them valuable long-term partners. Pre-Seed Funds almost always negotiate Pro Rata rights and have dedicated reserves to support portfolio companies in subsequent rounds, which can significantly ease your Series A fundraise. Understanding each investor's follow-on capacity helps you construct a cap table that maximizes your Series A optionality. Having institutional investors with Pro Rata rights and follow-on intent signals to Series A funds that sophisticated investors remain bullish on your progress.
While these archetypes offer valuable frameworks, remember every investor is an individual. True fundraising success comes from blending pattern recognition with genuine relationship building and a crystal-clear communication of your vision. Use these archetypes to inform your strategy, tailor your emphasis, and anticipate concerns. Demonstrate why you are the team to seize this opportunity and how each specific investor can contribute beyond capital. By approaching your pre-seed raise with this nuanced, systematic strategy – supported by tools like Flowlie to manage the complexity – you move beyond generic pitching and significantly improve your odds of finding the right partners for your journey.
👀 P.S. Looking for a ready-to-use list? Check out our curated Pre-seed funds that lead rounds list.
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