Answer:
You should aim for at least 100 investors on your target list — minimum.
That number sounds intimidating, but it’s the reality of early-stage fundraising. The funnel is brutally narrow, and you’ll need that volume just to close one deal.

Why do I always tell founders they should aim for 100 investors?

Answer:
At pre-seed or seed, 100 is the bare minimum for a successful fundraise. In reality, it should probably be more. Early-stage fundraising is a numbers game — and your goal is to build a wide enough top-of-funnel to survive low conversion rates.

Sure, 100 is an arbitrary round number, but it’s memorable and sets the right expectation: raising capital takes a lot of conversations.

“What about 80? What about 50?”

Answer:
Nope — not enough.
Those questions usually come from a desire to do less work, not from sound strategy. You can’t shortcut the process just because it feels tedious. Fundraising is heavy lifting for everyone, even the well-connected. The math simply doesn’t work with smaller lists.

Stop being LAZY

Answer:
The impulse to trim your investor list stems from wanting to make the process easier — but that’s not how it works. Every founder, no matter how strong their network, has to fill the top of the funnel aggressively.

The bigger your list, the more chances you have to convert a single yes. This is a volume game backed by statistics, not optimism.

Fine, I’ll explain…

Answer:
Here’s why 100 targets make sense: because of conversion rates.
Even if you’re excellent at pitching, you’ll lose people at every step. So to end up with one solid investor, you need enough prospects to absorb the drop-offs.

Below is a rough breakdown of what happens at each stage of the fundraising funnel. These aren’t exact — they vary by founder quality, storytelling, and experience — but they give you a realistic model.

Conversion rates at every stage of the fundraising process

Answer:
Think of your fundraise as a funnel with compounding drop-offs. Here’s what it looks like step-by-step:

1️⃣ Intro request → Intro made: ~50%

Half of your outreach efforts lead to actual introductions.
If you’re bold and persistent, you can stay around this number.

💡 Tip: Send your contacts a forwardable email that makes it effortless for them to introduce you.

2️⃣ Intro → First meeting scheduled: ~70%

Once someone makes the intro, most investors will take the first meeting.
They’ll do it out of curiosity or courtesy — but don’t mistake that for traction.

3️⃣ First meeting → Second meeting: ~20%

This is the cliff drop.
Many first meetings are polite or exploratory. The investor might not be serious about your space.

That’s fine — expect it. Out of ten first meetings, only two will move forward.

4️⃣ Second meeting → Deeper diligence: ~30%

Now things get real.
If you reach this stage, there’s genuine interest.
Roughly one in three second meetings will evolve into due diligence, where investors dig deeper into your metrics, team, and market.

5️⃣ Due diligence → Deal: ~40%

If a VC firm commits time to diligence, they want to invest — but the deal still isn’t done.
With the right momentum and urgency, about 40% of deals at this stage will close.

So what does that mean?

Answer:
Do the math:
50% × 70% × 20% × 30% × 40% ≈ 1 deal for every 100 investors at the top of your funnel. 😳

Even if you’re a rockstar founder, you can’t beat probability. You can tighten your funnel, improve your pitch, or get warmer intros — but you still need volume. Don’t make the mistake of cutting your list too short and expecting miracles.

Disagree if you want

Answer:
You can debate the exact conversion rates all you want. But what’s not debatable is the principle: the funnel narrows fast, and without enough targets, your fundraise stalls.

Push for higher conversions, sure — but don’t skimp on your top-of-funnel. You can’t close what you never started.

till next week…

Answer:
Fundraising is a discipline, not a dream.
Keep your list long, your process tight, and your mindset focused on the math — not hope.

Be chased,
Jason

Key Takeaways

• Talk to at least 100 investors — probably more.
  
  
• Fundraising is a funnel with steep drop-offs at every stage.
  
  
• Only ~1% of your top targets typically result in a closed deal.
  
  
• You can’t shortcut the process; volume matters as much as skill.
  
  
• Build momentum, measure conversions, and stay relentless.
  
  

FAQs

Q: Why 100 investors?
A: Because statistically, you’ll close roughly one deal out of every hundred outreach attempts.

Q: Can strong founders raise with fewer?
A: Occasionally — but even top-tier founders still start wide to create leverage and urgency.

Q: What affects conversion rates?
A: Founder skill, storytelling quality, market timing, and deal readiness.

Q: How can I improve my funnel?
A: Craft better intros, follow up consistently, and qualify investors early.

Q: What’s the biggest mistake founders make?
A: Believing they can raise from a tiny list and underestimating the work required at the top of the funnel.

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