Here's a painful truth: 60% of the "investors" on your target list probably won't invest in you.
Not because your company isn't good enough, but because they:
Don't invest at your stage anymore
Raised their last fund 5 years ago (no dry powder)
Only do follow-on investments now
Have a new thesis that doesn't include you
You're wasting time pitching people who can't say yes. I spoke to a founder who went to 25 startup events in a few months and not one investor wrote a check! At some point this part of the startup world has to change.
Here's how to build a list of investors who are ACTUALLY writing checks right now:
Step 1: Start with Recent Activity (10 minutes)
Use Crunchbase or PitchBook:
Filter for:
Stage: Your stage (Pre-seed, Seed, Series A)
Investment date: Last 12 months
Geography: Your region (if relevant)
Sector: Your industry
This gives you investors who are ACTIVELY deploying capital at your stage.
Why this matters: An investor who wrote 3 checks in the last 6 months is 10x more likely to invest than one who hasn't invested in 18 months.
Step 2: Check Their Fund Status (5 minutes per investor)
Look for:
✅ Recently raised a new fund (announced in last 12-24 months) ✅ Portfolio page shows investments in last 6 months ✅ Active on Twitter/LinkedIn talking about deal flow
❌ Last fund raised 4+ years ago (probably deployed or saving for reserves) ❌ No new investments in 12+ months (not actively looking) ❌ Website says "not taking new meetings" (believe them)
Where to check:
Firm's website (look for "News" or "Latest Investments")
Crunchbase fund page
Twitter/LinkedIn activity