Build your investor pipeline in four tiers, before you send anything

A list of investors isn't a plan. It becomes one when every name has a next step. The simplest investor pipeline I know sorts every name into one of four tiers before a single email goes out, and each tier gets a different first move.

The tiers come from our guide on finding investors for your startup:

Here's how to sort, and what to do with each tier.

Set up your investor pipeline in a simple spreadsheet

You don't need special software. A sheet with these columns is enough: name, firm, partner, stage fit, sector fit, region fit, tier, path (who could introduce you), first move, date sent, and status.

The three fit columns come first, because they decide whether a name stays at all. Everything else only matters for names that pass.

Tier 4 first: cut the wrong fits

Do this before anything else. If an investor doesn't invest at your stage, in your sector, or in your region, they come off. It feels like shrinking your chances. It's the opposite. A long list of firms that don't lead your stage is just a longer list of no's, and each one takes time you could spend on a real prospect.

Our post on cutting wrong-fit investors goes through the three checks in detail.

Tier 1: warm

For each remaining name, ask: does anyone I know know this person? Founders they've backed, angels who co-invest with them, former colleagues, advisors. If the answer is yes, they're warm.

The first move is to ask for the introduction, not to email the investor. Write a short note the connector can forward unchanged, and make it easy for them to say no. Our post on asking for a warm introduction covers how.

Warm names are where most deals come from. Over 30% of deals in the survey cited in our guide came through investors' professional networks (NBER Digest summary). Put your effort here first.

Tier 2: familiar

Familiar investors don't know you personally, but they've likely come across your company. Maybe they liked a post of yours, attended a talk you gave, or share a mutual connection who mentioned you.

This tier is easy to overlook. Your first move is a direct email, and the opening line says where they might know you from: "We met briefly at the climate meetup in the spring," or "You commented on my post about cold-chain monitoring for grocery distributors." Keep it true and specific. Never invent familiarity.

Tier 3: cold but right

These are investors who fit perfectly and have no connection to you yet. They're worth reaching. The order matters, though: the problem you solve gets talked about first, then your deck arrives. Post about your market, publish real news if you have it, and then send a short, specific email to the right partner.

Our post on cold emailing investors covers how to make that email worth reading.

Sending: one window, not a drip

Once the tiers are set, don't work through them one at a time over months. Ask for warm introductions early, then send to everyone else in one tight window. When several investors are looking at the same time, interest builds on itself. Spread out, each conversation starts from cold.

Keep the pipeline moving

After you send, update the status column as things happen: introduced, sent, opened, replied, meeting, passed. Follow up based on what each investor actually did, not on a fixed schedule. And move names between tiers when something changes. An investor who was cold may become familiar after a mutual connection mentions you.

How to prioritize investors within a tier

Inside each tier, put the investors most likely to lead at the top. A firm that recently led a round like yours, has fresh money and a partner who writes about your market should get your best effort first.

FAQ

What's the difference between a warm and a familiar investor?

A warm investor is someone you can reach through an introduction from a person you both know. A familiar investor has likely seen your company but has no introduction lined up, so you email them directly and mention where they might know you from.

Should I email cold investors at all?

Yes, if the fit is real and the email is specific. It's the smallest channel, so let your market problem be talked about first and keep the email short.

How often should I update my investor pipeline?

Whenever something changes. During an active raise that's often daily, especially in the week after you send.