Cold DMs Beat Warm Intros

🧪 Active Investigation Cold outreach can be an effective way to raise venture capital without warm introductions.

CURRENT POSITION Warm intros are overrated; many top VCs explicitly read and respond to high-signal cold DMs.

KEY ASSUMPTIONS VCs who publicly state openness to cold outreach actually act on it. Founders can differentiate themselves through concise, high-signal cold messages. Access to networks is not the primary determinant of fundraising success.

SUPPORTING EVIDENCE Analysis of 300+ funds using Evalyze identified 15 investors who publicly welcome cold outreach. Examples of investors (e.g., Elizabeth Yin, Fabrice Grinda) stating they always respond to cold emails and source deals this way.

OPEN QUESTIONS How response rates from cold DMs compare quantitatively to warm introductions. Whether this approach scales beyond pre-seed and seed stages.

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