How to build an investor target list that fits your round

• Filter by stage, check size, sector, geography and recent activity, in that order.
• Zalarma has 8,652 US investor records that list pre-seed; most list checks of $50K to $250K.
• Work backward from your round size to know how many names you need.
• Rank into three tiers with a simple 0-2 score per filter plus a point for a warm path.
• List people, not firms, and write one specific 'why they fit' line for each.
• Prune names after a clear pass or two unanswered follow-ups.

Why the list matters more than the pitch

Most stalled raises fail before a single meeting happens. The founder pitched investors who don't write checks at their stage, don't invest in their sector, or never back companies outside their own city. Every one of those meetings is a polite no that costs a week.

A good target list fixes that. It's a ranked set of investors who plausibly fit your round, each with a reason and a path to reach them. Build it before you send a single email.

The five fit filters

Every investor on your list should pass these filters. Apply them in this order, because the early filters remove the most names.

Then add one more check: conflicts. An investor who backed a direct competitor will rarely back you, and sharing your plan with them can hurt.

What the market looks like at pre-seed

In the Zalarma investor database, 8,652 US startup investor records list pre-seed as a stage. By type, 3,474 of those are angels and syndicates and 5,448 are venture firms and partners, with smaller numbers of accelerators (181), corporate VCs (102) and micro-VCs (64). Records can carry more than one type.

Check sizes matter just as much. Among pre-seed records that list a check size range, 1,546 list under $50K, 3,820 list $50K to $250K, 1,185 list $250K to $1M and 879 list $1M or more. If you're raising $600K at pre-seed, most of your names should come from the $50K to $250K group, with a few larger checks that could lead.

How many names you need

Work backward from the round. Here's a hypothetical:

Your own rates will differ. Warm intros convert better than cold emails, and a strong lead makes everyone else faster. The point is to size the list to the round, not to a round number. Run the math with your own assumptions. With numbers like the ones above, a pre-seed list lands well above 100 qualified names, which is why a raise built on 30 names so often stalls.

Rank into three tiers

• Tier 1 (15 to 25 names): strong fit on every filter, ideally a warm path. Your likely leads and most valuable investors.
• Tier 2 (30 to 60 names): good fit on most filters. Contact these alongside Tier 1.
• Tier 3 (the rest): plausible but weaker fit. Use them for practice, and contact them once you have momentum.

A simple scoring rubric keeps you honest. Score each filter 0 to 2 and add one point for a warm path:

Scores of 9 to 11 are Tier 1, 6 to 8 are Tier 2, and below 6 are Tier 3.

How many investors back your sector at pre-seed

Sector filters cut deepest, so it helps to know the size of the pool before you start. Here's how many US startup investor records in the Zalarma investor database list both pre-seed and each sector (records can list several sectors):

If you're in a smaller category like manufacturing or food, your list will lean more on generalist angels, family offices with ties to your industry and regional funds. If you're in a big category like B2B SaaS, the challenge flips: narrow hard by check size, geography and recent activity so you don't drown in plausible names.

A worked example (hypothetical)

A founder in Columbus, Ohio, is raising $600K for a digital health company selling to rural clinics. Here's how the list might come together:

1. Start wide: investor records that list pre-seed and healthcare.
2. Narrow by check size: keep investors whose range includes $25K to $250K.
3. Add geography: pull Ohio and neighboring states first, plus remote-friendly healthcare funds anywhere.
4. Check activity: drop anyone without a deal in the last two years.
5. Add the local layer: Ohio angel groups, health system innovation arms, university venture programs and founders of local health companies that have exited.
6. Score and tier: a dozen or so Tier 1 names with warm paths, a few dozen Tier 2 names, and the rest in Tier 3.

The result is a list that looks like the round: mostly small and mid-sized checks from people who understand healthcare, with a few candidates who could lead.

Where to find the names

• An investor database. Zalarma lets you filter investor records by stage, check size, sector, state, metro and investor type, with the public sources behind each record. Start with pre-seed investors or your state and city lists.
• Cap tables of companies like yours. Look at announcements from companies one or two years ahead of you in your sector and region. Their seed investors are your candidates.
• Local ecosystem. Angel groups, regional funds, university venture programs, state economic development funds and accelerators.
• Your own network. Former bosses, customers' executives and advisors who have angel invested. These are often your warmest paths.

The columns your list needs

Copy this header into a spreadsheet. Each row is one investor (a person, not just a firm).

Investor, Firm, Type, City/State, Stages, Check range, Sectors,
Recent relevant deal, Why they fit (one line), Score, Tier,
Warm path (who), Path strength, Status, Last contact, Next step, Notes

The "Why they fit" column is the most important one. If you can't write one specific line, the investor doesn't belong in Tier 1. That line also becomes the opening of your outreach email.

Once outreach starts, the list turns into a pipeline. See run your raise like a pipeline and the investor tracker template.

Keep the list fresh during the raise

A target list isn't a one-time document. Every meeting teaches you something: which investors respond, which objections repeat, which connectors deliver. Re-score once a week. Promote Tier 2 names who reply quickly, demote anyone who goes quiet, and add new names that come up in conversations ("you should talk to…"). Those referrals are often the warmest leads you'll get.

Mistakes to avoid

• Listing firms, not people. You pitch a partner, not a logo. Pick the person whose focus matches yours.
• Chasing famous names. The 50 firms everyone pitches are flooded. A regional fund that backs your sector may be a far better use of time.
• Ignoring geography. Plenty of investors still prefer companies they can visit. Find the ones who already back your state.
• Skipping activity checks. A fund at the end of its investment period may take meetings but rarely writes new checks.
• Never pruning. Move names down after a clear pass or two unanswered follow-ups.

Source for Zalarma figures: Zalarma investor database, as of 2026-11-01. Counts are records in our database, not the whole market; a record can list more than one stage or sector.