The short answer
Run your raise like a sales pipeline. Copy the header row into any spreadsheet, track each investor's fit tier, warm path, stage, next step and pass reason, and review weekly: count by stage, clear overdue steps, read pass reasons for patterns and refill the top of the funnel.
- Treat the raise as a sales pipeline with defined stages.
- Every row needs a next step and a date.
- Log pass reasons in the investor's words; patterns tell you what to fix.
- Keep at least 20 investors in the early stages until the round is committed.
- A 20-minute weekly review keeps the raise moving.
How to use this tracker
A fundraise is a sales pipeline: a list of prospects, each moving through stages, with conversion rates you can measure and improve. This template gives you the columns, stage definitions and weekly routine to run it in any spreadsheet. Copy the header row below into a new sheet, add one row per investor, and update it the same day anything happens.
Founders without a network benefit most, because their raises involve more cold outreach, more connectors and more follow-ups to keep straight. For the strategy behind it, see run your raise like a pipeline.
The columns
Copy this header row into row 1 of your sheet (comma-separated, so it pastes into separate columns when you use your spreadsheet's split-text or import option):
Investor, Firm, Type, City/State, Stages, Check size, Sectors, Fit tier, Warm path (connector), Intro status, Stage, Last contact, Next step, Next step date, Pass reason, Notes, Source link
| Column | What to enter |
|---|---|
| Investor / Firm | Name of the investing person or entity, and firm if any |
| Type | Angel, angel group, micro-VC, VC, family office, corporate VC, accelerator |
| City/State | Where they're based; useful for in-person meetings and local fit |
| Stages / Check size / Sectors | What they invest in, from their site or profile |
| Fit tier | 1 = strong fit and a warm path; 2 = strong fit, no path yet; 3 = plausible fit |
| Warm path | The connector who can introduce you, and their relationship |
| Intro status | Not asked / Asked / Forwarded / Accepted / Declined |
| Stage | Pipeline stage (definitions below) |
| Last contact / Next step / Date | What happened last, what happens next, and when |
| Pass reason | Their stated reason if they decline, in their words |
| Source link | The page where you found the investor's criteria |
Pipeline stages
| Stage | Definition | Move to next stage when |
|---|---|---|
| 1. Target | Researched; fits stage, sector and check size | You've sent an intro request or a cold email |
| 2. Contacted | Outreach sent | They agree to a meeting |
| 3. First meeting | Meeting scheduled or held | They ask for a follow-up, data or a partner meeting |
| 4. Diligence | Second meetings, data room, references | They indicate an amount or terms |
| 5. Soft commit | Verbal or written intent with an amount | Documents sent |
| 6. Committed | Signed documents | Funds received |
| 7. Closed | Money in the bank | — |
| Passed | Declined; reason logged | Add to update list if they agree |
| Parked | Not now, revisit at a milestone | The milestone happens |
Example rows
Hypothetical example; names are placeholders, not real investors.
| Investor | Type | Tier | Warm path | Stage | Next step |
|---|---|---|---|---|---|
| Example Seed Fund | Micro-VC | 1 | Portfolio founder (former colleague) | 3. First meeting | Send cohort data by Thursday |
| Example Angel Network | Angel group | 1 | Applied directly | 4. Diligence | Screening presentation, 14th |
| Example Family Office | Family office | 2 | None yet; ask startup lawyer | 1. Target | Ask for intro this week |
| Example Angel | Angel | 3 | Cold | Passed | Add to monthly update |
The 20-minute weekly review
- Count by stage. How many investors are in each stage today versus last week?
- Clear overdue next steps. Any row with a past next-step date gets an action today.
- Read pass reasons. Three similar reasons means a pattern to fix (what to do after a no).
- Refill the top. If fewer than 20 investors are in Targets and Contacted, add more from your list.
- Total soft and hard commits against your target raise.
Useful formulas
- Count per stage: =COUNTIF(K:K,"3. First meeting") where column K holds Stage.
- Overdue next steps: =COUNTIFS(N:N,"<"&TODAY(),K:K,"<>7. Closed") where column N holds Next step date.
- Committed total: add a "Committed amount" column and use =SUMIF(K:K,"6. Committed",R:R)+SUMIF(K:K,"7. Closed",R:R).
Filling the list
A tracker is only as good as the targets in it. Start with investors whose stage, sector, location and check size fit, such as pre-seed investors or seed investors, and follow how to build an investor target list.
Frequently asked questions
What should an investor tracker include?
Investor and firm, type, location, stages, check size, sectors, fit tier, warm path, pipeline stage, last contact, next step with a date, and pass reason.
Should I use a CRM or a spreadsheet?
A spreadsheet works well for most pre-seed and seed raises. Move to a CRM if you're managing many conversations across a team.
How many investors should be in my pipeline?
Many founders plan for 60–100 qualified targets for a pre-seed or seed round, adding more as conversations close.
When should I move an investor to Passed?
When they decline clearly or haven't responded to a meeting request and one follow-up. Keep them on your update list if they agree.