In 20 minutes: check the partner's last five investments, the fund's size and age, any portfolio company that competes with you, what the partner writes or posts about, and one founder you can ask for a reference. Use it to tailor your pitch and to ask good questions.
- Recent deals show real stage and sector focus.
- Fund age hints at whether they are actively investing.
- Check for competing portfolio companies before sharing details.
- A partner's posts show what they care about.
- Ask a portfolio founder how the investor behaves when things go badly.
What is the 20-minute checklist?
| Minutes | Check | Where |
|---|---|---|
| 0–5 | Last five investments: stage, sector, location | Fund site, announcements, LinkedIn |
| 5–8 | Fund size and when it was raised | Fund announcements, press |
| 8–11 | Competing portfolio companies | Portfolio page |
| 11–15 | Partner's posts, talks, thesis | LinkedIn, X, blog, podcasts |
| 15–20 | A founder to ask for a reference | Portfolio founders |
What should you ask in the meeting?
- "How do you usually participate at pre-seed: lead, co-lead, follow?"
- "What would you need to see to decide?"
- "How do you help companies between rounds?"
- "Do you reserve for follow-ons?" See pro rata rights.
What are red flags?
- No investments in the last year.
- Requests for exclusivity or fees to pitch.
- A portfolio company that competes directly.
- Founders who will not give a reference.
Build your list first with how to find the right investors, then plan outreach with cold emails that get replies.
What does a worked example look like?
Suppose you are building payroll software for small European companies and you find a partner at a seed fund through a newsletter. Twenty minutes of research shows:
- Last five investments: three pre-seed or seed fintech companies, two in Germany. Good fit.
- Fund: second fund, announced last year. Likely still deploying.
- Portfolio: one HR platform that offers payroll in the UK. Possible overlap; ask about it.
- Partner posts: regularly writes about embedded finance and compliance as a moat.
- Reference: a founder from the portfolio who replied to a short LinkedIn message.
Result: tailor the pitch around compliance as a moat, raise the portfolio overlap early and openly, and mention that you spoke with one of their founders.
What should you write down?
Keep a simple record for each investor in your pipeline: fit score, recent relevant deals, potential conflicts, partner interests, reference notes and the date of your last contact. Over a round, this becomes your most valuable document; over several rounds, it becomes your network.
How do you ask for a reference without making it awkward?
Be direct and brief: "We're talking with [partner] about our pre-seed. Would you have 10 minutes to tell me what working with them is like, especially when things were hard?" Most founders say yes. Ask the same three questions each time: how they help, how they behave in difficult moments, and how quickly they decide.
Frequently asked questions
Why should founders research investors?
To check fit, avoid conflicts, tailor the pitch and understand how the investor behaves after investing.
How do I check if a VC is still investing?
Look at their most recent investments and when their current fund was raised.
Should I ask investors for references?
Yes. Ask founders in their portfolio, including ones whose companies struggled.
Is it a red flag if an investor charges a fee to pitch?
Generally yes. Legitimate venture investors do not charge founders to pitch.
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Educational material, not legal, tax or investment advice. Rules and figures change; confirm with qualified counsel or a tax adviser in your jurisdiction before acting. Last updated October 6, 2026.