You are the proud owner of a detailed startup investors list. And it's even focused on your industry and stage? Fancy!

So, what's the plan now? Are you calling everybody on that list?

Oh, you are? So you have a way of tracking all those calls, don't you?

Oh, you don't…

Ok…?

Investors' lists might be fancy, but they are useless without a game plan to make moves, manage your investor interaction, and increase investor conversion rates.

Don't get us wrong, we love investors' lists too. We even developed a whole feature inside Lazo One's platform to create and nurture your own list of investors directly from the Crunchbase dataset.

However, even with the best AI-powered investors list, you still must implement a structured approach to achieve your fundraising objectives. That is if you're serious about raising that money.

So let's get ourselves organized:

1. First, make sure you have found the right investors for your startup.
2. Then, organize your information to effectively manage your interactions.

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Find the Best Investors for your Startup

Your investor list is just the beginning. To maximize your chances of success, it's crucial to expand your target set.

Many founders make the mistake of stopping at a handful of VCs, forgetting that there are +7,000 venture capital firms worldwide, as well as numerous syndicates, super angels, and other investing groups.

By continuously researching and adding new investors to your list, you'll increase your chances of finding the right match.

If you are a Lazo One user, you can directly ask the AI to recommend VCs in your specific industry and stage. Lazo AI will search through the Crunchbase dataset integrated into Lazo One, and provide you with suggestions.

You can nurture your own Smartlists with those that best fit your fundraising objectives and keep everything in the same place.

After researching and creating a list of potential investors, it's time to organize your information. This will help you track your progress and contact the most relevant investors.

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Why Your Startup Needs a Fundraising CRM

A fundraising CRM isn’t just a fancy spreadsheet; it’s a powerful tool that simplifies investor outreach and relationship management. Here’s why building a fundraising CRM should be a priority for every founder:

1. Streamlines Investor Communication:
   Centralize all investor details, emails, and meeting notes for easy access.
2. Tracks Fundraising Progress:
   Monitor where you stand in each investor conversation and follow up without missing a beat.
3. Improves Decision-Making:
   Use data from your CRM to evaluate investor fit, track interest levels, and forecast funding timelines.
4. Saves Time:
   Automation features, like email templates and follow-up reminders, reduce manual effort.

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Fundraising Data Tracking: Organize your Investors' Information

Fundraising involves talking to as many investors as you humanly can. Trust us, remembering all of these interactions is going to be challenging.

To excel in fundraising, you require organization. 

In Raise Millions, Hustle Fund suggests the following key points to track your fundraising and manage your investors' relationships.

1. Basic contact info

First, add the names and email addresses of investors you already know. Then, add the names and email addresses of prospective investors you'd like to build stronger relationships with.

2. Type of investor

Label the type of investor they are (angel investor, venture fund, etc) so you can tailor your message accordingly.

3. Referrer

Write down the name of the person who introduced you to the investor listed in your CRM. This way, you can see where your leads are coming from.

4. Stage

This is not your fundraising stage, but the stage investors are at in terms of considering an investment in your company. Hustle Fund suggests the following stages:

• Lead: When someone offers to refer somebody new to you but you haven't made contact yet.
• First Contact: This is the first time you've officially engaged. The lead may have reciprocated back asking to meet.
• First Pitch: This is the first meeting you have with them to pitch your company. No need for a deck at this point.
• Due Diligence: This comes after the pitch when they're considering investing.
• Soft Commit: This is when they are interested in investing and have given you a number. This is purely a verbal commitment, nothing official.
• Signed: Now this is official. You have received a full commitment from this investor. Woho!
• Rejected and Ghosted: If someone rejects your pitch, mark them as "rejected." If someone isn't returning your messages, you should ping them at least 10 times before marking them as "ghosted."

5. Committed

If the investor has given you a verbal commitment with the amount they want to invest, include this number in the "Committed" column. (e.g. $300,000.)

6. Notes

Add a "Notes" column to summarize what you talked about during your calls or emails. Add as many notes as you can along with the dates of each interaction.

7. Closed

Add a "Closed" column that shows how much money you've actually closed.

8. Next Contact

Use this column as a reminder to reach out to this person again. If you're still in the due diligence or soft-commit phases, set a clear date here.

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Steps to Build a Fundraising CRM

Now that you understand the importance of building a fundraising CRM and know what to add to it, let’s dive into the process of actually developing it.

1. Define Your Fundraising Goals

Before creating a CRM, identify what you want to achieve. Are you aiming for pre-seed funding or a Series A round? Your goals will dictate how you structure your CRM and prioritize investor interactions.

2. Choose the Right Platform

You don’t need to build a CRM from scratch. Tools like Salesforce, HubSpot, and Lazo One offer templates and features tailored to building a fundraising CRM.

3. Organize Your Investor Database

Start by compiling a list of target investors. Include details like:

• Name and contact information.
• Investment history and portfolio focus.
• Notes from previous interactions.

4. Create a Pipeline

Divide your pipeline into stages, such as:

1. Research and Targeting
2. Initial Outreach
3. Follow-Up Conversations
4. Term Sheet Negotiation
5. Closing

5. Automate Follow-Ups

Set up reminders for when to check in with investors. A well-timed follow-up can make all the difference.

6. Monitor Metrics

Track key performance indicators (KPIs) like the number of meetings booked, emails sent, and deals closed. Metrics are essential for refining your approach.

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Track your investor relationship with Lazo One

With Lazo One's Smartlists you can create your own lists of investors simply by asking the AI for suggestions. It will review the Crunchbase dataset integrated into the platform and recommend investors that match your company profile. You can then add the ones that interest you the most to one of your Smartlists.

Within that list, go to the CRM feature. You will find all the points suggested above to keep track of your fundraising process. Ready to use.

You can try all this at Lazo One for free. Just create your account and add your details for a more personalized experience.

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Advanced Tips for Effective Fundraising CRM Management

To maximize the potential of your fundraising CRM, integrating advanced strategies can help you stay ahead in investor relations and streamline your process. Here are expanded tips to elevate your CRM game:

1. Segment Your Investors

Investor segmentation allows you to personalize communication, ensuring you address their specific interests. Divide investors based on:

• Industry Focus: Tailor outreach for technology, healthcare, or consumer-focused investors.
• Geographic Location: Highlight opportunities in markets that align with their areas of interest.
• Funding Stage Preferences: Engage investors who specialize in pre-seed, seed, or Series A funding.

2. Leverage AI for Insights

Modern CRMs, like Lazo One, integrate artificial intelligence to provide actionable insights. Here’s how AI can supercharge your fundraising:

• Behavior Analysis: AI tracks investor engagement metrics, like email opens and clicks, to help you prioritize follow-ups.
• Optimal Timing Suggestions: AI recommends the best times to contact investors based on their activity patterns.
• Pitch Deck Recommendations: Analyze which sections of your pitch deck gain the most attention, allowing you to refine your presentation.

3. Collaborate Seamlessly with Your Team

Fundraising isn’t a solo effort. To get the most out of your CRM, involve your entire team:

• Assign clear roles for managing different stages of the investor pipeline.
• Share detailed notes about investor interactions to avoid duplicating efforts or missing follow-ups.
• Use your CRM’s task assignment and notification features to keep everyone on the same page.

4. Regularly Clean and Update Your CRM Database

An outdated CRM can hinder progress. Ensure your data stays relevant by:

• Removing inactive or uninterested investors from your pipeline to focus on high-priority leads.
• Updating contact details, funding history, and meeting notes after every interaction.
• Archiving completed or stalled deals to keep your dashboard clutter-free.

5. Track Investor Feedback and Preferences

Investor feedback is a goldmine for improving your fundraising approach. Use your CRM to document:

• Preferred communication methods (e.g., email, phone calls, or in-person meetings).
• Topics of interest raised during meetings, such as market trends or competitive positioning.
• Concerns or objections they’ve shared about your startup.

6. Automate More Than Just Follow-Ups

While follow-up reminders are essential, CRMs can automate other aspects of investor relations:

• Email Campaigns: Use templates for introductory messages, milestone updates, or event invitations.
• Data Reporting: Automatically generate and share performance reports with investors who value transparency.

Recurring Updates: Schedule automated updates for investors in your pipeline, keeping them informed without requiring manual input.

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