Cold Outreach That Actually Works: Lessons from Arzoo of Treeo VC

2 days ago
5 min read

Raising a venture capital fund is often described as one of the hardest fundraising challenges in the startup ecosystem. Unlike startups that pitch a product or early traction, emerging fund managers are asking investors to trust their judgment, network, and long-term vision often before there is a track record.

In a recent webinar hosted by VC Lab (Decile Group), marketing leader Sarah Lacy sat down with Arzoo, GP at Treeo VC, to unpack a surprisingly effective strategy: using cold outreach to raise capital for a venture fund.

What made the discussion particularly compelling was the data behind it.

Arzoo shared that around 20–25% of the LPs in her fund came from cold outreach, a result that stands out in the world of emerging managers where warm introductions usually dominate.

The session quickly turned into a deep dive on what actually makes cold outreach work—and what most people get wrong.

Below are the key insights from the conversation.

Cold Outreach Is Not About Selling

One of the most important reframes Arzoo shared was simple but powerful:

Cold outreach is not about selling. It is about starting thoughtful conversations with the right people.

Many first-time fund managers approach outreach with a transactional mindset. They try to immediately pitch their fund, hoping to secure a meeting or even an investment.

Arzoo took a different approach.

Instead of asking herself “How do I convince this person to invest?”, she shifted the question to:

“Is there a reason this person might actually want this conversation?”

That shift fundamentally changed the tone of her outreach.

Rather than pushing for investment, she focused on opening meaningful conversations with people who were already likely to care about venture, innovation, or startup ecosystems.

Personal Branding Comes Before Cold Outreach

Before someone replies to a message, they almost always do one thing:

They look you up online.

Arzoo emphasized that personal branding played a major role in her outreach success.

When potential LPs checked her digital footprint, they found:

articles and interviews
public thought leadership
a published book
a professional LinkedIn presence
evidence of long-term engagement in the startup ecosystem

These signals helped build trust before the first conversation even started.

Her advice to emerging managers was straightforward:

Google yourself.

If someone receives your cold message and searches your name, what will they see?

Your digital presence often becomes your first impression.

Targeting Matters More Than Volume

Another key point from the webinar was that Arzoo’s outreach was never random.

She used LinkedIn Sales Navigator and other tools to carefully identify prospects who were more likely to understand venture capital as an asset class.

She focused on people such as:

exited startup founders
senior executives in technology or innovation roles
angel investors
people active in startup ecosystems
individuals publicly positioning themselves as investors

She also looked for deeper signals by reviewing:

LinkedIn posts
interviews
podcasts
public commentary

This allowed her to understand how someone thinks before even reaching out.

In many cases, even her “cold” outreach had some contextual connection—such as shared networks or mutual ecosystem circles.

The Power of Systems: Using CRM for Fundraising

Arzoo treated fundraising like a structured pipeline rather than a series of random conversations.

Using Decile Hub, VC Lab’s CRM platform, she carefully tracked every stage of the outreach process.

Her workflow typically looked like this:

Identify potential LPs through targeted searches
Check if co-founders already had contact with them
Send a LinkedIn connection request
Follow up after connection with a short outreach message
Invite them to a conversation with a calendar link
Log the meeting and notes in the CRM
Move them into the next stage depending on interest

Managing fundraising this way had another benefit.

It helped remove the emotional weight of rejection.

Instead of feeling like every “no” was personal, she could see the bigger funnel of conversations, responses, and conversions.

Simplicity Wins in Outreach Messages

One of the most refreshing parts of the discussion was Arzoo’s strong stance against cliché outreach language.

She strongly advised avoiding phrases such as:

“I’d love to pick your brain.”
“Please review my deck.”
Generic flattery like “I loved your recent post about X.”

These messages often feel templated and insincere.

Instead, she focused on:

being clear about why she was reaching out
briefly explaining what she was building
making it easy for the recipient to decide whether to talk

The goal was not to impress, but to reduce friction.

Cold Outreach Should Not Be Your First Move

Despite her success with outbound fundraising, Arzoo made one point very clear.

Cold outreach should not be the starting point for first-time fund managers.

Her recommendation:

Begin with your warm network
Secure your first commitments from people who already know you
Build early traction and social proof
Then expand into cold outreach

Without initial traction, cold conversations are significantly harder.

But once momentum exists, outbound outreach can become much more effective.

The 30-Minute Meeting Strategy

Arzoo also shared how she structured meetings with prospective LPs.

Early in her fundraising journey, she made a common mistake—talking too much.

She would spend most of the meeting explaining the fund, the thesis, and the team.

Over time she learned to do the opposite.

Her refined approach:

briefly explain context
ask thoughtful questions
listen carefully
understand the investor’s perspective on venture

Listening often provided better signals about whether the person was a true prospect.

Preparation was also key. She typically spent around 45 minutes preparing for each 30-minute meeting.

Not Every Conversation Needs to Lead to Investment

One of the most strategic insights from the webinar was that Arzoo did not treat every meeting as a binary outcome.

Instead, she framed conversations around three potential outcomes:

The person might become an LP investor
The person might become an advisor or strategic supporter
The person might become a valuable ecosystem connection

Even when someone did not invest, they could still:

introduce other LPs
connect Treeo VC with founders
support portfolio companies
become part of the fund’s broader community

This long-term relationship mindset helped turn many conversations into future opportunities.

Building Value for LPs Beyond Returns

Another interesting topic discussed during the webinar was how Treeo VC engages with its LP community.

Arzoo described initiatives such as:

monthly VC-LP club meetings where LPs connect with each other
portfolio company updates and spotlight sessions
introductions to startups raising capital
networking opportunities within the fund ecosystem

This approach turns the fund into more than just an investment vehicle—it becomes a platform for relationships and collaboration.

Final Thoughts

The webinar highlighted a powerful idea:

Cold outreach in venture capital fundraising can work but only when it is done thoughtfully.

Arzoo’s success did not come from sending more messages than everyone else. It came from combining:

strong personal credibility
targeted outreach
disciplined systems
authentic conversations
and long-term relationship building.

For emerging managers navigating the difficult path of raising their first fund, the session offered a clear reminder:

Fundraising is not just about convincing investors. It is about building trust—one conversation at a time.