Cold Outreach vs Warm Introductions: What Actually Gets VC Attention?

One of the most interesting discussions during our recent Cross-Border Fundraising event wasn't about pitch decks, valuations, or even fundraising strategy.

It was about something much more fundamental:

How do investors actually discover startups?

Many founders assume there is a single answer.

Some believe warm introductions are the only way.

Others spend months sending cold emails and LinkedIn messages.

The reality is more nuanced.

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Martin Tobias: Cold Outreach Can Work

Martin Tobias, Managing Partner at Incisive Ventures, shared a surprising statistic.

Out of 32 investments in his first fund:

Approximately 18 came through warm introductions from other investors.

Around 40% came through cold inbound.

His view was straightforward.

Cold outreach is not dead.

However, most founders fail because they contact the wrong investors.

If an investor does not invest in your stage, geography, sector, or check size, even the best outreach is unlikely to work.

The lesson:

Research matters more than outreach volume.

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Arzu Tekir: Most Deal Flow Comes Through Trusted Networks

Arzu Tekir, General Partner at Treeo VC, shared a different perspective.

Most of Treeo VC's opportunities come from:

LP introductions

Portfolio founder referrals

VC partners

Accelerators

Demo days

Interestingly, they have not yet made an investment through cold outreach.

Her advice was simple:

Before contacting an investor, understand their thesis, portfolio, and investment focus.

Many founders spend significant time sending messages but very little time understanding who they are contacting.

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Xiaoxi Guo: Focus on Relationships, Not Transactions

Xiaoxi Guo, Founder of IWG, offered perhaps the most founder-centric perspective.

Having successfully raised from investors including Golden Gate Ventures and Antler, he emphasized that founders should think beyond outreach tactics.

His focus was on:

Building relationships early

Participating in startup communities

Joining accelerators

Expanding trusted networks

One comment stood out:

"You are not looking for money. You are looking for long-term partners."

That mindset changes how founders approach fundraising.

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My Takeaway

After working with founders through Founder Institute, Openfor.co, Co-Capital, and now as a Venture Scout with Decile Group, I think all three perspectives are correct.

Cold outreach can work.

Warm introductions can work.

But neither is the real answer.

The real answer is trust.

Investors are ultimately evaluating people.

They want confidence that founders understand the market, can execute, can attract customers, and can build a meaningful company.

Trust can come through:

Relationships

Referrals

Visibility

Content

Community participation

Consistent execution

The channel may vary.

The underlying principle remains the same.

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A Note to Founders

One mistake I often see is founders waiting until they need funding before they start building relationships.

By that point, it is usually too late.

The strongest fundraising outcomes often happen because founders spent months or years building trust before they ever opened a round.

As an accelerator operator and Venture Scout at Decile Group, I am always happy to connect with founders, provide feedback, share perspective, and help where I can.

Not every founder is ready for fundraising today.

That is completely fine.

Relationships often start long before funding conversations do.

If you are building something ambitious and thinking globally, feel free to reach out.

Let's build the relationship before you need the introduction.