Raising venture capital is a numbers game. At the top of your funnel, you are identifying potential investors through research, direct outreach, and intros from your peers. In the middle of the funnel, you are sharing your pitch deck, meeting with GPs, and perhaps the entire partnership. At the end of the funnel, there are (hopefully) multiple term sheets and negotiations ahead of closing.

This process is full of "nos", "maybes", and "ghosts." Inevitably, different investors will pass for different reasons so it is important to have a thorough list to keep the momentum going. Between our own product, the Founders Forward Podcast, and online resources, we've found the following benchmarks for how many investors you need in your funnel: