Venture capitalists find companies through several routes, including professional relationships, referrals, direct outreach and their own research. For founders, the useful lesson is not that one channel always wins. It is that investor fit and a credible path both deserve attention.
A widely cited survey by Paul Gompers, Will Gornall, Steven Kaplan and Ilya Strebulaev offers a window into how venture firms sourced the deals they closed. In Table 3 of the published research, 446 respondents reported the average sources of their firms' closed investments over the previous 12 months.
| Reported source | Mean share of closed deals |
|---|---|
| Professional network | 31% |
| Referrals from other investors | 20% |
| Referrals from portfolio companies | 8% |
| Proactive self-generation | 28% |
| Inbound from company management | 10% |
| Quantitative sourcing | 2% |
The three network and referral categories add to roughly 59%. These are averages reported by a historical survey, not a current census of all VC deals or a percentage of capital raised. A professional-network source is not necessarily a third-party warm introduction. The study does not show that a warm email converts at a particular rate.
What should a founder do with that information?
Build two lists, not one.
The first is an investor-fit list. Start with investors whose published focus matches your company, stage, geography and sector. Check the current team and look for investments that help you understand the fund's interests. A prestigious name is not automatically a useful target.
The second is a relationship-path list. For each promising target, note who in your network might have relevant context. That could be another founder, a customer, an advisor, a former colleague or an existing investor. Your goal is not to manufacture a connection. It is to discover a credible way to start a conversation.
A founder's investor-path worksheet
| Investor | Why this fund fits | Possible path | What needs checking | Next action |
|---|---|---|---|---|
| Fund A | Invests in the company's market at its current stage | A founder in the fund's portfolio | Whether that founder knows the relevant partner | Ask for context |
| Fund B | Relevant sector, stage needs confirmation | Former colleague | Whether the connection is current | Research the fund and reconnect |
| Fund C | Strong fit, no known connection | None yet | A suitable public contact route | Prepare a concise direct note |
This is a fictional example. A possible connector is not an endorsement or an introduction.
What if you do not have the network yet?
Start with the people and communities closest to your work. Customers can explain the problem better than a pitch deck. Founders who have built in your market may offer useful perspective. Advisors and former colleagues may know the ecosystem, even when they cannot make a direct introduction.
Be specific about the help you want, contribute where you can, and make it easy for people to decline. Direct outreach remains an option when the investor is a good fit and there is no credible warm route.
Turn the research into a weekly practice
Choose ten well-matched investors, then identify what you still need to learn about each. Review the fund's current focus, check possible relationship paths and decide whether to request context or reach out directly. After each conversation, record what you learned so the next shortlist reflects the market more accurately.
Try it with Aurora, Claude or Codex
Share only information you are authorized to use, and review the result before acting.
Help me organize an investor-fit and relationship-path review.
My company and round: [details]. Investors and verified source notes: [details].
Return fit, missing evidence, possible connectors and one next step. Do not invent investment criteria or claim an introduction occurred.
Turn research into a next move
Use the investor relationship map to organize fit, possible connectors and next actions. Finta Networks can help you review available relationship evidence; Aurora can help prepare context for a thoughtful request.
The goal is not to turn every person you know into an introduction. It is to find relevant investors, understand the paths you have, and keep the right conversations moving.