Once you’ve decided to raise a round, it’s time to build your fundraising strategy. You can start by referring to the VC Outreach Log Sheet, which includes a curated (but not exhaustive) list of biotech, techbio, and deeptech VCs. Think of it as a launchpad, not a complete map. The key is to target the right investors at the right time in the right way.
Identify the Right VCs
Not all VCs invest in early-stage biotech. Start by researching funds that:
Develop your Outreach Strategy
Warm intros matter. It’s frustrating but real: Venture Capital is a relationship-driven world. The good news: Warm intros don’t need to come from high net worth individuals or high-profile advisors, but anyone in your extended network who has credibility with a fund (even a portfolio company founder or junior VC) may help opening doors.
Start my mapping your contacts:
You can also try cold outreach, some investors (even big names!) are open to it. If you do (eg. via LinkedIn Messaging for example), make sure that your message is short, targeted to what is relevant to them and catches their attention quickly!
Prioritize your List: Organize VCs into tiers based on fit and likelihood of interest. Start with “friendly faces” or the “dolphins”, so friendly faces who might give informal feedback or early guidance, before hitting the “shark tank”. It’s good to save your top targets for when your pitch is sharpened and you have momentum.
Batch your Outreach: Do your investor outreach over a tight 4 - 6 week window if possible. This helps build parallel momentum, increases your chances of creating urgency and FOMO, and keeps your fundraising energy focused. In reality, it may stretch to 4 - 6 months (or more), but keeping a structured rhythm will help lower the chance of you hitting burnout in this process.
Chase Every Lead. Be proactive. Don’t be shy about asking for updates. Follow Up (but not too much). Be gracious but persistent. And always be fundraising, as every event, every meeting, every intro could be a bridge to the right partner.
Not all VCs invest in early-stage biotech. Start by researching funds that:
- Invest at your company’s stage (pre-seed, seed, Series A…)
- Focus on your vertical (e.g. therapeutics, platforms etc)
- Have a history or interest in your indication area or business model (asset vs platform)
- Show signs of recent activity (e.g. closed new funds, made recent investors, hiring new partners)
Develop your Outreach Strategy
Warm intros matter. It’s frustrating but real: Venture Capital is a relationship-driven world. The good news: Warm intros don’t need to come from high net worth individuals or high-profile advisors, but anyone in your extended network who has credibility with a fund (even a portfolio company founder or junior VC) may help opening doors.
Start my mapping your contacts:
- Use LinkedIn and your email to see if you know someone who can introduce you
- Ask mentors, university tech transfer offices, accelerator program leaders or even friendly VCs to help with intros
- Attend pitch competitions and investor conferences with structured networking (e.g. BIO, RESI, LaunchBio’s InvestorConnect)
You can also try cold outreach, some investors (even big names!) are open to it. If you do (eg. via LinkedIn Messaging for example), make sure that your message is short, targeted to what is relevant to them and catches their attention quickly!
Prioritize your List: Organize VCs into tiers based on fit and likelihood of interest. Start with “friendly faces” or the “dolphins”, so friendly faces who might give informal feedback or early guidance, before hitting the “shark tank”. It’s good to save your top targets for when your pitch is sharpened and you have momentum.
Batch your Outreach: Do your investor outreach over a tight 4 - 6 week window if possible. This helps build parallel momentum, increases your chances of creating urgency and FOMO, and keeps your fundraising energy focused. In reality, it may stretch to 4 - 6 months (or more), but keeping a structured rhythm will help lower the chance of you hitting burnout in this process.
Chase Every Lead. Be proactive. Don’t be shy about asking for updates. Follow Up (but not too much). Be gracious but persistent. And always be fundraising, as every event, every meeting, every intro could be a bridge to the right partner.
Timing Your Raise
Raising venture capital comes down to timing as much as anything else. The best time to open a fundraising round depends on market dynamics, investor behavior, and your readiness. It can help to time your raise when buzz is high, often tied to conferences, big news, or funding announcements in the field. Of course, this is not always possible, but here are some general patterns to consider:
Early Fall (September–October). This is often considered prime time. VCs are back from summer vacations, budgets are set for the year, and there’s momentum to close deals before the holidays. Investors are actively looking to deploy capital, and it’s a good window to pitch fresh ideas. Aim to start early in September to avoid competing with the holiday slowdown.
Early Year (January–March). Another strong period. VCs are refreshed, have new allocations, and are eager to build their pipeline for the year. Many funds finalize their investment strategies in Q1, making it a good time to catch their attention. February can be particularly active as deal flow ramps up.
Late Spring (April–May). This can work, but it’s less ideal. VCs may be wrapping up deals from earlier in the year or starting to plan for summer. Still, it’s better than mid-summer, when vacations and slower deal cycles dominate.
Avoid July–August and November–December. The summer and late-year holiday season slows everything down. Decision-makers are often unavailable, and deals get pushed to the next period. Unless you’re in a hot sector with urgent momentum, it’s tough to get traction.
Raising venture capital comes down to timing as much as anything else. The best time to open a fundraising round depends on market dynamics, investor behavior, and your readiness. It can help to time your raise when buzz is high, often tied to conferences, big news, or funding announcements in the field. Of course, this is not always possible, but here are some general patterns to consider:
Early Fall (September–October). This is often considered prime time. VCs are back from summer vacations, budgets are set for the year, and there’s momentum to close deals before the holidays. Investors are actively looking to deploy capital, and it’s a good window to pitch fresh ideas. Aim to start early in September to avoid competing with the holiday slowdown.
Early Year (January–March). Another strong period. VCs are refreshed, have new allocations, and are eager to build their pipeline for the year. Many funds finalize their investment strategies in Q1, making it a good time to catch their attention. February can be particularly active as deal flow ramps up.
Late Spring (April–May). This can work, but it’s less ideal. VCs may be wrapping up deals from earlier in the year or starting to plan for summer. Still, it’s better than mid-summer, when vacations and slower deal cycles dominate.
Avoid July–August and November–December. The summer and late-year holiday season slows everything down. Decision-makers are often unavailable, and deals get pushed to the next period. Unless you’re in a hot sector with urgent momentum, it’s tough to get traction.
Managing Momentum & Creating Urgency
Once you’ve got real interest from a few funds, it’s time to shift into “closing mode”:
The only trick that actually works universally is to create FOMO that other VCs are going to get to the deal first. The hard truth: The first term sheet is the toughest. But once you have it, the dynamic shifts. You can use it to:
Make it clear that other VCs are circling, and that they may miss out. That’s what gets the second, third and any other fund to move.
Once you’ve got real interest from a few funds, it’s time to shift into “closing mode”:
- Communicate a target closing date: It's best to share a date early in the process, certainly once you know that there is real interest from VCs. Pick a date that is not too soon, not too late. This requires clear communication and balancing urgency without desperation: You want urgency, not pressure. A good rule of thumb is to close within 8 - 10 weeks of active conversations, but timelines can vary widely. Be careful that it isn’t too rushed, or it will be a turn off or might come across as a red flag. Traditional biotech VCs typically take a longer time to evaluate companies than generalist or other tech-focused VCs.
- Have a reason for your target closing date: Unfortunately, there are very few reasons to define a closing date that VCs will respect, but these include business needs like your team’s timeline or aligning the close to facilitate capital expenses.
- Understand cultural differences: US VCs may respond to fast, competitive dynamics, while European or Asian funds might favor longer, trust-based relationships. Adjust your tone accordingly.
The only trick that actually works universally is to create FOMO that other VCs are going to get to the deal first. The hard truth: The first term sheet is the toughest. But once you have it, the dynamic shifts. You can use it to:
- Build urgency (“We’re targeting to close in 4 weeks”)
- Align others on valuation and terms
- Nudge funds that are still on the fence
Make it clear that other VCs are circling, and that they may miss out. That’s what gets the second, third and any other fund to move.