Confession to start: my co-founder and I made up a startup last month and pitched it to 100 venture capitalists. Realistic space, realistic team, realistic deck. We're not naming it because the point was the experiment, not the pitch. And before anyone panics, we politely declined to move forward with everyone, because, well, the company doesn't exist. Sorry for the noise to any VCs who might recognise themselves, hope we didn't offend anybody, and always happy to chat properly. The deck was decent though, in our humble opinion.
Why we did this: we tried to raise about a year ago for a different project, mostly cold because our network was thin. It was brutal. 60+ hours writing emails, second guessing every line, watching most of them go nowhere. We always wondered whether we just sucked at it, or whether the numbers really are that hard for everyone. We haven't seen many founders publicly share their actual funnel from cold VC outreach, so we figured we'd run it again properly and find out.
Same shape both times. 100 funds, sequence of 4 emails each (first email plus 3 follow ups), spread over roughly a month.
Our previous attempt, about a year ago:
Causo
@dawid_baranowski
Love that you called out the claude/chatgpt hallucination problem. i’ve had ai 'find' me vcs that haven't existed since 2018. having a live-enriched database down to the individual partner level is the only way this actually works. rooting for #1 today...
Causo
@priya_kushwaha1 Oh I know the pain Priya - one of the things we encountered when prototyping Causo a while back 😅 even if no hallucinations happen, training data will often have very outdated information, so you might see a partner that is no longer with a given fund.
The data finding happens with the use of a couple of different agents that find sources and cross-reference things (plus our manual spot checks) to make sure the info we have is up to date and correct :)
Causo
@dawid_baranowski @priya_kushwaha1
Thank you so much Priya! No way of knowing how it is going yet, but one can only hope!
@dawid_baranowski Congrats on the launch Dawid. I love the "don't hallucinate" comment :)
Causo
@zolani_matebese Also gotta remember "don't make mistakes"
Cool new launch guys. I like the free investors database - I'm not quite ready to raise. How often do you refresh the vc info?
Causo
@mike_hill7 Hey Mike - Causo is powered by lots of very busy AI agents that scour the open internet for updates about VCs. The database get updated daily: recent fundraises by VCs, notable portfolio investments, and news down to the individual partner level.
Once you upload your deck and website, we use the VC info to match you with the right partners at funds that are most likely to invest in companies like yours :)
Causo
@mike_hill7 Thnx Mike! Happy to see you here again!
Starnus
Congrats @dawid_baranowski , a must have tool for founders, specially the 1st-time-to-raise ones.
QQ, the platform sources and does the outreach to the VCs and angels, right? or just sources the best matches?
Causo
@khashayar_mansourizadeh1 Thank you! Causo also finds contacts and does outreach. You get hyper-personalised emails automatically generated and sent from your own email.
You can review every email before sending (we don't use templates at all), and every email is rich with context about your company, the details of your fundraise, and the details of the specific partner you're emailing :)
Causo
@dawid_baranowski @khashayar_mansourizadeh1
Thank you Khashayar! You got the intention right!
Really hope to give more founders a chance... So many people give up 10-20 emails in, and their cool stuff gets lost for ever.
@dawid_baranowski @ivan_sem Congrats on the launch 🚀 How do you handle the relevance signal? Does Causo match on stage + sector only, or does it factor in things like check size, recent deal activity, or thesis alignment? Building an investor list right now for pre-seed and “match quality” is the hardest part.
Causo
@ivan_sem @francesco2689 Hey Francesco, thanks!
We do matching in two ways:
-stage + sector + geography fit as 1st pass: filters out investors that aren't active at the right stage or in the right category, passes the ones active
-alignment scoring as 2nd pass: agents score all the matched funds by closeness of fit, looking at recent activity, thesis alignment, recent raises, etc
It's a tricky question in the real world: some VCs will invest in a company of a certain kind and look to write more similar checks; others prefer to bet on a single company in a given niche. @ivan_sem spent years working as a VC and I'm from the other side of the table, so we tried to create a product that reflected our lived experience in the sector and best practices :)
We have a 50% off for the 1st month offer on the launch - do feel free to give Causo a spin and see what matches we find :)
Causo
@dawid_baranowski @francesco2689 Good question, this is the part we obsess over tbh.
Stage and sector are just the floor. On top we factor in geo, check size fit, recent investments, social posts, podcast and interview appearances, website signals. Basically if it's on the internet we try to find it. Partner-level is where the real signal hides, a fund can look perfect on paper but one partner is writing this quarter and another hasn't done a deal in 18 months, or not touching a certain space.
FlowMarket
Congrats on launch! Now this one is interesting and one of few projects I would personally you. I understand the startup side of the project but what about investor side. Is it cold outreach from their point of view or they also have Causo account and are reviewing matches directly on the platform?
Causo
@davitausberlin Appreciate you! For now, this is cold outreach - an investor side platform is definitely a cool idea, but probably one we could think at much larger scale, as the product would only be interesting when there's a large enough critical mass of VCs onboarded. Right now, we're aiming to help smaller teams get their checks :)
FlowMarket
@dawid_baranowski got it. its email, linkedin or what kind of outreach? Do you have good case studies, I haven't checked website yet. Put them all there, if this system works, you won't have shortage of startup customers
Causo
@davitausberlin For now, outreach is via email - from your email to vc partners' verified email addresses. So far our customers are seeing reply rates of ±5% and every customer has gotten at least one reply - of course this is always going to be dependent on what is the user's company. The best email in the world can't help if the VC doesn't like the product for whatever reason, but we're doing our best to get companies in front of VCs :)
Case studies coming soon on website!
FlowMarket
@dawid_baranowski I have created an account and will probably test with small package. good stuff, manual research is pain in the *** let alone the outreach
Congrats, guys, you're shipping faster than Anthropic 😂
Btw how do you avoid these emails getting into spam folder?
Causo
@nelly_orlova the power of two people, a lot of agents, and enough caffeine to alarm a cardiologist :))
Outreach on Causo goes from your own email - not from a managed outbox like for marketing emails (eg Sendgrid, Mailchimp). Landing in inbox should be easy if your domain is healthy, and warmed up. We have guides and suggested sending limits inside Causo to make sure you aren't sending too many emails per day, which would risk hurting your deliverability:)
Causo
@nelly_orlova Thank you!
Causo
@mazin_assaf Appreciate you Mazin! Hope you raise lots with Causo 🙏🙏
Causo
@mazin_assaf Thank you Maz!
Always grateful for your feedback!