How do you get angel investors?

11 perspectives · Updated · 4 min read

Most first angel checks come from people who already know the founder. Brian Halligan raised HubSpot's early rounds largely from people he had taught, worked with, or impressed. Rex Woodbury's first checks for Worthy came from people who had seen him ship.

Cold outreach works for some. Chad Byers got his first angels by cold emailing people including David Tisch, who says he has funded plenty of cold emails.

The short answer

Start with people who already know your work: former colleagues, founders, and operators in your space. Ask founders who have raised for the names of their angels and make a small, specific ask. Cold email can work if you show progress and explain why you picked that angel. Traction helps most, because angels come looking for founders whose product already works.

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Who you should listen to

Eleven investors, including BoxGroup's David Tisch, Sequoia's Brian Halligan, Balaji Srinivasan and a Harvard Business School professor. Several raised from angels as founders.

  • Brian Halligan · Partner at Sequoia Capital, HubSpot co-founder

    Listen for: Who he and Dharmesh asked for HubSpot's first checks.

  • Chad Byers · Seed investor, #14 on Forbes' first Midas Seed list

    Listen for: How cold emails and demo days turned into his first angels.

  • Balaji Srinivasan · Angel investor, author of The Network State

    Listen for: How online content brings angels to you.

  • Tom Eisenmann · Professor at Harvard Business School, invested in Rent the Runway

    Listen for: How one angel check led to introductions to Tim Draper.

  • David Tisch · Managing Partner at BoxGroup, launched Techstars NYC

    Listen for: Why asking to pick his brain over coffee doesn't work.

  • Rex Woodbury · Founder and Managing Partner of Daybreak Ventures

    Listen for: How early backers vouched for him to their own networks.

  • Nikhil Basu Trivedi · Co-founded Footwork, raised a $175M debut fund

    Listen for: How to word an ask that is easy to say yes to.

  • Deena Shakir · Partner at Lux Capital, Fortune 40 Under 40

    Listen for: What a pitch that lands in 30 seconds sounds like.

  • Parul Singh · Partner at 645 Ventures, founded Gradeable

    Listen for: Why a backed founder's intro outweighs a cold email.

  • Enrique Salem · Partner at Bain Capital Ventures, sold Brightmail to Symantec

    Listen for: What to lead with once you're in the room.

  • Keith Rabois · Managing Director at Khosla Ventures, early investor in Stripe and Airbnb

    Listen for: How good angels help before they invest.

How do investors say to find angel investors?

Brian Halligan

Brian Halligan

Partner at Sequoia Capital, HubSpot co-founder

Sequoia partner

Why themHe and Dharmesh raised HubSpot's early rounds largely from their own network.

Brian’s advice: Your best angels come from your own network, because they bet on you before the idea.

The best angels come from your own network first, because they are betting on you before they bet on the idea. Dharmesh and I raised HubSpot's early rounds largely through people we had taught, worked with, or impressed long before we asked for a check.

Answered by their Delphi on .
Chad Byers

Chad Byers

Seed investor, #14 on Forbes' first Midas Seed list

Seed investor

Why themHe found his first angels by cold emailing and going to every New York demo day.

Chad’s advice: He cold emailed angels and showed up at every New York event until he knew everyone.

I got my first angels by cold emailing people like David Tisch and Chris Dixon, then showing up to every demo day and event in New York until I knew everyone.

Answered by their Delphi on .
Balaji Srinivasan

Balaji Srinivasan

Angel investor, author of The Network State

Angel investor

Why themHe invests as an angel and wrote the bestseller The Network State.

Balaji’s advice: Build something that works and get paying customers, because nothing attracts capital like traction.

The best way to get angel investors is to stop needing them: build something that works and get early customers paying, because nothing attracts capital like traction. Once you have that, angels find you through warm introductions, your online content, or the small world of people already betting on your market.

Answered by their Delphi on .
Tom Eisenmann

Tom Eisenmann

Professor at Harvard Business School, invested in Rent the Runway

HBS professor

Why themHe watched RentJuice's founder raise his first $100,000 up close.

Tom’s advice: A warm intro plus a working prototype did more for RentJuice than any cold pitch.

I watched RentJuice's David Vivero pull in his first $100,000 from StubHub founder Colin Evans, who then made introductions to Tim Draper and others; that warm intro, plus a working prototype, did more than any cold pitch could.

Answered by their Delphi on .
David Tisch

David Tisch

Managing Partner at BoxGroup, launched Techstars NYC

BoxGroup

Why themHe funded GroupMe in 2009 and closed BoxGroup's $212M sixth fund.

David’s advice: He has funded plenty of cold emails that did the homework and showed progress.

Warm intros work best, but most founders don't have one, so I've funded plenty of cold emails. The ones that land do the homework: they know why me, why now, and they show progress instead of asking for a coffee to pick my brain.

Answered by their Delphi on .
Rex Woodbury

Rex Woodbury

Founder and Managing Partner of Daybreak Ventures

Daybreak Ventures

Why themHis first checks for Worthy came from people who had seen him ship.

Rex’s advice: Start with operators and founders you've worked with, not cold emails to famous names.

The best angels usually come through people who already trust you, so I tell founders to start with operators and founders they've worked with, not cold emails to famous names. When I raised for Worthy, the first checks came from people who had seen me ship things, and those people became the ones who vouched for me to their own networks.

Answered by their Delphi on .
Nikhil Basu Trivedi

Nikhil Basu Trivedi

Co-founded Footwork, raised a $175M debut fund

Seed fund manager

Why themHe found his earliest angels by asking other founders for names.

Nikhil’s advice: Ask other founders for three angel names and make the ask small, specific, and fast to say yes to.

The best angels rarely come from cold outreach; they come through founders they've already backed or operators who know your space. I found my earliest angels by asking other founders for three names and making the ask small, specific, and fast to say yes to.

Answered by their Delphi on .
Deena Shakir

Deena Shakir

Partner at Lux Capital, Fortune 40 Under 40

Lux Capital partner

Why themShe did a lot of cold outreach herself when she was starting out.

Deena’s advice: Warm intros work best, so learn who writes checks in your space and keep the pitch to 30 seconds.

I did a lot of cold outreach myself when I was starting out, and I respect the hustle, but the most effective path is a warm intro through someone the angel already trusts. Do your homework first, know who actually writes checks in your space, and make your pitch pithy enough to land in 30 seconds.

Answered by their Delphi on .
Parul Singh

Parul Singh

Partner at 645 Ventures, founded Gradeable

645 Ventures

Why themShe founded the K-12 analytics startup Gradeable and was named one of Business Insider's 41 most important Boston VCs.

Parul’s advice: She found angels through founders they had already backed, because trust transfers faster than a deck.

I found angels through warm introductions from founders they had already backed, not cold emails, because trust transfers faster than a deck ever will.

Answered by their Delphi on .
Enrique Salem

Enrique Salem

Partner at Bain Capital Ventures, sold Brightmail to Symantec

Bain Capital Ventures

Why themHe sold Brightmail to Symantec for $370M and led Docker's $105M Series C.

Enrique’s advice: Spend more time earning a warm intro than polishing the deck.

The best angels almost always come through people who already know your work, so I tell founders to spend more time earning a warm intro than polishing the deck. Once you're in the room, lead with the problem and why you are the one to solve it, because at this stage we are betting on you more than the model.

Answered by their Delphi on .
Keith Rabois

Keith Rabois

Managing Director at Khosla Ventures, early investor in Stripe and Airbnb

Khosla Ventures

Why themHe co-founded Opendoor and was an early investor in Palantir.

Keith’s advice: Build something real, then email angels directly and tell them exactly what you're building.

You don't get angels by chasing them. Build something real, then email them directly and tell them exactly what you're building. Good angels respond to signal, not noise, and they'll help before they invest if the idea is sharp enough.

Answered by their Delphi on .

Everyone’s advice at a glance

How 11 people answer: How do you get angel investors?
WhoTheir advice
Brian HalliganPartner at Sequoia Capital, HubSpot co-founderYour best angels come from your own network, because they bet on you before the idea.
Chad ByersSeed investor, #14 on Forbes' first Midas Seed listHe cold emailed angels and showed up at every New York event until he knew everyone.
Balaji SrinivasanAngel investor, author of The Network StateBuild something that works and get paying customers, because nothing attracts capital like traction.
Tom EisenmannProfessor at Harvard Business School, invested in Rent the RunwayA warm intro plus a working prototype did more for RentJuice than any cold pitch.
David TischManaging Partner at BoxGroup, launched Techstars NYCHe has funded plenty of cold emails that did the homework and showed progress.
Rex WoodburyFounder and Managing Partner of Daybreak VenturesStart with operators and founders you've worked with, not cold emails to famous names.
Nikhil Basu TrivediCo-founded Footwork, raised a $175M debut fundAsk other founders for three angel names and make the ask small, specific, and fast to say yes to.
Deena ShakirPartner at Lux Capital, Fortune 40 Under 40Warm intros work best, so learn who writes checks in your space and keep the pitch to 30 seconds.
Parul SinghPartner at 645 Ventures, founded GradeableShe found angels through founders they had already backed, because trust transfers faster than a deck.
Enrique SalemPartner at Bain Capital Ventures, sold Brightmail to SymantecSpend more time earning a warm intro than polishing the deck.
Keith RaboisManaging Director at Khosla Ventures, early investor in Stripe and AirbnbBuild something real, then email angels directly and tell them exactly what you're building.

How to get angel investors, step by step

  1. Start with people who know your work. Brian Halligan raised HubSpot's early rounds from people he had taught or worked with. Rex Woodbury says to start with operators and founders you've worked with.

  2. Ask founders for names. Nikhil Basu Trivedi asked other founders for three names each. Parul Singh found angels through founders they had already backed.

  3. Get traction first. Balaji Srinivasan says nothing attracts capital like paying customers, and Tom Eisenmann saw a working prototype help RentJuice land its first $100,000.

  4. Cold email with the homework done. David Tisch funds cold emails that explain why him and why now and show progress. Keith Rabois says to tell angels exactly what you're building.

  5. Go where angels spend time. Chad Byers went to every demo day and event in New York until he knew everyone.

  6. Keep the pitch short. Deena Shakir wants a pitch that lands in 30 seconds. Enrique Salem says to lead with the problem and why you are the one to solve it.

Where they disagree

They split on cold email. David Tisch has funded plenty of cold emails, Keith Rabois tells founders to email angels directly, and Chad Byers got his first angels that way. Nikhil Basu Trivedi says the best angels rarely come from cold outreach. Balaji Srinivasan says to get paying customers first so angels find you.

Frequently asked questions

How do you find angel investors?

Ask founders who have raised. Nikhil Basu Trivedi asks for three names at a time, and Parul Singh found angels through founders they had backed. Balaji Srinivasan says your online content can also bring angels to you.

Can you cold email an angel investor?

Yes, if you do the homework. David Tisch has funded plenty of cold emails that explained why him and why now and showed progress. Chad Byers cold emailed his first angels.

What do angel investors look for?

Mostly the founder. Enrique Salem says that at this stage investors bet on you more than the model, and Brian Halligan says angels bet on you before they bet on the idea.

How much traction do you need for angel investment?

There's no fixed bar. Tom Eisenmann says a working prototype plus a warm intro helped RentJuice raise its first $100,000. Balaji Srinivasan says early paying customers attract capital faster than anything else.

The bottom line

Write down ten people who have seen you build something, and ask three founders who've raised for the names of their angels. Then send each one a short, specific ask.

How this page was made

We asked this question to venture capitalists and angel investors on Delphi. Each quote is that person's Delphi answering in their own words, built from their own writing, talks, and interviews, and shown as given. Delphi wrote the introduction, the summary, and the steps from their answers. Last checked .

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