If you’re looking for real investors—people who actually write checks, not just show up at panels—research is half the job. Whether you’re a founder, operator, or just curious, knowing how to dig up the right info on investors can save you hours (and a lot of dead ends). This guide is for anyone who wants to get past the hype and actually find out who’s backing what. We’ll use Crunchbase—which, for all its quirks, is still the best starting point for this kind of work.
Let’s get into it.
Step 1: Set Your Actual Goal
Before you even open a tab, get specific about what you want from your research. Are you looking for:
- Angels who invest in your stage/sector?
- Firms with dry powder doing new deals right now?
- Lead investors for a round, or just potential follow-ons?
- Strategic investors (corporate VCs, etc.)?
Write it down. If you’re not sure, start with “investors who have backed companies like mine in the last 2 years.” It’ll keep your search focused, and you’ll avoid rabbit holes.
Pro tip: Don’t get distracted by “famous” investors unless they’re actually a fit. The best investor is the one who actually wires money and helps when you need it.
Step 2: Build Your First Search on Crunchbase
Crunchbase’s search tools are decent, but only if you know how to use them. Here’s how to get started:
-
Sign up for a free account. You can do a lot with the free tier, but the paid version unlocks more filters and exports. Decide if it’s worth it for you (often, the free version is enough for early research).
-
Start with the “Investors” tab. This is where you’ll find both firms and individuals.
-
Apply filters. The filters you want:
- Location: Where does the investor operate or focus? (Don’t always trust what’s listed—double check.)
- Investment stage: Seed, Series A, etc.
- Industry: Match this to your sector (but keep it broad at first).
-
Recent activity: Sort by “last investment date” to weed out dormant investors.
-
Export or save the list. If you’re on the free tier, you’ll need to use copy-paste or browser extensions. Paid users can export to CSV.
What to ignore: The “Top Investors” badges and “Trending” lists. They’re mostly driven by Crunchbase’s own algorithms and not always relevant to you.
Step 3: Vet Investor Profiles Like a Skeptic
Not all profiles are created equal—some are ghost towns, others are PR machines. Here’s what you should look for:
What matters
- Recent investments: Are they active in the last 12–18 months, or is this just a legacy profile?
- Typical check size: Sometimes listed, but often vague. Use portfolio company fundraises as a proxy.
- Focus areas: Do they invest in your sector or stage, or are you a one-off?
- Team members: Are there actual people listed, and do they seem accessible?
What doesn’t matter
- Self-reported AUM or “Assets Under Management”: These numbers are rarely up to date.
- PR-heavy descriptions: Ignore the buzzwords. Look at what they’ve actually done.
- Number of investments: More isn’t always better. Quality and recency matter more.
How to dig deeper
- Google the partner(s): A quick search will tell you if they’ve left, gone inactive, or changed focus.
- Check LinkedIn: Sometimes more up to date than Crunchbase, especially for individuals.
- Look for personal blogs or Twitter: These can give you a sense of their style and interests.
Pro tip: If an investor profile lists zero investments in the last year, move on. Dormant funds rarely come back to life.
Step 4: Cross-Reference With Portfolio Companies
Crunchbase is good, but not gospel. Always double-check:
- Visit portfolio company websites: Look for press releases, blog posts, or team pages that mention the investor.
- Check SEC filings (for US companies): Especially for larger rounds, investors are often named in Form D filings.
- Ask around: If you know founders backed by these investors, ask for the real scoop. Nothing beats a warm intro or honest feedback.
What to ignore: Crunchbase sometimes lists “associated” investments that are loose connections (e.g., board observers, syndicates). Focus on lead or major investors.
Step 5: Organize Your Research
Don’t just bookmark profiles—build your own tracking sheet. At minimum, track:
- Investor/Firm name
- Partner(s) to target
- Location
- Investment focus (stage, sector)
- Last known investment
- Noteworthy portfolio companies
- How you found them (Crunchbase, referral, etc.)
- Contact info or intro path
Use a spreadsheet, Notion, Airtable, or plain Google Docs. Whatever works for you, but make it searchable and easy to update.
Pro tip: Add a “gut feel” or notes column. Over time, you’ll spot patterns—some investors just aren’t a fit. Trust your instincts.
Step 6: Prioritize and Sanity-Check Your List
You’ll end up with a lot of names. Time to filter:
- Drop anyone inactive in the last 18 months.
- Remove firms that only invest in a different stage/sector.
- Move “dream” investors to a separate tab—don’t waste time cold emailing Sequoia unless your company is truly a fit.
- Highlight warm intro paths. These should be your top priority.
Be ruthless. Ten solid, real prospects are better than fifty maybes.
Step 7: Prep for Outreach (But Don’t Pitch Yet)
Before you reach out, do your homework:
- Read recent blog posts or tweets. Reference something specific in your intro.
- Check their portfolio for conflicts. Don’t pitch if they’ve backed a direct competitor.
- Find the right person. Generic “info@” emails are a black hole. Target a partner who actually does deals in your space.
Build a short, personalized intro for each target. No copy-paste spam. You’ll get better responses, and you won’t burn bridges.
Step 8: Keep Your List Fresh
Investor profiles change fast. Make a habit of updating your list every couple of months:
- Mark investors who’ve announced new funds or closed shop.
- Update with any new connections or feedback you get from outreach.
- Remove anyone who goes dark or turns out to be a bad fit.
Don’t trust that Crunchbase will always be up to date. It’s a starting line, not the finish.
What Works, What Doesn’t, and What to Skip
What works: - Using Crunchbase to get a fast, birds-eye view of the landscape. - Combining Crunchbase data with your own research and network. - Focusing on recent activity and actual investments, not hype.
What doesn’t: - Blindly trusting profile info or “top” lists. - Cold emailing every investor you find—targeted outreach is key. - Assuming every firm or angel is still active. Many are ghosts.
What to skip: - “Investor matching” services that just spam people. - Over-engineered CRMs or tools (unless you’re managing hundreds of contacts). - Getting hung up on big names—there are plenty of solid, lesser-known investors.
Keep It Simple and Iterate
Researching investors is part art, part science. Don’t overthink it. Start with a clear goal, use Crunchbase to build a focused list, cross-check with your own digging, and keep your data fresh. Skip the hype, stay skeptical, and focus on building real connections. The rest is just window dressing.