1. Define the round before searching for names
Prepare a short brief that someone can understand without opening your deck: what the company solves, for whom, how it generates revenue, where it operates and its actual stage. Add the evidence available, the capital sought and the milestones that capital should fund.
A Seed or Series A label does not replace facts. A company running pilots and one with recurring revenue may use the same label but need different investors. Also explain what the round needs: a lead, participants who complete the financing or specific capabilities.
2. Research these eight dimensions
Use one row per candidate and separate published information from what a conversation has confirmed. Save the link, review date and outstanding question. Historical information helps form a hypothesis; it does not establish that the mandate is still current.
| Criterion | What to verify | What changes the decision |
|---|---|---|
| Thesis | Sector, problem, business model and exclusions in official sources. | A single sector investment does not establish a current thesis. |
| Stage | Entry stage and the evidence the investor expects to review. | If it requires maturity you have not reached, defer outreach. |
| Geography | Where it can invest and what company presence it requires. | Having an office in a country does not equal investing there. |
| Initial check | Typical first-investment size, distinguished from follow-on capital. | Check compatibility with the round; do not confuse check size with fund size. |
| Role in the round | Whether it leads, participates or needs a confirmed lead. | A follower may fit, but does not by itself solve the need for a lead. |
| Activity and process | Recent investments, current team and the process it describes. | A fund-closing announcement does not confirm availability for this case. |
| Expected contribution | Experience and capabilities relevant to your next milestones. | Test the stated contribution against public examples and specific questions. |
| Conflicts and restrictions | Competing portfolio companies and stated restrictions. | Clarify a possible conflict before sharing sensitive information. |
3. Decide with categories, without an artificial score
Classify each candidate using what you know today. Do not offset an incompatible stage or geography with a famous name or a strong connection. Distinguish missing evidence from a negative answer.
- Prioritize
- There is documented fit on essential conditions and a specific reason to talk. Outreach must confirm the current mandate and interest.
- Validate
- Fit appears possible, but a decisive condition is missing: check size, geography, stage or role. Prepare a short question to resolve it before proceeding.
- Set aside for now
- There is an explicit incompatibility or a process unsuitable for this round. Record the reason and what would need to change to revisit it.
4. Apply the matrix to a concrete decision
Hypothetical example: a Chilean B2B software startup with recurring customers is preparing a Seed round to fund regional expansion. It needs to distinguish potential leads from participants. The following candidates are fictional.
Candidate A states that it invests in Latin American Seed software companies, has a compatible initial check and can lead. Prioritize it, subject to confirming current interest and conditions. Candidate B only enters at growth: set it aside for now, even if it is a recognized firm. Candidate C fits the sector and region but publishes neither check size nor role: move it to validation.
The matrix organizes the work. It does not establish that A will invest or that C should receive the entire data room. An investor’s response may change the category.
5. Turn research into a conversation
The first message needs a reason for fit and enough context to decide whether to talk. Explain the business, the most relevant evidence, the round and why you are contacting this person. Personalization is more than adding a name to a generic message.
In the conversation, confirm the conditions that actually change the next step:
- Mandate
- Does this stage, model and geography fit your current mandate?
- Participation
- What initial check do you consider, and what role could you take in this round?
- Decision
- Who participates in the evaluation, what evidence is missing and what is the concrete next step?
6. Maintain a pipeline that supports decisions
Record the candidate, verified contact and role, reason for fit, sources, category, latest conversation, outstanding information, owner and agreed next action. If there was a no, preserve the reason; do not restart outreach as though there were no history.
Update the pipeline with new evidence. A count of emails sent does not show how far the round has progressed. Review which conversations have a next step, where an unresolved condition remains and which objections recur. This can improve both investor selection and the company’s preparation.
Questions before building your list.
How many investors should be on my list?
There is no universal number. Build a universe that covers the round’s needs and that you can research and manage. Prioritize fit and information quality before adding names without a rationale.
Does a previous investment in my sector confirm fit?
It is a signal to investigate. Check whether it was an initial or follow-on investment, whether the same strategy remains current and whether conflicts exist. A historical portfolio does not replace a current mandate.
Should I wait for a warm introduction before reaching out?
A relevant introduction can provide context. If there is an official channel for opportunities, use it with a clear message and a reason for fit. Do not attribute an endorsement to someone who has not given it.
Do I need to hire an advisor for AceleraLatam to consider investing?
No. Investment evaluation and advisory engagements are independent. If your company fits the thesis and is ready for VC investment, it can enter the deal process directly.
Sources and further reading
Criteria you can verify.
The matrix presents editorial criteria from AceleraLatam. Consult these public sources for further context on business preparation and investor research.
- Sequoia Capital — Writing a Business Plan
A reference for explaining the business and its supporting evidence.
- Sequoia Capital — How to Present to Investors
Company, stage, traction and round context for the conversation.
- 500 Global — Our Strategy
A public example of global and regional strategies to distinguish during research.
- Y Combinator — A guide to seed fundraising
Further reading on Seed fundraising.