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Investor pipeline calculator
Divide the raise by the average cheque to get the commitments you need, then work back through the share of room investors who commit, the share of meetings that reach the data room and the share of contacts who take a meeting.
Company rounds
Investors to contact
580
- First meetings needed
- 145
- Investors in the data room
- 58
- Commitments needed
- 20
Planning estimate from the figures you enter. Not investment, tax or legal advice.
How it is calculated
- Commitments = raise target / average cheque, rounded up.
- Investors in the room = commitments / commit rate, rounded up.
- Meetings = investors in the room / share of meetings that reach the room, rounded up.
- Contacts = meetings / share of contacts who take a meeting, rounded up.
Worked example: A $20 million raise with $1 million average cheques
| Commitments needed | 20 |
| Investors in the data room (35% commit) | 58 |
| First meetings (40% reach the room) | 145 |
| Investors to contact (25% take a meeting) | 580 |
Use your own rates
The defaults are planning figures, not market data. A repeat GP with existing LPs converts far better than a first-time manager; a hot company round converts better than a bridge. After the first twenty meetings, replace the defaults with what you see.
What the room tells you
The data room is the best signal in the middle of the funnel. Investors who open the model and the legal folders within a week of the meeting are usually still in the process; those who never open the room have usually passed.
A per-investor activity log makes this visible without asking. Review it weekly and follow up on the people who stopped reading.
Size the list before you start
If the contact number is larger than your list, either raise the average cheque target, add a placement agent or plan a longer raise. Finding this out in month two is cheaper than in month eight.
Mistakes to avoid
- Planning with one conversion rate for every investor type.
- Counting soft circles as commitments.
- Opening the room to every first meeting instead of the serious ones.
- Not tracking which investors went quiet after reading.
Questions and answers
What is a soft circle?
An informal indication that an investor intends to commit a certain amount, before legal documents are signed. It is not a commitment.
When should an investor get data room access?
Usually after a first meeting shows real interest, and after they accept the NDA or confidentiality terms in the room.
Does a placement agent change the maths?
Yes. An agent brings warmer contacts and often better conversion, at a cost; see the placement fee calculator.