Do VCs Still Invest Without Warm Intros?

Yes, but the odds are stacked against you. Here's what the data says and how to improve your chances.

The startup world loves to debate whether cold outreach works. Some founders swear by it. Most VCs publicly claim they're "open to cold emails." Yet the data tells a different story: warm introductions convert at 10–20x the rate of cold outreach.

So do VCs actually invest without warm intros? The honest answer is: rarely, but it happens.

What the Data Shows

Research consistently reveals a stark gap between warm and cold outreach:

Warm introductions: 20–30% conversion rate to a first meeting
Cold emails: 1–2% conversion rate to a first meeting

That's not a small difference. A founder sending 100 cold emails might get 1–2 meetings. The same founder with 100 warm intros could get 20–30.

Beyond meetings, the gap widens further. Investors who meet founders through trusted referrals arrive with built-in credibility. Cold outreach forces you to build that trust from zero, in a 15-second email scan.

Why Warm Intros Work So Well

VCs receive hundreds of pitches weekly. They can't evaluate every opportunity deeply, so they use filters. Warm introductions serve as a powerful filter:

Social proof. If someone the VC trusts vouches for you, that reduces perceived risk immediately.

Pre-qualification. A good introducer only makes relevant connections. The VC assumes you've already been screened for fit.

Reciprocity. VCs value relationships with founders, angels, and other investors. Ignoring a warm intro risks damaging those relationships.

Signal of resourcefulness. Finding your way to a warm intro demonstrates hustle and network-building skills, qualities investors want in founders.

Cold emails offer none of these advantages. You're starting from zero credibility in an overcrowded inbox.

When Cold Outreach Actually Works

Despite the odds, some founders successfully raise through cold outreach. The pattern isn't random, certain conditions make cold emails viable:

Exceptional traction. If your metrics are undeniably impressive, the numbers speak louder than the introduction. A cold email showing $500K MRR growing 30% month-over-month gets attention.

Perfect targeting. Cold emails work when they land with exactly the right investor, someone actively looking for your stage, sector, and geography. Generic blasts fail. Precision wins.

Compelling narrative. Some founders tell stories so well that investors can't ignore them. If your email creates genuine curiosity, it breaks through.

Persistence and timing. Many deals from cold outreach close after multiple touchpoints. The investor saw your name several times, then finally engaged when the timing aligned.

Emerging markets or sectors. VCs hunting for deals in new spaces have fewer referral networks to rely on. Cold outreach works better when investors are actively seeking unfamiliar territory.

How to Maximize Cold Outreach Success

If you don't have warm intro access, cold outreach can still work, but only with disciplined execution:

Target ruthlessly. Only email investors who are actively investing in your exact stage and sector. Verify recent activity before reaching out. Our investor coverage data helps you identify who's actually deploying capital right now.

Personalize meaningfully. Reference their portfolio, their content, or a specific reason they're the right fit. Generic templates get deleted.

Lead with traction. Your strongest metric belongs in the first two sentences. Make the opportunity obvious immediately.

Keep it short. Four to six sentences maximum. VCs decide in seconds whether to keep reading.

Follow up strategically. Send 2–3 follow-ups spaced 5–7 days apart. Most responses come from follow-ups, not initial emails.

For deeper strategies on cold outreach and building investor relationships, explore our fundraising insights.

Building Warm Intro Paths

Even if you lack a network today, you can build one. Warm intros don't require knowing investors personally, they require knowing people who know investors.

Leverage second-degree connections. LinkedIn shows mutual connections. Ask for introductions through people you actually know.

Engage portfolio founders. Founders backed by your target VCs are the best introducers. Offer value before asking for favors.

Attend investor events. Conferences, demo days, and pitch competitions create natural connection opportunities.

Build in public. Sharing your journey on LinkedIn or X attracts investor attention organically.

For a complete guide on building referral paths, read our article on how to get warm intros to VCs without a strong network.

The Bottom Line

VCs do invest without warm intros, but it's the exception, not the rule. Cold outreach can work with exceptional traction, precise targeting, and persistent follow-up.

The smartest founders don't rely on one channel. They build warm intro paths while running targeted cold campaigns simultaneously. Cover both angles, and your odds improve dramatically.

SheetVenture helps founders identify and target active investors, whether you're reaching out cold or building warm introduction paths.