Cold access with a warm touch: Here's the quick pitch we emailed to investors

I usually say founders that cold emails to potential investors are not as effective. But they can work provided you do a thorough research and find the right option.

However, many founders skip the research phase.

Michael Bamberger is not that type of founder.

“I’ve done a lot of cold emailing in my career,” says Bamberger, a serial entrepreneur whose ventures have mostly focused on the intersection of data and research. “I learned a lot about what works and what doesn’t work. I built my last business on cold email.”

That’s why he was confident in the cold connection when he was looking for investors for his company Tetra Insightswhich builds software for user experience teams.

Tetra has raised $7 million to date, starting with $500,000 from friends and family in 2019 and a seed round of $1.5 million in 2020. Michael and his co-founder Panos Rigopoulos raised a $5 million Series A that ended in September 2021 where cold emails played a key role.

When I changed my criteria to find people who were a good fit, the process was really fast. Michael Bamberger, Co-Founder and CEO, Tetra Insights

Raising capital in unprecedented times

Because Michael had launched two other startups before Tetra Insights, he knew he needed to validate his core proposition before seeking outside capital. He invested his own money to hire Tetra’s first engineer to build the company’s MVP. That way, when he approached friends and family to raise funds, he had a version of a product to demonstrate.

After raising $500,000 from its close round, it could launch an official seed round. In early 2020, he knew he was on to something. “We had paying customers. We had users who increased their engagement and really positive feedback,” he says.

But when the COVID-19 pandemic hit, Michael worried that his R&D-focused product would be a hard sell in the tough economy. He stopped thinking about fundraising and instead focused on repositioning Tetra. However, he soon realized that stopping the search for investors was “completely wrong”. Instead, he took a new approach to fundraising: cold emails.

Michael had a strong network in the startup and venture capital community, but the investors he met often took the meetings as a favor to mutual friends rather than because they were actually interested in the UX research space. Meeting investors through a warm pitch wasn’t “working fast enough,” he explains. So he changed strategy, implementing a three-step process that allowed him to identify these investors would are interested in his startup.

His advice for cold calling?

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