Instead of sending your data room on demand, inform interested VCs that access will be granted to everyone on a specific upcoming date. This synchronizes the diligence timeline for all potential investors, reinforces that it's a competitive process, and pressures them to act on your schedule.
There is a clear hierarchy for fundraising introductions. The most valuable intros come from other respected founders. The least valuable—and actively harmful—intros come from VCs who have already passed, as this signals to the recipient VC that you've been shopped around and rejected.
Announce a smaller fundraising target than you ultimately need. It is far easier to get 80% committed to a $250k round than a $2M round. Once you're heavily subscribed, the FOMO makes it easier to expand the round size, as being "oversubscribed" is like catnip to VCs.
Don't just ask for an intro; provide your referrer with a pre-written blurb. Phrase it to create urgency, framing it as an opportunity for the VC (e.g., "I can try to get you in"). This suggests the deal is hot and the VC is already behind, prompting them to book a meeting faster.
Fundraising is a numbers game. To generate a competitive process with three term sheets, you'll likely need 10 partner meetings. Achieving this requires around 20 deep dives from VCs, which stems from 40 first meetings. This means your initial outreach list must contain at least 50 qualified investors.
When a VC asks your valuation, do not give a number. It's a trap. If your number is too high, you risk them passing; if it's too low, you've capped your own upside. The correct answer is to state that you're letting the market decide, forcing them to compete and set the price via term sheets.