How to set up and use a CRM to run your VC fundraising process

Using the right tool for the job can make life a lot easier, and fundraising is already hard enough without having to push that boulder uphill. Customer relationship management (CRM) software isn’t just for managing customer relationships anymore. More and more startups are leveraging CRM systems to streamline their investor relations.

So, how do you set up a CRM system for tracking and following up with investors? Here’s a step-by-step guide.

Choose a CRM system

Not all CRM systems are created equal. You need to choose one that fits your startup’s needs. Look for a system that allows you to segment your contacts, track interactions, set reminders for follow-ups, and generate reports.

Some popular CRM systems for startups include Salesforce, HubSpot, and Zoho CRM. Personally, I’ve been using a free version of HubSpot for years, but you should find whatever works for you.

Create your “stages”

Once you have your CRM system in place, the first step is to segment your investors. You might categorize them based on how much they invest, their industry focus, their geographic location, or their role in the investment firm.

The goal is to group your investors in a way that makes sense for your startup and allows you to tailor your communications effectively.

I typically create the following stages:

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