Intros, outreach and what actually gets a meeting

How an angel decides which meetings to take

Investors have limited time, and some combine investing with another job. Help the recipient quickly see who you are, why you contacted them and whether the opportunity fits.

In his 2013 fundraising essay, written for US founders, Paul Graham argues that investors can be influenced by other investors’ interest. This helps explain why an introduction may matter, but it is advice rather than measured evidence about Norwegian angels.

A co-investor’s introduction may add credibility, but forwarding alone is not necessarily an endorsement. Whether introduced or not, make the message specific and relevant.

Graham advises founders to prioritise investors by the likelihood and value of an investment. Apply that to your own list. In the message, explain why the opportunity fits the recipient; do not assume every investor uses one identical screening method.

State the stage, sector and amount clearly. This reduces the work the investor needs to do before deciding whether a conversation makes sense.

Plan the introduction and the message together so a credible person can vouch for you and the investor can see the fit quickly.

People who may be able to introduce you

NFX’s US-focused fundraising manual highlights introductions through existing contacts. The routes below are options to consider, not a verified ranking. Their value depends on how well the person knows you and the investor.

Skatteetaten’s shareholder register provides reported ownership at 31 December, with the latest year normally released in May. It can help identify potential investors, but may contain errors and does not show every current or indirect relationship. Observe data-protection requirements when using personal information.

The Register of Business Enterprises shows board roles, so an angel’s other boards are visible too. Build the referral map from those two sources and your existing shareholders’ contacts. For every name on the target list, write down the shortest chain to someone who can vouch for you, and work the chain before the name.

Asking for the intro

A referrer puts their reputation behind the introduction, so make the practical work easy. Send them an email addressed to the investor that they can forward with a short note of their own.

Use three sentences: what the company does and for whom; one fact, with a number, showing it works; and what you are raising, with the specific reason this investor is a fit.

Add a separate note asking whether the contact is comfortable making the introduction. Make it easy to decline and keep private comments outside the text to be forwarded.

When the investor replies, respond promptly with suitable meeting times and any requested material. After the introduction, move detailed scheduling out of the introducer’s inbox where appropriate. Thank them and later send a brief update.

Write a useful first message without an introduction

Open a cold note with the reason you chose this investor. Then give them enough evidence and a clear enough request to decide whether to reply.

• Why this investor. Refer to a relevant investment, area of expertise or talk, without implying a relationship you do not have.
• What you do. Explain the customer and the benefit in one sentence.
• A concrete fact. Use paying customers, revenue, a signed pilot or relevant team experience. Describe the status accurately.
• The round. State the amount and distinguish confirmed commitments from preliminary interest.
• One next step. For example, ask for a twenty-minute conversation and suggest two times.
• Keep it short. Aim for fewer than 150 words, readable on a phone.
• Materials. Follow any published submission instructions. Otherwise, a concise message with a one-pager link is a useful starting point; send a deck when requested or clearly appropriate.

Two versions of the same note make the difference visible. The names are invented.

Before. Dear Investor, I am the CEO of a fast-growing startup transforming logistics with AI. We have built a complete platform and are now raising our seed round. I have attached our deck and would love to discuss potential synergies. Please let me know when you are free.

After. You backed Fjordlast in 2023, and we sell to the same freight forwarders. Lastebro schedules return loads for regional hauliers; eleven forwarders pay for it and monthly revenue is NOK 240,000. We are raising NOK 4 million, with an anchor committed for NOK 1.5 million. Could you take a twenty-minute call, Tuesday or Thursday afternoon? One-pager here if useful.

The second message explains why this investor is relevant, describes the product and gives facts the recipient can check. The request is specific. That makes assessment easier, without guaranteeing a reply.

Before sending, remove a generic opening, unsupported superlatives and vague requests. Check the recipient’s preferences for attachments, and coordinate approaches to several people in the same investment organisation.

What an angel network changes

A network changes the number of investors who see the case, and nothing about who decides. NorBAN’s funding page describes the route. A startup looking for investment can be published directly to investors in the network through its digital channels, with submissions evaluated for relevance before publication.

That evaluation is an editorial filter on what is circulated. The network takes no investment decision, accepts nobody and rejects nobody.

NorBAN’s advisory services include selected introductions, structured investor meetings and pitch preparation. These are scoped, paid engagements; scope and price are agreed with each company before work starts.

Some NorBAN programmes combine investor training with company presentations and assessment. The programme description explains the applicable format. Where participants can invest in a selected company, investment remains their decision; participation or winning does not itself guarantee funding.

A network brings your case to more investors. Each decides alone or through a consortium or vehicle the members establish themselves. You still need to make the investment case in every conversation, even though the network has made the introduction easier.

Coordinate introductions to avoid duplicate requests. Record where the company has already been presented. Before naming interested investors to others, check that you may share their names and describe the status accurately.

If an investor offers to introduce you, agree the recipients and what may be forwarded. Record the arrangement so others do not contact the same people unknowingly.

Following up without burning the contact

A first email often receives no reply. Give each follow-up a new reason to respond instead of repeating the original message.

• Cadence. As a starting point, follow up after a week and once more two weeks later. Then stop unless there is a reason to continue or another schedule was agreed.
• New information. Mention a relevant customer, commitment or milestone. Do not invent news or urgency merely to get a reply.
• Help from the introducer. Ask whether they would be comfortable sending one reminder; do not assume they want to keep pursuing it.
• Your response. Reply promptly when the investor comes back. If a full answer takes time, acknowledge the request and give a realistic date.

Silence is not a commitment and does not reliably explain why someone has not replied. After reasonable follow-up, record the status as unanswered and spend time on more active conversations. Recontact later only with a relevant reason and respect any request not to be contacted.

Make declining easy: “If this is not relevant now, a brief no would help me plan the follow-up.” Use a direct answer to update the list. A lack of response alone is not a reliable measure of whether the person would be a suitable investor.