Investor view: why each type of investor runs different math
A good company can hear "no" from one investor and "yes" from another in the same week. Most of the time, the difference isn't the company. It's the math each investor needs to make work.
On the other side of the table, every investor answers one question before taking a close look at your deck: does this investment fit what I promised my own investors? Funds, family offices and corporates have different mandates, timelines and return expectations, and that shapes what each one needs to see.
Each investor, different math
Venture capital fund: in a VC portfolio, a few investments typically drive the returns of the entire fund. So the core question is whether your company has the potential to grow big enough to be one of them. Market size, scalability and ambition carry a lot of weight.
Growth equity: looks for proven growth and a clear path to scaling efficiently. Product risk should already be resolved; the focus shifts to execution and unit economics.
Private equity: looks at cash generation, margins, operating levers and what the exit will look like within a defined time horizon.
Family office: usually has more flexibility on timing, but places weight on capital preservation, governance and alignment with the founders and shareholders.
Strategic investor: beyond financial return, assesses the synergy with its own business, such as market access, technology, distribution channels or production capacity.
What this changes in your fundraise
Before building your investor list, it pays to understand the math each one runs. In practice, that means:
Prioritizing investors whose mandate matches the company's stage, size and return potential.
Tailoring the investment thesis, the pitch deck and the emphasis of the financial model to what each type of investor needs to see.
Calibrating valuation and round-structure expectations to the type of investor.
Sending the same story to everyone is usually the fastest way to collect polite "no"s. Looking at a fundraise through the question "what does the investor need to see to say yes?" starts right here.
If your company is getting ready to raise and wants to pin down which investors make sense for where you are today, talk to Kurumi Ventures at kurumiventures.com/?lang=en or by email at giovanni@kurumiventures.com.
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