Summary
Angels bridge the gap between early proof and institutional rounds in the UK.
You may not yet have revenue, but when approaching potential Angel investors, you should leverage early signs of proof e.g. users, signed pilots, or letters of intent to build conviction.
This guide explains how to focus your preparation and search for investors, what to share first, and how to sequence outreach so decisions come faster.
Step 1: What angels actually weigh
Before you edit a deck or write to anyone, sense check your story against some of the below factors that angels commonly use when making a decision. The table below summarises some of these filters and the kinds of evidence that make each point clear.
If you are raising in the UK, state your SEIS or EIS position up front as it’s a large consideration for many angels due to the significant tax advantages (if you are in a jurisdiction that offers equivalents, this can be worth highlighting to help ‘crowd-in’ first capital). To learn more about the process and benefits for investors, take a look at the HMRC guidance for SEIS and EIS.
| Evaluation factor | What angels look for | How to make it tangible |
|---|---|---|
| Problem clarity | A specific, validated pain point | Quantify frequency and cost of status quo, use waitlists to evidence demand, LOIs, and early potential customer and partner feedback. Try and show a clear before and after |
| Founder and market fit | Credible proximity to the domain and drive | Your “why us” and “why now” |
| Early proof | Real signals, not hypotheticals | Users, revenue, signed pilots, LOIs, waitlists |
| Market and path from 0-1, to 5x to 10x | Credible route to scale | ICP math, wedge to expansion, potential acquirers |
| Round mechanics | Clean terms and tax clarity | SEIS or EIS status, simple term sheet, realistic use of funds |
Tip: If you are pre-revenue, use evidence for incoming revenue such as security reviews passed, procurement approval, or signed pilot scopes.
Explain why those are predictive of conversion and see if you can provide weighted probabilities against the value of each deal.
Step 2: Where to find angels, set goals for each week
For step-by-step discovery tips, see our how-to guide. For networks, start with the UKBAA and its Angel Hubs.
| Channel | Best for | How to use it this week |
|---|---|---|
| Angel networks | Potentially pitching multiple angels at once | Try and complete a couple of application forms/airtable forms. Take note of the terms (Angel Groups will often charge a fee) |
| Investor search engine | Speed and fit | Search by sector keywords; filter by cheque size and activity; shortlist e.g. 30; export to CSV to a CRM and start targeted outreach. |
| Syndicates and SEIS or EIS funds | Larger pooled cheques | Identify a potential lead; share a clean diligence pack; set a closing cadence |
Tip: Use in-person events to learn from other founders and create warm introductions. When researchingFor research, use targeted searches to build a list that truly matches your raise size and niche. For guidance on this, see our article on the importance of quality over quantity outreach.
Pick one primary channel for each week and set a small outcome for it e.g. one list export, two intros, or two meetings. For faster research using platforms like our free investment search engineshipshape.vc, start with focused queries and filters, then export a shortlist to build a funnel.
For warm introductions and in-person events, see if you can find relevant introductions from people you meet (try and make sure there’s aligned interests first).
Step 3: A 45 minute workflow on shipshape.vc to produce a clean list
Start on the shipshape.vc site or go straight to Search Investors. You can also (especially if you are in the UK) use paid services with good reputations like Scribe.
It is worth checking with other founders (e.g. in WhatsApp groups or Slack channels) whether they have found ROI from paid services.
- Create or update your profile. Add sector, stage, geography, raise size, and expansion plans. This improves result relevance and keeps you honest on who you are targeting. You can watch this video guide for more information on how to get the most out of the search engine.
- Run two or three precise searches. Use concrete phrases like “computer vision retail theft” or “solar O and M analytics”, not generic terms like “AI” or “climate”. The ranking will surface relevant investors from those terms.
- Tighten by mechanics. Filter by cheque size, lead or follow appetite, and recent activity. Hide investors that are not a fit for this round to keep momentum.
- Reality check your raise. Re-run your best query with a smaller initial raise, for example four hundred thousand pounds instead of nine hundred thousand. You will often reveal an overlapping, more decisive investor subset. Note who appears in both lists.
- Shortlist twenty five to forty investors. Add notes on fit, portfolio overlaps, geography, cheque norms, and partner names. Export to your CRM and set a simple tracker with columns for contacted, replied, meeting, passed, and soft circled.
Methodology note: Try and shortlist 25-40 investors on a first pass. With a ten to twenty percent reply rate on personalised notes, this can yield three to eight replies. If sixty to seventy percent of replies become meetings and ten to thirty percent of meetings convert to soft interest, you have one to two serious conversations to develop. Adjust the range based on your reply rate and time budget.
Step 4: Make it easy to evaluate you
Make the first data room short and complete for your stage. Flashy does not help here. Clarity does.
- Ten slide deck covering problem, solution, traction, market, model, moat, plan, round, team, proof.
- Light data room with one pager of metrics, pipeline, cohort or usage signals, security posture if B2B, SEIS or EIS status, and a simple term sheet. If you have a model, caveat that the further in time you go out (e.g. to Y3), the less predictable and accurate the model will be.
- Evidence over promises. If pre revenue, elevate pilots or LOIs and explain why they are predictive.
If an investor wants deeper numbers or market work, offer a short appendix and a follow up call rather than overloading the first deck. For context pieces, see our valuation guide and lead investor explainer.
Opportunities and Bright Spots
Keep the note short and specific. Lead with the pain you solve, add one proof line, and ask for a short call next week. Quality targeting beats long lists. For benchmarks and examples, see our outreach article.
- Line 1: We build X for Y, which solves Z pain that costs Y a clear amount or time.
- Line 2: We noticed you back companies in this space or have written about the problem.
- Line 3: In the last period, we achieved one proof point such as a pilot, revenue, or usage.
- Line 4: Are you available for a fifteen minute chat next week? We can send a thirty second overview. We’d love to get your view on the market, and your advice.
Benchmarks to watch: reply rate, meetings booked, meeting to commit percentage, and time to soft circle a lead. If reply rate is under ten percent after ten personalised notes, consider that either the list is off, or your first two lines are unclear.
Eva Dobrzanska hosts some deeper tips on cold outreach messages at Fundraising Playbooks, with a lot of material available for free (although some content is pay-gated content).
Step 6: Choose where to pitch and what to measure
Different forums create different outcomes. Decide what you want first, then pick the channel and track one metric for two weeks. If it does not move, switch the channel and improve your first two lines of outreach.
| Channel | You want | Measure success by |
|---|---|---|
| Curated angel rooms/in person meetings | Warm intros and signal | Number of relevant introductions within seven days |
| Accelerator demo days | Exposure and mentors | Requested follow ups rather than applause |
| Direct digital outreach | Speed and fit | Reply rate and meeting to commit percentage |
Calendar discipline signals reliability. If a forum does not move you toward a lead in a fortnight, reallocate time to targeted outreach and one to one calls.
Step 7: Close cleanly and keep momentum
Turn interest into documented expressions of interest (e.g. on a google form) quickly and keep those on it posted on progress. Having SEIS or EIS is useful with lots of UK Angels, though some don’t mind whether you have it or not. Avoid complexity in first documents (the purpose of sending a deck is a first meeting, not to share all aspects of your business). Send a short regular (e.g. weekly) update during the raise that states what changed, what is next, and where remaining allocation sits. If you have questions on SEIS/EIS tax treatment for your company and investors, it is worth consulting HMRC guidance for SEIS and EIS. There are also a number of commercial providers that help companies with their SEIS and EIS status (e.g. FounderCatalyst, Carta, SeedLegals).
Founder takeaways you can apply today
- Contacting thousands of investors is not an optimal approach. You need a smaller number of the right investors (e.g. twenty five to forty) with real fit.
- Doing research on investors upfront saves time and tears later. Targeted search with ranked results and filters will get you there faster than broad lists.
- Small, real proofs beat big, vague promises.
- Clarity on SEIS or EIS can help to reduce friction and helps decisions move faster with many UK Angels.
Find relevant angels, build a focused list, and begin high-quality outreach today. Start here (for free) with shipshape.vc: Search Investors.
FAQs
- What is the fastest way to find relevant angels if I am pre-revenue?
Using our free investment search engine, search by specific problem phrases, then filter by cheque size and recent activity. Elevate proxy proofs such as signed pilots or security reviews. Make SEIS or EIS status clear and test a smaller initial raise to surface a more decisive subset. See our how to guide for the workflow. - How many investors should I target in the first pass?
Start with twenty five to forty. This should be a large enough sample size to produce real signal at typical reply rates, and small enough to personalise every note. Increase or decrease the range based on your metrics. - Do I need a lead investor before I approach others?
You can raise without a formal lead, but a credible lead reduces perceived risk and helps bring others in. Read our explainer on lead investors for what a lead does and how to engage them. - Should I secure SEIS or EIS advance assurance before outreach?
You do not need it to start conversations, but clarity on eligibility and timing helps. Be ready to explain how much of the round is SEIS or EIS eligible and when certificates will be available. - What reply rate should I aim for?
Ten to twenty percent on a tight, well matched list is a reasonable benchmark. If reply rate is lower, refresh the list and tighten your first two lines. - How should I follow up after a first chat?
Send a short regular (e.g. weekly) update during the raise. Focus on what changed, next milestones, and remaining allocation. Keep asks clear and time bound.
Related Links
Find relevant angels, build a focused list, and begin high-quality outreach today. Start here: Search Investors.
