CEE VC SUMMIT 2025

25th of March 8:00 am CET

January 14, 2025·3 min read

Daniel Tomov

Founding Partner, Eleven Ventures

What really matters when choosing a VC: a founder's perspective

Looking for the perfect VC can feel a lot like dating. When you're dating, friends tell you to learn about past relationships, spend time getting to know the person, and meet their inner circle before getting serious. Similarly, in the VC world, everyone keeps telling you to check rankings, track records, and portfolio sizes. But here's what nobody tells you: like finding the right partner, choosing a VC isn't about who looks best on paper – it's about who's right for you.

The truth about "best" VCs

Let's bust a myth right away: there's no such thing as the "best" VC fund. There's only the best VC for your specific stage, needs, and vision. Think of it like finding the perfect running shoes. You could spend thousands on top-rated options, but if they don't match your specific needs, you'll end up hurting yourself instead of improving your performance.

What really matters is finding an investor who fits your company's unique DNA. Early-stage startups need very different things from their investors than growth-stage companies do. When you're just building up, you need an investor who feels more like an extra co-founder – someone who's in the trenches with you, not just checking quarterly reports.

The real questions you should ask

Forget about just checking portfolio sizes and fund numbers. Here are the questions that actually matter:

  • Will they be your 3 AM call?

The best investors are like your startup's emergency contact. They're there when things get rough, whether it's a weekend crisis or a late-night decision that can't wait until morning. Look for investors who act like co-founders, not just board members.

  • Can they help you build your dream team?

Early-stage success often comes down to talent. Your ideal investor should have a proven track record of helping startups attract and retain top talent. They should know how to spot great candidates and have the network to bring them to your door.

  • Do they actually understand your world?

This one's crucial but often overlooked: your investor needs to genuinely understand your industry. A cybersecurity startup won't get much value from a VC that mainly deals with biotech. Look for investors who speak your language and understand your market's unique challenges.

  • Can they help you get more money later?

The best early-stage investors think about your next funding round from day one. They should have the connections to introduce you to later-stage investors and the experience to help you prepare for those future raises.

Doing your own due diligence

Here's where most founders drop the ball: they forget to do their own homework. Here's what you should actually do:

Start by talking to other founders in the VC's portfolio. Don't just ask for introductions – dig deep into their real experiences. How did the investor act during tough times? Were they really available 24/7 as promised? VCs are great at selling themselves, so get the unfiltered truth from those who've worked with them.

Before you even start meeting investors, get crystal clear on what you need. Know your business inside out, understand your current stage, and identify your biggest challenges. This clarity will help you evaluate whether a VC's strengths align with your needs.

Final two cents

Remember this as you search for your ideal investor: they should be as passionate about your vision as you are. Great VCs are like great coaches - they'll push you when you're getting too comfortable and support you when times get tough.

And don't forget - the right investor isn't always the one with the biggest brand name or the most impressive portfolio. It's the one who fits your specific needs, understands your vision, and can actually help you achieve it.

Opinions#Venture capital

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