Glossary · Fundraising process · Updated
The roadshow is the active phase of a fundraise: the sequence of investor meetings run over a few weeks. It is best conducted in parallel rather than in series, so decisions land at the same time and create round momentum.
Parallel versus series is the structural decision. In series you meet one fund, wait six weeks, then move to the next: the process stretches over a year and every rejection weakens you. In parallel every fund advances together, decisions converge, and having alternatives completely changes your negotiating position.
The funnel is brutal and needs calibrating from the start. Out of a hundred identified funds, only a handful will reach investment committee. Building a list of twenty names bets on a conversion rate nobody actually observes.
Introduction quality matters more than deck quality. A fund almost always opens a file forwarded by a founder in its portfolio, and rarely a cold email. Mapping who can introduce you to each fund is part of the preparation, exactly like the deck.
Example: a seed roadshow funnel
A €1.5M European raise, run in parallel over four months.
| Funds identified and qualified | 120 |
|---|---|
| Contacted, 70% via warm introduction | 80 |
| First meetings secured | 25 |
| Second meetings | 10 |
| Investment committee reviews | 4 |
| Term sheets received | 2 |
| Conversion from list to term sheet | about 1.7% |
| Total process length | 4 months |
Two term sheets from a hundred and twenty funds is a good outcome, not a poor one. It is also why a list of twenty names is almost never enough, and why everyone should be contacted in the same week.
The common mistake
Starting with your favourite funds. Early meetings are where you sharpen the narrative and discover objections you had not anticipated. Keep priority targets for week two or three, once reality has corrected your pitch.
Frequently asked questions
How long does a roadshow take?+
Four to six months for a European seed, from first meeting to money received. The meeting phase itself runs six to ten weeks; the rest goes to due diligence, legal documentation and closing.
Should you contact investors in parallel or in series?+
In parallel, without hesitation. Running in series stretches the process across a year and leaves you with no alternative when it comes to negotiating. Parallel makes decisions converge, which creates the momentum that often determines whether you land a lead.
Related terms
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