Hey there, it's Vadim 👋
There’s a lot happening this week, so here are some quick highlights:
🎬 My first video walkthrough: The 5 types of biotech investors (and why you can't pitch them the same way)
🗓 Free live session this week: Dial in your raise before JPM - Save my seat
Every few weeks, a founder asks me about a new tool or service that promises to blast their deck to thousands of investors.
The logic goes that even if 0.01% of those investors end up writing a check, the return on whatever the tool costs is a no-brainer, right?
Now, I get the appeal. When things are slow and you’re on the clock, that sense of movement can feel like progress.
But in life sciences, spray-and-pray doesn't just underperform. It can quietly kill your ability to raise not just this round, but future rounds to come.
Here's why 👇
WHY SPRAY AND PRAY BACKFIRES
Four hidden costs of blasting your deck
1. It’s a small bio-world
The group of investors who understand your science and can write a check at your stage is smaller than most realize.
For a typical seed raise, that's often just a few hundred names, not thousands.
Blast thousands of emails, and most go to people who were never going to invest.
And the few who could actually bring value to your company get the same generic note as everyone else, so they don't give you the attention you deserve.
2. Your emails can start landing in spam
Send the same email to thousands of strangers, and some of them will mark it as spam. Most email providers have their complaint threshold around 0.1%, about one complaint per 1,000 emails.
Go past that, and your domain's emails can start landing in spam, including legitimate investor updates and replies to investors who did write back.
3. You can lose your LinkedIn account
LinkedIn doesn't allow third-party automation tools, and members who use them risk having their accounts restricted or shut down.
For most founders, LinkedIn is where the warm intros live. It's the last account you want to lose in the middle of a raise.
4. A pass is very hard to undo
This is the one that surprises founders the most.
When your deck reaches a fund through a generic cold email to its general inbox, you can usually assume it'll be a pass. And that pass gets logged in the fund's CRM.
Now fast forward to JPM. You meet one of the fund's partners at a dinner, have a great conversation, and they ask you to send over your materials.
Before anyone spends time reviewing those materials, the first thing they'll do is check the CRM.
And there they’ll see: reviewed, passed.
It's very hard to get a VC firm to take a second look at something it has already passed on. Trust me, you'd rather not be in that situation.
So be wary of any tool, or anyone, promising to get your deck in front of thousands of investors.
In life sciences, the goal isn't more sends. It's reaching the right investors the right way, at the right time.
SOMETHING NEW THIS WEEK
Who actually funds your science?
Many of you have suggested that I try recording video walkthroughs of the more complex topics.
So today is my first attempt! If you’re in the northeast, you can pair this up with your autumn stroll 🙂
In this video, I walk through the five types of investors you'll meet as a life science founder, what each one looks for, and how to adjust your story for each.
We’ll also break down “fund math” and why funds can still pass on your company even if “the science is really promising” - and what you can do about it.
I hope you find it helpful!
Let me know if you'd like to see more of these, and which topics or questions I should cover next. Just reply to this email and let me know!
LIVE SESSION
Dial in your raise before JPM
Whether or not you're heading to JPM, the next few weeks are the last fundraising sprint before the holidays, and they can make a real difference in how you start 2027.
This is exactly why I’m running our first Fundraising Intensive inside this community: a 4-week sprint for founders, including fundraising resources, access to Bio Founder Raise, live Q&A’s with investors, and more.
I’m hosting the first session free this week, and I’d love to see you there!
Here’s what we’ll cover:
The market right now: latest data on what's getting funded in 2026, and who's actually writing early checks
Who's a real fit: how to tell which investors can actually say yes to your round
A well-run raise: how to build a qualified investor list and run your fundraise without it taking over your life
Everyone who joins live will get a copy of the slides, my investor lists refreshed with 2026 activity, and other bonuses.
Can't make it? Register anyway, and I'll send you the recording.
THAT'S A WRAP!
If you’ve been fundraising, you probably already know: it’s a very small world in biotech and life sciences.
That’s what makes spray-and-pray risky, but here’s the good news:
Your investors - the ones who already believe what you believe, AND who can write a check - they’re out there.
With the right approach, you can find them.
I’m rooting for you.
- Vadim
PS: Know other founders who are raising? Invite them to attend our workshop - the more the merrier! Just send them this link.