5 Cold Email Templates That Investors Have Publicly Said They Replied To
Most cold email templates on the internet were written by people who have never sent a cold email to a VC.
These five are different. Each one was either published by the founder who used it to raise money, or publicly endorsed by the investor who received it and wrote a check. They are not theoretical. They are the actual emails that worked.
Use them as a starting point. The goal is not to copy them — the goal is to understand their structure, then apply that structure to your own story.
Template 1: The Traction-First Template (SaaS Founders with Revenue)
This structure is based on the Talkdesk email that Jason Lemkin funded and published on SaaStr. Lemkin called it one of the two best cold emails he had ever received.
Subject: [Company] — $[X] ARR, [X]% MoM growth — [sector]
Hi [Name],
[Company] is [one-sentence description]. We launched [timeframe] ago and are at $[ARR] ARR growing [X]% month-over-month.
Our customers include [two or three named companies]. [One sentence on what makes them stay — retention, NPS, or a specific use case.]
We're raising a [stage] round. Our thesis on the market: [one sentence on the structural reason this market is large and why now].
I've followed your investment in [specific portfolio company] — would love 30 minutes if this fits your thesis. Available [two specific times].
[Name]
Why it works: Three concrete metrics in the first three sentences. Named customers before the market pitch. Personalization that references a specific investment.
Template 2: The Mapistry Template (Non-Obvious Market)
Based on Allie Janoch's email to Jason Lemkin that raised her $2.5M seed round. Published in full on Medium.
Subject: SaaS for [specific vertical] — raising [stage], [customer type] customers
Hi [Name],
[Company] is [one-sentence description of what you do]. [Two sentences on the problem: what currently exists, why it's broken, and what the stakes are for customers who rely on it.]
I'm raising a [stage] round to [specific use of capital]. Our customers include [specific customer names or types]. We've reached $[metric] and the market is approximately $[TAM].
Are you free for 30 minutes [two specific times]?
[Name]
Why it works: States the problem before the product. Makes the stakes concrete (what happens when the problem isn't solved). Named customers anchors the traction claim.
Template 3: The Mark Cuban Template (Billionaire Angels)
Based on Dhruv Ghulati's email to Mark Cuban that raised $250K immediately and $500K total for Factmata. Published in multiple media profiles.
Subject: [Backer or credibility signal] — [one-line company description]
Dear [Name],
Apologies for the cold message. I'm the founder of [backer]-backed [Company], which [one-sentence description of what you do and why it matters]. Our team of [X] includes [specific credential — publications, patents, prior company, relevant institution].
I'm currently fundraising from people who care about [the problem you solve] and want to [the outcome your product enables]. Given your [specific public statement, portfolio investment, or stated interest], I thought you might be one of them.
I'd love to share more if you're interested.
[Name]
Why it works: Leads with the apology (disarms). Backer credibility in first sentence. The "given your [X]" line is genuinely personalized — references something specific to this investor, not generic flattery.
Template 4: The Ash Rust Template (Pre-Seed, No Metrics)
Published by Ash Rust (partner at Sterling Road, a pre-seed fund) as his preferred format for cold pitches.
Subject: [Company] — [sector] — [team signal]
Hi [Name],
I'm [Name], CEO of [Company]. [Company] [one-sentence description of what you do and for whom].
[One key insight or traction signal — could be a customer quote, a waitlist number, a research finding, or a specific domain credential.]
I'm raising a [$X] pre-seed and specifically want to work with you because [one genuine, specific reason — a portfolio company, a blog post, a stated thesis].
Can we find 15 minutes? Happy to [two specific times].
Why it works: Short enough to read in 20 seconds. The "specifically want to work with you because" line forces genuine personalization — if you can't fill it in, you shouldn't be emailing this investor.
Template 5: The Follow-Up That Gets a Reply
Not an initial cold email — this is the follow-up template that converts silent investors into conversations. Used widely; the structure is endorsed by multiple investor advisors.
Subject: Re: [Company] — quick update
Hi [Name],
Following up on my note from [date]. Since then:
- [Specific milestone: new customer, revenue increase, new hire, press mention]
- [Second milestone if you have one]
We're now [one updated metric that's better than when you first wrote].
Still happy to connect if the timing is ever right.
[Name]
Why it works: Adds new information — not a repeat of the original email. Each follow-up is an update, not a reminder. Three touches with new information each time is often more effective than one perfect email.
How to Use These Templates
These templates are not fill-in-the-blank solutions. They are structural guides.
What you should take from them:
- Where the credibility signal goes (first sentence or subject line)
- When to mention traction vs. team vs. market (traction first if you have it)
- How short the ask should be (one sentence, two specific times)
- What level of personalization is required (specific, not generic)
What you should not copy:
- The exact phrasing
- The specific metrics (obviously)
- The tone, if it doesn't sound like you
Investors read hundreds of cold emails. The ones that feel templated get deleted. The ones that feel like they were written by a specific person for a specific reader get replies.
The template gives you the structure. Your story fills it in.