By the second half of 2025, many companies are struggling to attract investments as the startup investment market remains sluggish.
However, interest rate cuts are anticipated in major countries starting with the United States in the second half, and the South Korean government's startup support funds are expected to increase slightly compared to previous years. It is expected that the investment market will begin to see some light.
It is crucial to start preparing for investment attraction for 2026 now.
To secure venture capital (VC) investment, you need to start sending cold emails and engaging in rounds at least three months, and potentially six months to a year, before the expected execution of the actual investment funds.
This article will guide startups needing investment on how to prepare pitch decks and investment proposals.
Additionally, it shares methods to dramatically reduce the time to write an IR deck using AI tools.
Why You Should Start Preparing for Investment Attraction from the Second Half
The VC Review Process Takes Longer Than You Might Think
One common misconception among many entrepreneurs is, "With just a pitch deck, I can secure investment next month." However, the reality is different.
The VC Investment Process as Entrepreneurs Perceive It
Receiving the IR deck → Initial Meeting → IR Presentation → Second Meeting → Due Diligence → Final Investment Review → Fund Disbursement
Entrepreneurs' Misconception: 'Isn't 2-3 months enough to get funded?'
The Actual VC Investment Review Process
Receiving the IR deck → Initial Meeting → Internal Review → Request for Additional Materials → Additional Meetings and Due Diligence → Final Investment Review → Term Negotiation → Final Investment Contract → Fund Disbursement
Time from First Meeting to Fund Disbursement: Minimum 2-3 months (in special cases), Average 6 months to 1 year
If You Begin Cold Emailing in August ~ September, You Might Already Be Too Late
VCs generally have a set annual work cycle, which follows the schedule below.
✔︎ November ~ December: Intensified recruitment of LPs to form funds for next year's investments
✔︎ January ~ March: Final investment decision-making and fund execution for candidate companies met in the previous year
✔︎ April ~ June: Final investment decisions for top-tier and first-tier candidate companies, fund execution and exhaustion
✔︎ July ~ September: Fund execution for second-tier and third-tier candidate companies
✔︎ October ~ November: If not all funds are exhausted, remaining funds are left as dry powder. Remaining unissued funds must be exhausted due to maturing deadlines
Our company's goal is not to become a 'second-tier or third-tier company that receives investment because the funds must be exhausted,' but to become a 'top-tier company that VCs really want to invest in.'
To achieve this, you should aim to secure investments in the first half of the year by going around rounds starting from the previous year.
Therefore, you must inform VCs of our existence by sending cold emails and warm calls from the second half of the previous year, no later than that, and imprint the growth roadmap for the following year.
Then, by showing how much growth goals were achieved at the end and start of the year, you need to start the second meetings and final investment reviews earlier than competitors.
What is the Core of an IR Deck, Pitch Deck, and Investment Proposal?
The Key Elements of an IR Deck That Attract VC Attention: Market Size, BM, Team
Many companies put significant effort into creating IR decks (pitch decks, investment proposals) and even outsource design.
However, there aren't many core elements that VCs observe. In fact, some reviewers prefer to skip IR decks that are just flashy in design.
VC reviewers focus mainly on three key elements in an IR deck.
Market size, the validity of the BM, and the team composition.
*These tips are compiled through the advice and review of a 15-year venture capitalist.
1. Market Size (Growth Potential)
Early-stage VCs that invest from seed to series A~B or below are very focused on 'market size.'
If the item targets an inherently small market, revenue growth has an evident limit, making it difficult for VCs to expect multiples (return on investment probability).
Startup items tend to initially target small, sharp niches, but to persuade VCs, you need to argue that expansion to larger markets worth billions to trillions is possible, which is more challenging than expected.
Many leaders waste days to weeks calculating market size. Even accurate calculations often reveal the market size is smaller than expected, creating dilemmas.
The crux is not 'how accurately you estimate.'
The key is to persuade, 'Does the logic of starting in a valid market, a profitable market, and branching into a larger market make sense?' and 'Does it seem actually possible?'
While the slide on market size is crucial for persuasion, it's more important to logically construct the presentation coherently rather than spending excessive time trying to enhance numerical accuracy.
2. Validity of BM (Rationality and Consistency of the Revenue Model)
The importance of numbers is even more significant on the BM slides than on the market size ones.
You need to persuade, based on numbers, how realistic the large-scale business model and actual revenue model are, what differentiates them from competitors, test results from alpha and beta versions, and initial reactions.
With the continuous chill in startup investment, VCs also tend to pay more attention to 'numbers.'
They now meticulously examine even unit economics (profitability per unit) in addition to customer unit profitability and scaling potential.
You need to prove profitability and growth potential using data analyses from multiple perspectives, such as overall traffic and conversion rates, 'Customer Acquisition Cost (CAC),' 'Lifetime Value (LTV),' and other metrics.
3. Team (Expertise and Capability of Founders and Members)
While the slides based on numbers are important, VCs in early-stage investments primarily focus on the 'founder's and team's specs.'
'Specs' doesn't refer to academic and career qualifications.
VCs are most interested in 'Does it make sense for this founder to handle this item?' and 'Does this team have the capability to actually implement this item?'
If you approach the market with a mere plan based on investigation and conception without any expertise or existing experience, VCs will naturally have concerns.
If a founder lacks relevant experience or expertise on the proposed item, it’s essential to have team members with such backgrounds.
If you plan to create an IT product, a developer must be on the team. VCs will not invest if you intend to outsource development.
Key elements that VCs look for in early-stage investments include:
✔︎ Does the founder have the background and expertise to undertake this business?
✔︎ Does the team have development capabilities to produce the product?
✔︎ Do they display leadership and entrepreneurial spirit?
To prove this, the following elements would be beneficial in the 'Team' slide.
✅ Relevant experience of the founder and key team members
✅ Team group photo (enhances trust in teamwork)
✅ Past execution and accomplishments
2025 Startup Investment Attraction Tips: Show That Initial Customers Have Become 'Fans'
What VCs have been particularly attentive to recently is whether a 'fandom' forms in the early stages.
“Please continue with this item!”, “Please don’t close the business!”, “Thank you so much for making such a product!”
You need to show that you’re receiving such feedback.
With a single slide, you can demonstrate that the pain point targeted by the item is specific, there’s potential for word-of-mouth marketing, and a high possibility of achieving product-market fit (PMF).
How Should You Demonstrate It?
✅ Customer interview video (most potent visual element) or text reviews
✅ Examples of customer reviews saying
