Fundraising Intelligence Research
Fundraising Intelligence Research
What CherryPitch data shows about how investors actually behave. One report a quarter, aggregate and anonymized, drawn from CherryPitch's platform data and the investor records it tracks.
No company, fund or individual deck is identifiable in any report.
What Funds Say, and Where Their Checks Actually Go
Stage drift ran almost entirely toward later rounds, and every sector label drifted. A list built from stated focus also misses 288 funds that wrote pre-seed checks without listing pre-seed.
Read the report →Previously published
How we measure
How we sort decks. Each deck is grouped by how much an investor has to infer. One group states plainly what the company is, how far along it is, and what it is raising. The other leaves at least one of those to be worked out. This measures legibility, not effort.
How we sort matches. Matches are grouped by how much of an investor's own record lines up: the stage they have actually funded, where their recent checks went, and the check sizes they write. A close match has all three. A looser one has fewer.
Progress toward a round. A founder-level milestone: active diligence, verbal interest, or terms in discussion. Counted once per founder.
Stated focus. The stages and sectors a fund publishes about itself.
Record. A fund's visible new first checks over the period, follow-ons excluded.
Off focus. At least a third of a fund's new checks fall outside its stated stages or sectors.
Every report states its own dataset and scope. Cohorts differ by report and are not directly comparable across quarters.