The way venture capitalists think about fundraising can be a black box. But investors must think about their go-to-market strategy for raising their own funds, just as much as they think about how their portfolio companies find their market fit. All season on Build Mode, we’ve explored how founders should approach marketing, but this week we’re exploring how VCs sell themselves to founders as trustworthy partners and to LPs as worthwhile investments. Isabelle Johannessen spoke with Graham & Walker’s Leslie Feinzaig and XYZ Venture’s Ross Fubini about raising their first funds and how that experience has given them empathy for the founder fundraising experience. Feinzaig came into venture capital with very few industry connections. “It was hundreds of pitches. It was raised almost entirely from individuals. We ended up with 105 LPs,” she said. “If you don’t have a track record, then what they’re investing in is you. Like it is basically, like, raising a gigantic angel round with no lead.” With that outsider perspective, she’s been able to position herself as the call founders make before they meet with their board to practice and discuss strategy. Similarly, Fubini encourages the leadership teams he works with to carefully consider who they are entering into partnership with. His rubric follows three core tenets: person, firm, terms. “You work with this person for forever. So it’s everything from like, are they fun? Do you trust them? Do they have the juice to get the deal done? It’s everything around this human,” he said. Techcrunch event San Francisco | October 13-15, 2026 Both VCs noted the change from the most recent 2022-23 bear market — where VCs held all the cards — to the current eager dealmaking atmosphere where founders have a bit more power. This makes choosing the right VCs that much more important, they say. Fubini called this shift “thrilling” because, even though both sides still need to do their diligence and ensure they are good fit together, “you can move so quickly” compared to cautious bear markets. “I think that’s fun and joyful,” he said. Both Feinzaig and Fubini are full of tactical advice for both VCs seeking creative ways to capture founder attention and founders seeking smartest choices for their cap tables. The pitch deck and cold emails may not have the power they once did but creating authentic relationships and proving on execution remains the best strategies to attract the kind of people you want to work with — from both perspectives. New episodes of Build Mode drop every Thursday. Subscribe to the podcast or watch on YouTube. Isabelle Johannessen is our host. Build Mode is produced and edited by Maggie Nye. Audience Development is led by Morgan Little. And a special thanks to the Foundry and Cheddar video teams. Isabelle leads Startup Battlefield, TechCrunch’s iconic launchpad and competition for the world’s most promising early-stage startups. You can contact or verify outreach from Isabelle by emailing isabelle.johannessen@techcrunch.com. She scouts top founders across 99+ countries and prepares them to pitch on the Disrupt stage in front of tier-one investors and global media. Before TechCrunch, she designed and led international startup acceleration programs across Japan, Korea, Italy, and Spain—connecting global founders with VCs and helping them successfully enter the U.S. market. With a Master’s in Entrepreneurship & Disruptive Innovation—and a past life as a professional singer—she brings a blend of strategic rigor and stage presence to help founders craft compelling stories and stand out in crowded markets. View Bio Maggie Nye is a Podcast Producer for TechCrunch based in Denver, Colorado. Previously, she worked as the Brand and Content Manager for BUILT BY GIRLS where she developed an interest in tech and a passion for creating equitable and welcoming professional tech spaces. She holds a bachelor’s degree in Journalism with a minor in English from Hofstra University in New York. You can contact or verify outreach from Maggie by emailing maggie@techcrunch.com. View Bio