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TTL Capital
Article 4 min read

The cold email that gets a reply, from the side that reads them

We read every pitch that arrives. Most are not rejected on the company — they are rejected because nobody could tell what the company is.

By · Partner, Central Asia

FUNDRAISING Written from the inbox

This is written from the receiving end. We read everything that comes into our pitch page, and the pattern in what does not get a reply is consistent enough to be useful.

The uncomfortable part first: most unanswered emails are not judgements about the business. They are emails where, after a careful read, the reader still could not say what the company does, who pays for it, or what is being asked. That is not a failure of the company. It is a failure of two hundred words.

What the reader is actually doing

Give up the idea that your email is being evaluated. It is being triaged, in well under a minute, against one question: is there a reason to spend twenty minutes on this?

Three things decide it.

Can I say what this is in one sentence to someone else? If the reader cannot repeat your company back to a partner, you do not exist as a candidate — there is nothing to put on the agenda.

Is there one hard fact? Not a market size. Something that happened: revenue, a named customer, a signed pilot, a number that moved. One is enough. Zero is the problem.

Is the ask clear and small? “Twenty minutes” is a decision. “Would love to connect and explore synergies” is not a request anybody can grant.

What goes wrong, in order of frequency

The company is described in categories, not in actions. “An AI-powered platform transforming logistics through intelligent automation” tells the reader nothing. “Software that files customs paperwork for freight crossing from Kazakhstan into China” takes the same breath and is a company.

Market size instead of traction. A paragraph on a $40 billion market says you have read a report. It is also the first thing a reader discounts, because every email has one and none of them distinguish anybody.

Ambition written as achievement. “Partnering with major logistics operators” when you have had two introductory calls. The reader has seen this phrasing a thousand times and knows exactly what it means. It costs trust that the rest of the email then has to buy back.

The deck as the whole message. An attachment and “see attached” moves the work onto the reader at the exact moment they have not decided to do any. The email has to stand alone; the deck is for after they are interested.

Obviously mass-sent. No reason why this reader. If the opening line would work for four hundred recipients, it signals the same care has gone into the rest.

Too long. Six paragraphs is a document, and documents get saved for later. Later does not come.

The shape that works

Five short paragraphs, under two hundred words.

One line on why them. Specific and true. A company they have backed that is adjacent to yours, something they wrote, a market they operate in. One line. If you cannot write it honestly, write nothing — a false personalisation is worse than none.

One sentence on what the company does. Plain words. A reader with no context should be able to repeat it.

Two or three lines of evidence. The hard facts, with numbers. Revenue and its growth, customers and who they are, a pilot and with whom. If there is no revenue, say what exists instead — users, letters of intent, a technical result — and name it accurately.

One line on the round. How much, what instrument, who is already in. “Raising $800K on a SAFE, $350K committed” is a real sentence. “Currently exploring funding options” is an invitation to wait.

The ask. One, specific, small.

Then the deck, as a link.

Two things worth more than the wording

Who sends it. A forwarded introduction from someone the reader trusts outperforms the best cold email ever written. Before sending cold, spend an hour working out whether anyone you know knows them. Usually somebody does.

Whether you follow up. One follow-up after seven to ten days, three lines, with something new in it — a number that moved, a customer that signed. Not “just bumping this”. Plenty of first replies happen on the second email, because the first arrived in a bad week.

What we do at this end, so you know

Every pitch that reaches us is read by a partner. Not a filter, not an analyst. You get an acknowledgement with a private link showing where it stands, and the page updates itself, so nobody has to send the “did you see it?” email.

We do not promise a turnaround time anywhere, and you should be suspicious of anyone who does — but you will not be left guessing whether it arrived.

The honest summary

The companies that get meetings are not the ones with the best writing. They are the ones whose email could be understood by a tired person on a phone, and that contained one fact that was true.

Write it for that reader. Then cut it by a third.

If you want to send one and have it actually read, do that. If you want to know what a first call looks like before you commit to one, ask us that too.