What VCs really mean: decoding investor feedback during fundraising

You’ve pitched an investor. You’re hopeful. But the reply feels vague:

“You’re a bit too early for us.”
“Let’s stay in touch.”
“We love the vision, just not sure about timing.”

What do these comments actually mean? Are they soft no’s? Polite passes? A green light to follow up later?

In this guide, we’re decoding common investor feedback, what VCs really mean when they say things like “too early” or “circle back”, and giving you practical next steps for navigating each one. If you’ve ever felt confused after a VC call, this one’s for you.

“You’re too early for us.”

Translation: You haven’t hit the traction or product maturity they need to invest.

What it really means:

• You’re pre-revenue or pre-product for a firm that writes checks at Seed+
  
  
• They’re unsure about your market timing, GTM, or competitive differentiation
  
  
• You might not have a “champion” internally yet
  
  

What to do:

• Ask for feedback: “What milestones would make this a fit for you?”
  
  
• Refine your pitch to emphasize founder-market fit, customer signals, or pre-sales traction
  
  
• Use Capwave’s AI pitch analyzer to tighten your deck and highlight what matters most at pre-seed
  
  

“Keep us posted.” / “Let’s stay in touch.”

Translation: They’re not investing now but they might later, if momentum builds.

What it really means:

• They’re watching from the sidelines to see traction or other investor interest
  
  
• They’re waiting for your round to fill up before committing
  
  

What to do:

• Send regular investor updates with key metrics, hires, or GTM wins
  
  
• Use this as an excuse to re-engage later with real momentum
  
  
• Capwave’s upcoming investor update tools can help automate this process and keep interest warm (subscribe to our newsletter to stay notified!)
  
  

“We love the vision, just unsure about timing.”

Translation: The problem is interesting, but the market, solution, or execution isn’t fully proven.

What it really means:

• You’re in a novel or emerging space (especially common in AI, climate, or fintech)
  
  
• They’re waiting to see more validation from users or customers
  
  

What to do:

• Show urgency through waitlists, pilots, or LOIs
  
  
• Make your GTM strategy crisp and confidence-inducing
  
  
• Capwave helps you position your deck around early traction, even if revenue is still in motion
  
  

“It’s not in our thesis.”

Translation: You’re not in their target category or model, and they’re not likely to budge.

What it really means:

• Your business model or market is outside their strike zone
  
  
• They may be narrowing focus or managing fund dynamics
  
  

What to do:

• Respect the pass, it’s not personal
  
  
• Save time by qualifying investors earlier
  
  
• Use Capwave to find VCs with real history in your space, not just stated preferences
  
  

“Let us know when the round is coming together.”

Translation: They don’t want to lead, but might follow if others jump in.

What it really means:

• They need social proof before investing
  
  
• They’re “signal-sensitive”—waiting for a name-brand lead or packed round
  
  

What to do:

• Build structured urgency (deadlines, momentum updates, batch outreach)
  
  
• Treat them as Tier 2 follow-ups, not primary targets
  
  
• Track interest in a CRM (Capwave’s built-in CRM can help you manage this outreach efficiently)
  
  

Final Thoughts: fundraising isn’t just a pitch, it’s a translation game

VCs aren’t trying to confuse you (most of the time). But their language is often coded, cautious, and filtered through fund dynamics. As a founder, your job isn’t just to pitch, it’s to interpret, adapt, and move with clarity.