The Hidden Calendar of VC Fundraising: How to Time Your Raise for Maximum Leverage

Fundraising is never simply a matter of having a great product or a bold vision. As Omri Drory, Ph.D., General Partner at NFX, observes, a founder’s ability to secure capital is shaped by many forces: the strength of the idea, the credibility of the team, the attractiveness of the technology, and even the personal impression the founder leaves on investors. Yet, there is also a quieter, often unspoken factor, the rhythms of venture capital itself. 

Drory describes these rhythms as a kind of seasonality. However, these rhythms are not rigid rules. Great companies raise capital in every month of the year. Term sheets get signed in July, rounds close in December. What seasonality offers is not a limitation, but a pattern: moments when investors are more focused and responsive, and moments when their attention is naturally pulled elsewhere. For founders, recognizing these patterns can make fundraising a bit smoother, a bit faster, and sometimes a bit more favourable. 

Why Seasonality Matters 

Fundraising is less about fixed deadlines and more about momentum. Conversations tend to move faster when investors are in-market, actively sourcing, and not distracted by travel or internal reviews. Conversely, even highly promising companies can see processes drag when investor attention is divided. The ability to keep energy high across multiple conversations often determines whether a round closes quickly or stretches out. 

Deal flow data reflects these rhythms. An analysis of over 42,000 venture rounds shows that the summer months of May through August account for 34.6% of annual deal activity, contradicting the idea of a “summer slowdown.” December consistently leads with 10.8%, as firms deploy capital before year-end, while January and February lag at 6.8% and 6.9% as funds focus on planning cycles (Lemkin, 2024). 

The implication is clear: fundraising can happen in any month, but aligning a raise with periods of higher responsiveness can reduce friction, help maintain urgency, and support a more decisive outcome. 

Image 1: 42,000+ primary rounds signed by US startups on Carta | 2018-2024 (Lemkin, J., 2024) 

Understanding the fundraising calendar 

The U.S. and global fundraising year can be divided into four main seasons, with clear peaks and troughs: 

• January – March: A period of renewed energy as budgets are refreshed and major gatherings, such as the J.P. Morgan Healthcare Conference, set the tone for the year. 

• April – Early June: Still active, though slightly steadier than the first quarter. Sometimes called the “false lull.” 

• Summer (June – August): Investor travel can slow processes, though founders who raise during this period may benefit from less competition for attention. 

• September – November: Another strong window, short but intense, as many firms look to finalize deals before year-end. 

• December – New Year: Typically quieter, with more focus on internal reviews, though some funds push to close outstanding deals. 

Image 2: The fundraising season in the US - Drory, O. (2023, September 6) 

How to Fundraise by Utilizing Seasonality Effectively 

Being Present in the Right Place at the Right Time 

Fundraising has a strong relationship component. While remote pitching has become more common and efficient, in-person interactions often enable a different kind of focus and familiarity. In his essay, Omri Drory notes an instance where he booked a transatlantic flight for a spontaneous coffee meeting, underscoring how availability can create opportunities. 

In practical terms, this means that founders may benefit from planning physical presence in key hubs during periods of heightened investor activity. Being in town can make it easier to arrange meetings, participate in events, and build familiarity over multiple touchpoints. 

Creating Urgency Through Seasonality 

Drory also highlights that investor decision-making tends to accelerate when competitive dynamics are visible. Fundraising seasons can amplify this effect, as many firms are simultaneously reviewing opportunities. Running a structured and well-timed process allows founders to present their round as time-sensitive rather than open-ended. 

This typically involves identifying the right partners within firms, individuals whose focus and investment thesis match the company, and approaching them through strong introduction channels. Warm introductions from portfolio founders or trusted co-investors tend to carry more weight than cold outreach. 

Preparing in the Off-Season, Executing in the On-Season 

Preparation is most effective when treated as an ongoing discipline rather than something triggered only when runway is short. Founders who define milestones for the next round, build investor relationships early, and maintain an updated data room are often better positioned to move quickly when the time comes. 

Quieter months can be used to refine narratives, rehearse delivery, and ensure financial and legal materials are in order. This way, when more active seasons arrive, founders can focus on execution rather than catching up on preparation. 

Understanding Fund Economics, The “Magic Numbers” 

Venture funds generally operate within specific economic parameters. Ownership targets and check sizes are shaped by fund size, stage focus, and portfolio strategy. For example, seed funds may seek 10–30% ownership, Series A funds often aim for 15–25%, while later-stage funds can accept smaller percentages if the company’s growth prospects are sufficiently large. 

If a proposed round does not align with these parameters, participation is less likely, regardless of company quality. Founders who research these considerations and structure their raise accordingly are better positioned to engage investors productively. Clear alignment between a company’s fundraising needs and a fund’s investment model helps create more efficient conversations. 

Speed as a Signal of Execution 

Finally, Drory emphasizes speed. A fast, decisive fundraising process sends a powerful signal to investors about the founder’s ability to execute. Conversely, a slow round raises doubts about traction, clarity of story, or leadership. 

This means being highly responsive, anticipating investor requests, and managing conversations in parallel to maintain momentum. Speed is not only about logistics but also about perception: investors extrapolate from a fundraising process to a company’s overall execution capability. 

Conclusion: Seasonality as an Additional Lever 

Seasonality in fundraising should be viewed as a pattern, not a prescription. Companies with strong momentum or compelling breakthroughs can raise capital at any point in the year. At the same time, being aware of the rhythms in investor activity can provide founders with an extra degree of leverage, helping them maintain momentum, shorten timelines, or create more favourable dynamics. 

At VinVentures, we partner with founders who are reshaping industries and defining what comes next. If you are building with that ambition, we want to hear from you.

Let’s talk if that’s you!

References: 

Drory, O. (2023, September 6). The Seasons of Fundraising. NFX. https://www.nfx.com/post/fundraising-seasons 

Lemkin, J. (2024, July 10). Every month is a good month to raise: What 42,000+ funding rounds tell us about raising capital in July. SaaStr. https://www.saastr.com/every-month-is-a-good-month-to-raise-what-42000-funding-rounds-tell-us-about-raising-capital-in-july/