Customer reference calls are one of the most underestimated moments in a fundraising round: 30 minutes between a VC and one of your customers can quietly make or break it. Founders should select the right customers, brief them properly and coordinate the calls, instead of sending investors a list of 20 customers to contact at will.
It’s not the pitch.
Not the deck.
Not even the first partner meeting.
It’s the reference call.
Those 30 minutes between a VC and one of your customers can quietly make – or break – your round.
And yet, most founders only start thinking about them after due diligence has already kicked off. Some don’t prepare at all.
They assume: “Our customers love us. What could go wrong?”
But here’s the thing:
Your customers aren’t trained in investor conversations.
They don’t know what VCs are really listening for.
They may say things that make sense from their perspective – but could be deeply misinterpreted by investors.
And: You don’t want your customers to walk away from the call thinking,
“Wait… are they running out of money?”
That’s the delicate part.
You need to strike a balance between confidence and transparency – without triggering concern or confusion.
That’s not something you can improvise.
You need to:
- Select the right customers
- Brief them properly
- Help them understand why they’re being asked
- Make sure they’re not caught off guard
- And prevent the chaos of 6 VCs calling the same 2 people in the same week
One of the worst things you can do?
Sending investors an Airtable list: “Here are 20 customers. Reach out to whoever you want.”
It feels open. But it’s risky.
You’re outsourcing a critical part of your round.
In this podcast snippet (in German), I share a real-world example of how not to do it.
Frequently asked questions
Why do customer reference calls matter in fundraising?
Those 30 minutes between a VC and one of your customers can quietly make or break your round. Yet most founders only start thinking about them after due diligence has already kicked off, and some don’t prepare at all.
What can go wrong in a customer reference call?
Customers aren’t trained in investor conversations and don’t know what VCs are listening for. They may say things that make sense from their perspective but are misinterpreted by investors, or leave the call wondering if the company is running out of money.
How should founders prepare customers for VC reference calls?
Select the right customers, brief them properly, help them understand why they are being asked, make sure they are not caught off guard, and prevent several VCs from calling the same people in the same week.
Should founders give investors a full list of customers to call?
No. Sending investors a list of 20 customers to contact at will feels open but is risky, because you are outsourcing a critical part of your round.
