When VCs ask to speak to a B2B startup’s customers, those reference calls can reinforce the narrative or create new doubts. A six-step approach helps: choose who investors speak to, select the right customers, frame the ask thoughtfully, prepare your champions, follow up with the VC, and thank your customers afterwards.
If you’re a B2B company raising a round, at some point VCs will ask to speak to your customers.
Simple in theory. Risky in practice.
Handled well, these calls can reinforce your narrative and accelerate conviction.
Handled poorly, they can introduce confusion – or even create new doubts.
Here’s a proven 6-step approach from my FundraisingCOUP program:
1. Choose who they speak to
Don’t let VCs approach customers without your OK. It’s fair to insist they only speak to those you’ve aligned with.
2. Select the right customers
Who loves your product? Who speaks fluent English? Who truly gets what you’re building today (not what you were two pivots ago)?
3. Frame the ask thoughtfully
Don’t say, “Hey, we’re trying to raise money. Can you talk to this investor?”
Instead: Let them know top-tier investors are excited about your traction. Make them feel part of the journey. This builds emotional commitment.
4. Prep your champions
Send a short FAQ about what the call is, why it matters, and what to expect. Remind them of your current vision and positioning. No need to script answers – just help them feel ready.
5. Follow up with the VC
Ask how the call went. It shows you care and gives you a chance to clear up confusion before it spreads.
6. Thank your customers
Check in with them. Appreciate their time. Maybe even send a small gift. This strengthens relationships – and makes them more likely to help again.
Reference calls aren’t just due diligence. They’re an opportunity to activate your strongest advocates.
Frequently asked questions
Should founders let VCs contact any customer for references?
No. Don’t let VCs approach customers without your OK. It’s fair to insist they only speak to customers you have aligned with.
Which customers should do VC reference calls?
Customers who love your product, speak fluent English and truly understand what you are building today, not what you were two pivots ago.
How do you ask a customer to take a reference call?
Don’t frame it as needing help to raise money. Let them know top-tier investors are excited about your traction and make them feel part of the journey, then send a short FAQ about what the call is and what to expect.
What should founders do after a customer reference call?
Ask the VC how the call went, so you can clear up confusion before it spreads. Then thank your customers for their time, maybe with a small gift.
