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Overview

You’ve learned the VC fundamentals, understood your fund, and know the common mistakes to avoid. Now it’s time to understand what you might actually build. Part 2 covers the different types of software that exist at VC funds, what they do, and when to prioritize building them. Before diving into each category, it’s important to understand that different parts of the tech stack matter to different people at the fund. Not every tool serves every stakeholder. Understanding who cares about what helps you find the right team to collaborate with on building your product.

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The Technology Landscape

Picture a typical scenario at most funds. Research is fragmented. Notes live in people’s heads, scattered across email threads, Slack messages, Google Docs, Notion pages, and personal notebooks. When someone researched a similar company six months ago, you can’t find their work. When you’re evaluating a founder who pitched you two years ago, you can’t remember what you learned back then. Research gets done, but it doesn’t accumulate into institutional knowledge. Deal flow is managed in spreadsheets or generic CRMs that don’t quite fit the workflow. Portfolio companies report metrics through email and inconsistent formats. LP reporting is a quarterly scramble to collect data from multiple sources. The fund’s website is static and rarely updated. Fundraising materials are cobbled together from various documents. This isn’t because funds don’t understand technology. It’s because VC tools are niche, workflows are specific, and off-the-shelf software rarely fits perfectly. Building custom tools can be transformative, but only if you build the right things for the right people at the right time.

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Who Cares About What

Different parts of the tech stack serve different stakeholders:

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Research Platforms

Primary users: GPs, Partners, Associates doing research Secondary users: Everyone benefits from institutional knowledge Value: Clarity of thought, thesis development, competitive advantage

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Sourcing Tools

Primary users: Deal team, Partners doing outbound Secondary users: Anyone identifying potential investments Value: Finding companies proactively, not just reacting to inbound

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CRM / Deal Flow Management

Primary users: Everyone on the investment team Secondary users: None, this is core infrastructure Value: Tracking relationships, managing pipeline, coordinating team

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Fund Operations

Primary users: CFO, Fund Administrator, Operations team Secondary users: GPs for fund performance visibility Value: Capital calls, distributions, LP reporting, compliance

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Portfolio Support

Primary users: Platform team, Operating Partners, Deal Team Secondary users: Portfolio companies themselves Value: Helping portfolio companies succeed, value-add services

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Fundraising

Primary users: Managing Partner, Investor Relations Secondary users: All partners during fundraising cycles Value: LP relationship management, fundraising materials

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Website & Public Presence

Primary users: Marketing, Investor Relations Secondary users: Everyone represents the fund externally Value: Brand, inbound deal flow, LP communication

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Understanding Priorities

Not all of these matter equally at every fund. A small seed fund with two partners has very different needs than a growth equity fund with 30 employees. Your priorities depend on: Fund size and stage: Early-stage funds need research and deal flow tools. Later-stage funds need robust operations and portfolio management. Multi-stage funds need everything. Team structure: Solo GPs can manage with simpler tools. Teams of five or more need collaboration infrastructure. Funds with dedicated platform teams need portfolio support tools. Strategy: Thesis-driven funds need research platforms. Network-driven funds need CRM. Operator funds need portfolio support tools. Existing tools: If you already have Affinity for CRM and Carta for fund admin, don’t rebuild those. Build what’s missing or what’s uniquely valuable to your strategy. Technical resources: One person can realistically build and maintain 1-2 substantial tools. Choose carefully.

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How This Section Works

Each chapter in Part 2 covers one category of VC software:
  • What it does and why it matters
  • Key features and workflows
  • Build vs. buy considerations
  • When to prioritize it
  • Common tools and approaches
  • Real examples where applicable
By the end of Part 2, you’ll understand the full landscape of what you could build and have a framework for deciding what to prioritize for your specific fund. We start with research platforms because they’re the foundation. Before you can source deals, manage pipeline, or support portfolio companies, you need clarity about where to invest. Research creates that clarity.