Should I always send both?

No. Deck first, memo only after real engagement. Sending both cold overwhelms.

How long should the memo be?

4-8 pages of prose. Include appendix with cohort data, unit economics, and hiring plan.

Compare pitch decks and investor memos — when each format wins, structure, and how top funds prefer to consume material in 2026.

Decks win the first meeting. Memos win the partner meeting. Sending the wrong format at the wrong stage burns a shot at the fund.

Cold outreach, warm intros, first meeting. Visual, 10-14 slides, scannable in 3 minutes. This is the top-of-funnel format.

After the first partner meeting, when the fund is running diligence. 4-8 pages of prose, dense with data. Signals maturity and clear thinking.

Send the deck first, then follow up with a memo after the second call. Some top funds (Sequoia, USV) explicitly prefer this sequence.

Should I always send both?: No. Deck first, memo only after real engagement. Sending both cold overwhelms.
How long should the memo be?: 4-8 pages of prose. Include appendix with cohort data, unit economics, and hiring plan.