Why do VCs count cold emails in their total deal flow funnel review list if they are so low value?

I’m not sure the very, very. Very. best VC firms and GPs ever really talk about deal flow as a core metric.

It’s like pipeline.  Yes, it matters.  But in the end, who cares.  It what you close that matters.

Still, to answer the question: VCs have different views on cold email.  Does a random inbound email from a startup that has zero chance of getting funded “count”?  Probably not.

But also, at the earlier stages at least, many of the top VCs have done great deals from cold inbound.  So those do count. 🙂