FAMILY offices are becoming increasingly important players in the startup ecosystem, with a recent report from PwC revealing that they invested 27% of overall startup deal value in the first half of 2023. However, unlike traditional venture capitalists, family offices can be a mysterious and elusive class of investors for founders to navigate.

According to Bruce Lee, founder and CEO of Keebeck Wealth Management, and Eti Lazarian, principal at Elle Family Office, the key to approaching family offices is to seek out those with alignment with what a startup is building. This means finding family offices that have made their wealth in the same sector as the startup, allowing them to add strategic value to the investment.

Family offices are not just valuable for their financial investment, but also for the emotional investment they bring. Unlike traditional VCs, family offices tend to invest in companies they care about on an emotional level, making them more flexible and patient investors. Industry or regional conferences are a great place for founders to meet family offices in their respective industries, and once connected, startups should be prepared to pitch their projections and metrics, rather than just their dreams and aspirations.