# Pass email template for declining founders kindly

> This pass email template has four versions for declining a startup: after an application with no meeting, after a first meeting, after diligence, and a genuine "not now" with a milestone. Each gives one specific, honest reason and tells the founder what happens next. Send a pass quickly, from a named person, and invite founders back only when you mean it. A clear no is kinder than silence.

Source: https://delsivo.com/templates/pass-email-template · Updated 2026-11-06

## Key takeaways

- Reply quickly. A fast no is more useful to a founder than a slow maybe.
- Give one real reason. Don't invent a softer one.
- Invite them back only with a specific milestone you would act on.
- Say what happens to documents they shared.

## Pass email template to copy

Choose the version for the stage the founder reached. The later the stage, the more reasoning they have earned.

Pass emails (plain text):

```text
VERSION 1: OUTSIDE OUR THESIS (after an application, no meeting)
Subject: Your application to [Fund name]

Hi [first name],

Thank you for applying to [Fund name] with [Company]. We've read your deck and decided not to take it further.

The reason is fit, not quality: we invest in [stage, sector or geography from your thesis], and [Company] is [the specific difference]. We'd rather tell you that clearly than keep you waiting.

[Optional, only if true: Founders building in this area sometimes speak with [type of investor], who focus on it.]

Best of luck with the raise,
[Name]

VERSION 2: AFTER A FIRST MEETING
Subject: [Company] and [Fund name]

Hi [first name],

Thanks again for the conversation on [day]. We've discussed [Company] as a team and decided not to invest at this stage.

The main reason: [one specific, honest reason, e.g. we weren't able to get comfortable with how quickly customers move from pilot to paid contracts].

[Optional: If that changes, for example [the milestone], we'd be glad to hear from you.]

Thank you for the time you put into this.
[Name]

VERSION 3: AFTER DILIGENCE
Subject: Our decision on [Company]

Hi [first name],

Thank you for the work you and the team put into our diligence over the past [weeks]. I'm sorry to say we've decided not to invest.

I'd like to give you our reasoning, because you've earned it:
- [Reason 1, specific]
- [Reason 2, if there is one]

We'll delete or return the documents you shared, in line with what we told you at the start. [Or: We will keep them for [period] and then delete them.]

If it would help, I'm happy to talk this through on a short call.
[Name]

VERSION 4: NOT NOW, AND WE MEAN IT
Subject: [Company]: not now, and here's what would change that

Hi [first name],

We've decided not to invest in this round, but we'd like to look again. Specifically, we'd want to see [measurable milestone] by around [month]. If you get there, please write to me directly and I'll make sure we take a fresh look.

[Name]
```

## When to send a pass

As soon as the team has decided. Many funds set a reply target for applications, such as two weeks, and keep to it. After a meeting or diligence, a call before the email is courteous, but follow it with the written version so the founder has the reason in writing.

## What to change

- Name the specific thesis criterion in version 1, using words a founder recognises.
- In version 2, choose the reason that actually decided it, not the easiest to say.
- In version 3, match the document sentence to what you told founders at the start of diligence.
- Sign with a person's name, not the fund's name alone.

## What to leave out

- "Too early for us" when the real reason is something else. Founders act on what you tell them.
- "Keep us posted" if you won't read the updates.
- Long critiques after an application-only review. You haven't earned that depth yet.
- Comments on the founders as people. Talk about the business and the evidence.

## Sending passes with or without Delsivo

These emails work from any inbox. In Delsivo, people decide every pass and approve every message to a founder before it is sent; the AI never declines a founder on its own. Tracking passed deals and revisit dates is planned for a later release; until then, keep a [revisit milestones note](https://delsivo.com/templates/revisit-milestones-note) for deals you want to see again.

## Frequently asked questions

### How do you say no to founders politely?

Quickly, from a named person, with one honest reason and a clear statement of what happens next. Avoid vague encouragement you don't mean.

### Should a VC give feedback when passing?

After a meeting or diligence, yes: a specific reason helps. After an application-only review, a clear fit reason is usually enough.

### How fast should a fund reply to an application it is passing on?

Within the time it promised on its application form. If it promised nothing, within two weeks is a reasonable aim.

## Related pages

- [Revisit milestones note](https://delsivo.com/templates/revisit-milestones-note)
- [Delsivo for founders](https://delsivo.com/founders)
- [Deal flow](https://delsivo.com/glossary/deal-flow)
- [How Delsivo works](https://delsivo.com/how-it-works)