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For their April working paper, “Investor Influence on Media Coverage: Evidence from Venture-Capital-Backed Startups,” Baik and Shin analyzed media coverage and survey data from 399 VC investors across 382 firms worldwide. They relied on data from Pitchbook, which tracks startup fundraising and investor participation, and PitchBook News, a news analytics platform associated with PitchBook.
Their sample primarily included firms in software, industries that depend heavily on outside funding and public visibility to grow. About 41% of respondents were from the US, 30% from Europe, with the rest from Asia, the Middle East, and Africa.
To boost media coverage, the researchers found that 77% of venture capitalists said they actively take steps to raise the public profile of their portfolio companies. More than half said they engage journalists and use company blogs and press releases to promote investments.
Notably, VCs tend to focus their media efforts on their business-to-business (B2B) investments, early-stage startups, and companies for which they are the lead investor.
Independent, journalist-driven coverage has a stronger impact than company-issued press releases or VC-pushed announcements, Baik and Shin find.
Using data from Revelio Labs, they show that highly educated job seekers are more likely to apply to startups that gain earned media coverage from third-party outlets, compared with those relying mainly on their own press campaigns. That’s because when a startup attracts coverage from respected journalists or industry publications, it signals legitimacy to both investors and potential hires.
“It’s not just about disclosing new information,” Baik says. “In a startup context, it’s more about, ‘I didn’t even know that this startup existed.'”
Where and how investors build buzz
About 70% of venture-capital firms surveyed said they focus on niche or industry-specific outlets such as TechCrunch or BioSpace, while less than half said they target large national newspapers, and only about a quarter turn to local media.
“In order for startups to gain more traction, or maximize that benefit, going to the right audience is the most important,” says Baik. Coverage in a specialized outlet can be more influential than a brief mention in a general publication, particularly for B2B startups looking to connect with investors, partners, and technically skilled employees.
Geography and reputation amplify these effects. Startups backed by well-known VC firms — especially those based in media-dense hubs like San Francisco, Boston, and New York — tend to see a stronger media lift. Investors in these ecosystems not only have closer relationships with journalists but also greater access to press networks that can magnify a company’s story.
Knowing the importance of media coverage, founders and investors might consider:
Seeking partnerships with media strategy in mind. Founders would be wise to seek out reputable VCs with press connections that could propel their visibility.
Prioritizing the credibility of independent coverage. VCs and portfolio companies gain more from press attention they earn than from promotional blog posts.
Using media visibility as a recruiting magnet. Coverage in respected outlets can help attract skilled employees and advisers.
Keeping messaging aligned. While investors often shape how startups are portrayed, founders gain more from consistent messaging and coordinated efforts.
Baik cautions that startups should balance enthusiasm for publicity with discretion. “There’s a line between trying too much to gain publicity versus trying to be overly secretive,” he says. He adds that once a founder feels ready, publicity is helpful.
