We took a hybrid approach.

First, we compiled a list of the best possible investors (for us, Max Levchin was on the list given his PayPal background) and found ways to get to them. (warm introduction is best, but not always possible)

We also were very open to meeting people along the way through recommendations. For example, one of my good friends Nils Johnson knew Eric Dunn very well and recommended that we talk given his deep payments background. This conversation was what ultimately catalyzed our seed round.

I think cold emails to investors rarely work. What you really want to do is build a network of folks who believe in you. Hopefully some of those folks have money to invest, and others who don't can help add new nodes to the network.