Ask HN: How do startups decide which VC firms to approach first?

I founded a fintech company late last year and have been focused on developing the MVP and signing up alpha testers, key employees, advisors and potentially an independent board member. All is progressing, however, I anticipate reaching out for external capital in march/april - and I'm at a loss at how to structure my search for which VCs to approach first. Or in otherwords, how do other startups develop their target list of VCs to approach first and pitch?

I've identified Pitcbhook as a resource for researching VCs and thier portfolio companies, despite what seems to be expensive pricing. Also the thefunded.com, which appears to be a yelp-like service for entrepreneurs. Do people use placement agents like PE firms do? Bankers - i'm guessing no. Is it all networking and asking around?

Any insight would be much appreciated.