Corporate and cap table
This is where most delays happen. Get it clean before you open the round.
- Certificate of incorporation and all amendments
- Fully diluted cap table including SAFEs, notes and options
- Board and shareholder resolutions
- Founder vesting agreements and IP assignment
- Prior financing documents and side letters
Financial
Investors want to reconcile your narrative to your bank account.
- Last 24 months of monthly P&L, balance sheet and cash flow
- Revenue by customer and cohort retention
- Bank statements and current runway calculation
- Financial model with visible assumptions
- Tax filings and outstanding liabilities
Commercial and customers
Expect reference calls with two to five customers.
- Top customer contracts and standard terms
- Pipeline with stage-weighted values
- Churn analysis and reasons for loss
- Pricing history and discounting policy
Technical, product and security
- Architecture overview and scalability plan
- Security posture: encryption, access control, incident history
- Data protection compliance and processing agreements
- Third-party dependencies and licence review
- Product roadmap with resourcing
People and legal
- Org chart, key hires and compensation bands
- Employment and contractor agreements
- Registered IP, trademarks and domains
- Litigation, disputes and regulatory correspondence