Weeks 1–3: preparation
Write the narrative first, then build the deck. Assemble the data room, clean the cap table, and prepare a one-page metrics summary. Nothing external happens in this phase — and skipping it costs you a month later.
Weeks 4–5: warm-up and list building
Build the tiered target list and secure warm introductions. Send soft signals to investors who already know you so that first meetings land in the same fortnight.
Weeks 6–8: first meetings
Expect 25–40 first meetings for a seed round with a 20–30% conversion to second meetings. Track every conversation with the next step and owner — a process spreadsheet is not optional.
Weeks 9–11: partner meetings and deep dives
Funds run internal debate here. Provide the two or three artefacts that answer their specific objection quickly; speed of response is read as operational quality.
Weeks 12–13: term sheet
Negotiate with a lead while keeping the rest of the funnel alive. Do not sign exclusivity longer than three to four weeks.
Weeks 14–16: confirmatory diligence and close
Legal documentation, reference calls and closing mechanics. Money typically lands one to two weeks after signature. Budget runway assuming 20 weeks, not 16 — processes slip, and running out of cash mid-round destroys your leverage.