Raising your Series A is a big milestone. But alongside the excitement comes investor due diligence, a process that can make or break your round.
Don’t worry — you can get ahead of it.
What is it?
Due diligence is the deep-dive process VCs use to verify everything you’ve pitched. It goes beyond belief in your vision — they want proof: solid financials, clean legal docs, clear operations, IP ownership, and a credible team.
Think of it as a full-body scan of your business.
The Series A Founder’s Due Diligence Checklist
VCs (or their lawyers) will send you their standard 'due diligence questionnaire', usually after a term sheet has been signed.
Here’s what they typically look for and what you should have ready:
1. Financials
Updated P&L, balance sheet, and cash flow statements
Historical financials & forward projections
Clean cap table with ownership clarity
Revenue proof (e.g. bank statements, invoices)
2. Legals
Constitution, founders' agreements, reverse vesting agreements, and shareholders' agreements
Details of options, convertible notes, SAFEs, and warrants
IP assignments, patents, and third-party licenses
Key contracts (customers, vendors, partners)
Employment and compliance documentation
3. Operations
GTM plans, pipeline reports, customer references
Org charts, team roles, and internal process docs
Security and compliance policies (e.g., data protection)
4. Tech & Product
Roadmaps, architecture overviews, and technical docs
Access to code repositories
Third-party tool dependencies
5. Founding Team
Bios and references for founders
Background checks if requested
Tips to stay ahead
Set up a digital data room early and keep it tidy (e.g. OneDrive, Google Drive)
Answer tough questions up front to show control and ownership
Be transparent. People respect honesty and preparation more than perfection.
Due diligence isn’t just red tape — it’s your chance to prove you’re ready to scale.
And trust us, nail the diligence process, and you’ll fast-track the close.
Fundraising in 2025
At our firm, we work with founders and investors at every stage of the fundraising journey — from term sheet to cash in the bank.
We help you prepare and negotiate term sheets, structure investment rounds, implement share option schemes, and resolve founder equity arrangements.
We also help you tell your story, in a way that builds confidence on both sides of the table.
If you’re thinking about raising capital this year — or advising a team who is — we’d be happy to speak with you about how to frame your position, protect your interests, and strengthen your outcome.