Raise a Seed Round
20 weeks · 3 milestones
Raise $1M–$5M from institutional seed investors.
Milestone map
Milestone map
3 milestones
Write the investment memo that will anchor your seed round. The investment memo is not the pitch deck — it is the written argument that a sophisticated investor would use to convince their partners to write a cheque. It must cover three things: the investment thesis (what do you believe to be true about this market that most people do not believe yet), the market size and structure (TAM/SAM/SOM, why the market is big, and why now is the right time), and your specific advantage (what makes your team or approach uniquely positioned to win this market at this moment). The memo is written evidence that you understand the fundraising argument you are about to make — it is not the deck.
Proof required
Share your investment memo (a Google Doc or PDF is acceptable). The memo must contain: (1) the investment thesis in 3–5 sentences that a stranger could read and either agree or disagree with; (2) market size with a bottom-up calculation (not just a top-down TAM number); (3) 'why now' — the specific change in the world (technical, regulatory, behavioural) that makes this the right time for this business; (4) your unfair advantage — not 'passion and hard work' but a specific asymmetric edge.
What gets checked
- Investment thesis is a falsifiable belief — it can be disagreed with by a reasonable person.
- Market size calculation is bottom-up — starts from a real unit of demand (number of addressable customers × ACV), not a macro market report citation.
- Unfair advantage is specific and not generic — 'we have domain expertise' without naming what specific knowledge advantage is not sufficient.
Resources
Enroll free to unlock learning resources →Mastery
Sequoia pitch framework
Tier 1 VC's framework for evaluating investment narratives — aligns memo structure with what institutional investors look for.
Unlocks after completing Foundation + Depth