Raise a Seed Round

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.

Common mistakes

• Investment thesis is not a thesis but a description: 'The market for X is large and growing' is not a belief about the world.
• Market size is top-down only: 'the global X market is $50B' with no bottoms-up validation — this is the most common investor objection at seed.
• 'Why now' is absent or generic: 'AI is transforming every industry' is not a specific why-now for your particular business.

Resources

What a verifier looks for

• Read the investment thesis and ask: 'Could a reasonable investor disagree with this?' If not, it is a description rather than a thesis.
• Check the market size calculation: is it bottom-up (starting from real customers) or top-down (starting from a market report)? Probe for the bottoms-up number if absent.
• The 'unfair advantage' is the hardest section to evaluate — ask: 'Why would you win this market rather than someone with more capital or an established player who decided to compete?' A specific answer (proprietary data, a technical breakthrough, deep relationships) is different from a motivational one.

You'll sign in first, then come straight back here.

Proof required

Share your fundraising tracker (a redacted spreadsheet or Airtable is acceptable — investor names can be anonymised; numbers must be real). The tracker must show: total investors contacted, number who responded, number who took a first meeting, number who requested materials after the meeting, and number currently in active conversation. Write one paragraph on the most common objection you have heard in first meetings and how you are addressing it.

What gets checked

• Tracker shows real numbers — total contacted is at least 20 investors (seed rounds are a numbers game at the top of funnel).
• Conversion rates are shown: contacted → responded → meeting is the minimum pipeline visible.
• Most common objection is specific — not 'they didn't think the market was big enough' but 'five investors said our bottoms-up TAM calculation implied a market of ~$200M which is too small for a $2M seed from their fund size'.

Common mistakes

• Fewer than 20 investors contacted — seed fundraising requires a broad top-of-funnel to find the right fit.
• Tracker has no conversion metrics — knowing how many meetings happened is not enough; the conversion from meeting to 'wants to proceed' is the leading indicator.
• Objection reflection is absent or generic — every fundraising process surfaces specific investor concerns that reveal how the market perceives your business.

Resources

What a verifier looks for

• The tracker must show at least 20 investors contacted — fewer than 20 means the process has not truly started.
• Conversion rates should be calculable from the tracker: response rate and meeting-to-proceed rate are the two key signals.
• The most common objection should be specific enough that it reveals something about the market's perception of the business — probe: 'What exactly did they say was the problem?' not 'What was the objection category?'

You'll sign in first, then come straight back here.

Proof required

Share a redacted screenshot of the signed term sheet or SAFE agreement (investor name and personal details can be redacted; the investment amount and date must be visible). Share a redacted screenshot of the capital received (bank statement or wire confirmation showing the investment amount). Write 150 words on the most important thing you learned about your business from investors who declined — specifically, what did the 'no' answers reveal that the 'yes' answers did not?

What gets checked

• Term sheet or SAFE is signed — a verbal commitment is not a closed round.
• Capital received is shown — a signed document without capital received means the round is not closed.
• Reflection on declining investors is specific — 'they didn't think the market was big enough' is specific; 'they weren't the right fit' is not.

Common mistakes

• Term sheet presented but no capital received screenshot — the round is not closed until the money is in the account.
• Reflection only covers what investors who said yes liked — declining investors reveal the real market perception of the business.
• 'What I learned' is complimentary: 'investors confirmed our market insight' means no learning happened from the fundraising process.

Resources

What a verifier looks for

• Both the signed document and the capital received must be present — a term sheet without a wire confirmation means the round is pending, not closed.
• The investment amount in the term sheet and the wire amount should match.
• The reflection on declining investors is the credibility signal — ask specifically: 'What was the most common objection from investors who said no?' and 'Did any no create a doubt in your own mind about the business?'

You'll sign in first, then come straight back here.