Milestone map
Milestone map
3 milestones
Build and validate your Series A narrative
3–6 weeks (narrative + feedback rounds)
A Series A narrative is not a pitch deck — it's a coherent story: the market you're entering, why now, what you've proven so far, and why your team is the one to win it. Before building the deck, write a two-page narrative memo (the kind you'd send to an investor who asks 'tell me about your company in writing'). Test the narrative with at least 3 founders who have raised Series A and 2 current investors in your space — not mentors, not advisors, people with real capital allocation decisions.
Proof required
Submit your narrative memo (final version), notes from each of the 5 feedback conversations (one paragraph each), and a changelog showing what you revised after feedback and why.
What gets checked
- Memo includes a specific market sizing argument with a source, not just a TAM number from a research report.
- Feedback is from people with genuine Series A context — 3 A-round founders and 2 active investors in your sector.
- Changelog is specific: 'changed market framing from X to Y because investor 2 said X confused them with competitor Z'.
Common mistakes
- Building the deck before the narrative memo — the deck is a translation of the narrative, not the narrative itself.
- Testing with friendly advisors rather than people with allocation decisions — the feedback is less useful and doesn't preview real investor reactions.
- Market sizing memo that cites only Gartner or Forrester reports without a bottom-up check.
Resources
Foundationstart here
Depthgo deeper
What a verifier looks for
- Ask the founder to state the one-sentence reason why the market is ready for this now, not two years ago — if they struggle, the 'why now' isn't clear in the narrative.
- Ask who they got feedback from and what their connection to Series A is — if the reviewers don't have direct allocation experience, the feedback is limited.
- Ask what the hardest part of the narrative to defend was when challenged.
You'll sign in first, then come straight back here.
Build metrics package and data room
3–5 weeks (building the package)
Series A investors run a diligence process. Before you approach any lead investor, build the data room: a folder containing your metrics deck (MRR/ARR, growth rate, churn, CAC, LTV, burn rate, runway), 3 months of management accounts or P&Ls, cap table, customer references list (at least 5 customers willing to take calls), team bios, and any IP or legal documentation (incorporation papers, IP assignments). Run a mock diligence session with one person who has been on the investor side of a Series A process.
Proof required
Submit your metrics deck (company metrics for the last 12 months, or full history if <12 months), a screenshot showing your data room folder structure (you may redact company name), and a one-page summary of what the mock diligence session surfaced as gaps.
What gets checked
- Metrics deck shows month-over-month data for at least 6 months — trend matters more than a snapshot.
- Mock diligence reviewer is someone who has been on the investor side of a real A-round process — not a founder peer.
- Gap summary names specific documents or data points missing and the plan to address each before approaching lead investors.
Common mistakes
- Building a metrics deck that shows only positive metrics — investors will ask about churn, burn, and CAC regardless.
- Data room that has the documents but without the customer reference list — references are often the most-used diligence item.
- Skipping the mock diligence session because the data room 'looks complete' — gaps are only visible under questioning.
Resources
Foundationstart here
Depthgo deeper
What a verifier looks for
- Ask what the mock diligence session revealed as the biggest gap — vague answers mean the session wasn't rigorous.
- Ask what the current MRR growth rate is and how that compares to typical Series A expectations — they should know the benchmark.
- Check that customer references are real customers willing to take calls, not cheerleader contacts.
You'll sign in first, then come straight back here.
Close the round with a signed term sheet
3–6 months (running a fundraise process)
Run a structured process: 20 warm introductions to Series A funds (not cold emails), at least 5 partner meetings, and at least 1 term sheet. A term sheet is the milestone — not a verbal commitment, not 'very interested', not a soft circle. Document the process: who you approached, how you got introductions, which funds progressed to partner meetings, and what objections you heard at each stage.
Proof required
Submit a signed term sheet (with valuation, investment amount, and investor name visible — other terms may be redacted), your investor funnel log (20+ approaches → meetings → partner meetings → term sheet), and a one-paragraph reflection on what you'd do differently in the process.
What gets checked
- Term sheet is signed by both parties — not a LOI, not a verbal commitment, not a follow-on meeting invitation.
- Investor funnel log shows 20+ approaches, how each introduction was made, and progression or drop-off reasons.
- Reflection names a specific decision in the process that, in retrospect, was wrong — not a general 'I'd start earlier' observation.
Common mistakes
- Starting the fundraise before the data room is complete — investors who can't diligence efficiently pass quickly.
- Accepting introductions from anyone regardless of fund fit — a warm intro to a consumer fund for a B2B product wastes everyone's time.
- Stopping the process at first term sheet before fully evaluating investor fit — the right investor matters as much as the capital.
Resources
Foundationstart here
Depthgo deeper
What a verifier looks for
- Verify the term sheet shows signatures from both parties — not a draft or redlined version.
- Ask what the most common objection was across all partner meetings — patterns in investor objections reveal real weaknesses in the narrative or metrics.
- Ask what they would change about how they managed the process — the reflection reveals whether they ran a structured process or a reactive one.
You'll sign in first, then come straight back here.
Part of