Chart: Carta / Peter Walker
The seed-to-Series-A gap
A two-year cohort metric reveals a tighter path after the boom.
The founder desk
Raise with a reason.
Negotiate with context.
A useful fundraising process begins with evidence: what the money buys, what the terms change, and who can support the next stage.
A decision framework / editorial analysis
Make the next milestone
more concrete than the next valuation.
Use these questions to structure your preparation. They are a review framework, not a promise about a financing timeline or outcome.
01
Name the milestone
Write down the specific operating result the money should produce. Attach a date, a cost and a way to measure progress.
02
Model the downside
Reconcile the current cap table and build financing scenarios. Ask what changes if the process takes longer or the round is smaller.
03
Check investor fit
Separate a firm’s brand from the partner, strategy and fund behind a proposed check. Keep participation and leadership distinct.
04
Compare the whole deal
Read ownership, preference and governance together. Save assumptions beside the model so the final documents can be reconciled.
Practical field notes
Bring better questions.
Artwork: Carta
Build the cap table before you compare the offers.
A practical sequence for turning term sheets into comparable ownership scenarios.
Document: US Securities and Exchange Commission
A Form D is a clue. Read the fields before the headline.
Distinguish an offering target, securities sold and capital available to invest.