Series A FundingPreparation Checklist
Complete preparation guide with 50+ essential requirements for Series A funding success. Based on analysis of 200+ funded startups and VC best practices.
Requirements
Essential checklist items covered
Funded Startups
Analysis of successful Series A rounds
Success Rate
Completion rate for prepared startups
Series A Preparation Requirements
Comprehensive checklist organized by the four key areas that VCs evaluate during Series A due diligence
Financial Foundation
Core financial metrics and documentation that VCs evaluate first
Annual Recurring Revenue (ARR) of $1M+
Minimum revenue threshold for most Series A rounds
Positive unit economics (LTV > 3x CAC)
Proof of sustainable business model economics
20%+ month-over-month growth rate
Consistent growth trajectory demonstrating scalability
Detailed 3-year financial model
Comprehensive projections with scenario planning
Monthly P&L, balance sheet, and cash flow statements
Professional financial reporting and bookkeeping
12-15 months current runway
Sufficient time for fundraising process
Business Traction
Market validation and customer traction indicators
Product-market fit validation
Strong customer retention and satisfaction metrics
Diverse customer base (no single customer >20% of revenue)
Reduced customer concentration risk
Net Revenue Retention (NRR) >100%
Existing customers growing their usage/spend
Customer case studies and references
Proof points for investor due diligence
Market size validation (TAM >$1B)
Large addressable market opportunity
Competitive differentiation analysis
Clear positioning vs. competitors
Team & Organization
Leadership team and organizational readiness
Complete C-suite team (CEO, CTO, at minimum)
Strong leadership foundation with complementary skills
Key team member retention agreements
Vesting schedules and retention incentives
Experienced advisory board
Industry experts and successful entrepreneurs
Scalable hiring plan and budget
Plan for team growth with funding
Clear organizational structure and reporting
Professional management structure
Employee handbook and HR policies
Professional HR foundation
Legal & Documentation
Corporate structure and legal compliance
Clean cap table with <20% employee pool
Well-structured equity distribution
Delaware C-Corp incorporation
Standard structure for VC investments
Board of directors established
Formal governance structure
Intellectual property protection (patents, trademarks)
Protected core technology and brand
Data room with organized documentation
All company documents accessible for due diligence
Legal compliance audit completed
No outstanding legal issues
Series A Fundraising Timeline
Typical 6-9 month Series A process broken down by phase and key activities
Pre-Fundraising (3-4 months)
Preparation and foundation building
Key Tasks:
Fundraising Launch (1-2 months)
Investor outreach and initial meetings
Key Tasks:
Due Diligence (4-6 weeks)
Deep investor evaluation and validation
Key Tasks:
Term Sheets & Closing (2-4 weeks)
Negotiation and deal completion
Key Tasks:
Avoid These Series A Pitfalls
Common mistakes that derail Series A fundraising efforts and how to avoid them
Starting fundraising too late
CriticalForces rushed decisions and weakens negotiation position
Solution:
Begin 6-9 months before runway ends, with 12-15 months remaining
Weak financial foundation
HighRaises questions about business viability and management capability
Solution:
Ensure clean books, professional reporting, and strong unit economics
Unprofessional data room
HighSlows due diligence and creates negative investor impression
Solution:
Organize documents professionally with clear folder structure
Targeting wrong investor types
High60% of rejections due to misaligned investor focus
Solution:
Research stage, sector, and geographic preferences carefully
Overly optimistic projections
MediumDamages credibility and creates unrealistic expectations
Solution:
Use conservative assumptions with scenario planning
Neglecting existing business during fundraising
MediumDeclining metrics during due diligence process
Solution:
Maintain business focus and delegate fundraising tasks
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Additional tools and guides to support your Series A fundraising journey