category: template

region: global

stage: all

title: Pitch Deck Structure — 12 Slides (Global Standard)

content:
# Pitch Deck — 12 Slide Framework

## Slide 1: Cover
Company name, tagline (≤10 words), logo, presenter name, date, CONFIDENTIAL

## Slide 2: Problem
- 1 specific pain point, quantified (€/h/% lost)
- Who suffers? (ICP — Ideal Customer Profile)
- Why now? (market shift, regulation, technology)
- Emotional hook: story of one real customer

## Slide 3: Solution
- Product screenshot or 30-sec demo GIF
- "We do X for Y so they can Z"
- 3 key differentiators MAX
- Do NOT list features — show outcome

## Slide 4: Market Size
- TAM (Total Addressable Market) — top-down
- SAM (Serviceable Addressable Market) — bottom-up validated
- SOM (Serviceable Obtainable Market) — realistic 3-year target
- Source every number (Gartner, IDC, Statista, government data)
- Minimum: €1B TAM for VC interest

## Slide 5: Product / Traction
- Core product visual + 3 key features
- Traction table: MRR, ARR, DAU/MAU, NPS, churn, growth %
- Key milestones hit
- If early: pilots, LOIs, waitlist size

## Slide 6: Business Model
- Revenue streams with unit economics
- Pricing tiers (3 max)
- CAC, LTV, LTV/CAC ratio (target: >3×)
- Gross margin % (SaaS target: >70%)
- Path to profitability

## Slide 7: Go-to-Market
- Channel breakdown (paid/organic/partnerships/direct)
- First 100 customers strategy
- Land-and-expand motion
- Sales cycle length + ACV by segment

## Slide 8: Competition
- 2×2 matrix (axes = your 2 key differentiators)
- Why existing solutions fail
- Moat: tech IP / data / network / switching cost / brand
- "We win because..." — one clear sentence

## Slide 9: Team
- Photos + titles + 2 relevant lines each
- Relevant exits or domain expertise
- Advisors (only if genuinely involved)
- Key hires needed (shows self-awareness)

## Slide 10: Financials
- 3-year P&L projection (monthly Y1, quarterly Y2-3)
- Key assumptions listed
- Current burn rate + runway
- Break-even month highlighted
- Conservative / base / optimistic scenario

## Slide 11: The Ask
- Amount raising: €X
- Round type: Seed / Series A / etc.
- Instrument: SAFE / Convertible Note / Priced equity
- Lead investor target + co-investors
- Use of funds (pie chart or bar): product X%, sales X%, ops X%

## Slide 12: Vision / Why Now
- 3-year north star metric
- Exit scenarios: IPO / strategic acquisition / merger
- Comparable exits in your space
- Single memorable closing line

## Appendix (optional)
- Detailed financials, cohort analysis, technical architecture, cap table

format: markdown

source: Sequoia Capital Pitch Advice + YC Application


title: Executive Summary — 1-Page Template

content:
# Executive Summary Template (1 page / 500 words max)

**[COMPANY NAME]** — [One-line tagline]

## The Problem
[2-3 sentences: what pain, who has it, how big is it in €]

## Our Solution
[2-3 sentences: what you built, how it works, key differentiator]

## Traction
| Metric | Value |
|--------|-------|
| MRR/ARR | €X |
| Customers | X paying |
| Growth MoM | X% |
| Gross Margin | X% |

## Market
- TAM: €Xbn | SAM: €Xm | SOM: €Xm (3yr)
- Source: [Gartner/IDC/custom research]

## Business Model
[Pricing: €X/month/seat. LTV €X, CAC €X, LTV:CAC X:1]

## Team
- [Name], CEO — [2 relevant lines]
- [Name], CTO — [2 relevant lines]
- [Name], [Role] — [2 relevant lines]

## The Ask
Raising **€[amount]** [instrument: SAFE/Convertible/Equity]
Use of funds: [Product X% / GTM X% / Ops X%]

## Contact
[Name] | [email] | [LinkedIn] | [website]

source: YC + Sequoia formats


region: eu

stage: seed

title: Term Sheet — EU/DACH Convertible Loan (Wandeldarlehen)

content:
# Convertible Loan Agreement — Key Terms (EU/DACH Standard)

## Parties
- Investor: [Name/Entity]
- Company: [GmbH/AG]
- Date: [Date]

## Financial Terms
- **Principal Amount:** €[X]
- **Interest Rate:** 0% – 8% p.a. (market: 4-6% for seed)
- **Term:** 18–24 months (trigger: next equity round or maturity)
- **Valuation Cap:** €[X] pre-money (negotiate: 3-5× current revenue or market comp)
- **Discount:** 15-25% on conversion price (market standard: 20%)
- **Minimum Qualified Round:** €[X] (typically 3-5× loan amount)

## Conversion
- **Auto-conversion trigger:** qualified equity financing ≥ €[minimum]
- **Conversion price:** lower of (cap ÷ shares) or (round price × (1 - discount))
- **Maturity conversion:** at investor's option at cap price or repayment

## Investor Protections
- MFN (Most Favored Nation) clause: yes/no
- Pro-rata right in next round: yes (up to 2× invested amount)
- Information rights: quarterly P&L + bank statement
- Board observer seat: at €[threshold]+ investment

## Repayment
- On maturity without qualified round: principal + accrued interest
- Change of control: 1.5× principal OR conversion at cap price

## Governing Law
- Germany: BGB §§ 488ff, GmbHG
- Austria: ABGB
- Switzerland: OR

## Red Flags to Avoid
- Full ratchet anti-dilution (use broad-based weighted average)
- >2× liquidation preference
- Participating preferred without cap
- No time limit on investor approval rights

source: German Startup Association (Bundesverband Deutsche Startups)


region: us

title: SAFE Note — Y Combinator Standard (Post-Money)

content:
# SAFE (Simple Agreement for Future Equity) — Key Terms

## YC Post-Money SAFE (2018 version — industry standard)

### Core Terms
- **Investment Amount:** $[X]
- **Post-Money Valuation Cap:** $[X]
  (pre-money equivalent ≈ cap - all SAFEs + this SAFE)
- **Discount Rate:** [none | 10-20%] (most seed SAFEs: no discount if cap exists)
- **MFN:** included in YC standard form

### How Conversion Works
On a priced round, SAFE converts at:
`conversion_price = min(cap / post_money_shares, round_price × (1 - discount))`

Post-money cap = you know your dilution at signing. Pre-money cap = you don't.
**Always use post-money cap.**

### Pro-Rata Rights
- Standard: no pro-rata in YC SAFE
- Negotiate: "Major Investor" pro-rata side letter at $[threshold]+

### Dissolution / Liquidity
- M&A before conversion: 1× return OR convert at cap
- IPO: converts like Series A preferred

### What SAFE Does NOT Include
- Interest (unlike convertible note)
- Maturity date
- Repayment obligation
- Board seat (usually)

### 4 SAFE Variants
1. **Cap, no discount** — most founder-friendly, most common seed
2. **Cap + discount** — common for bridge rounds
3. **No cap, discount** — rare, investor-friendly
4. **MFN only** — for very early (pre-product) investments

### Filing & Legal
- Delaware C-Corp only
- File with cap table software (Carta, Pulley, Capdesk)
- Board resolution required
- No 409A impact (until conversion)
- Section 1202 QSBS eligibility: maintained

Source: ycombinator.com/documents

source: Y Combinator


title: Data Room Structure — Investor Due Diligence

content:
# Fundraising Data Room Structure

## Folder Structure
```
📁 [Company] Data Room — [Round] [Date]
├── 00_Executive
│   ├── Pitch Deck (latest).pdf
│   ├── Executive Summary.pdf
│   ├── One-Pager.pdf
│   └── Investor Update (last 3).pdf
│
├── 01_Legal
│   ├── Certificate of Incorporation
│   ├── Articles of Association (current)
│   ├── Shareholder Register
│   ├── Board Resolutions (significant)
│   ├── Cap Table (Carta export or Excel)
│   ├── Existing Agreements (SAFEs, convertible notes)
│   ├── Option Pool (ESOP plan + grants)
│   └── IP Assignments (founders + employees)
│
├── 02_Financial
│   ├── P&L — Last 24 months (actual)
│   ├── Balance Sheet — Current
│   ├── Cash Flow — Actual vs projected
│   ├── Financial Model — 3yr projection
│   ├── Bank Statements — Last 6 months
│   ├── Revenue Details (by customer/segment)
│   └── Tax Returns — Last 2 years
│
├── 03_Product
│   ├── Product Roadmap (12 months)
│   ├── Technical Architecture
│   ├── Security Overview
│   ├── Patents / IP documentation
│   └── Demo video / walkthrough
│
├── 04_Commercial
│   ├── Customer List (top 20 + metrics)
│   ├── Sample Contracts (redacted)
│   ├── Pipeline (CRM export)
│   ├── Churn Analysis
│   ├── NPS / Customer Feedback
│   └── Reference Customers (3-5)
│
├── 05_Team
│   ├── Org Chart
│   ├── Employment Agreements (key team)
│   ├── Contractor Agreements
│   ├── Advisor Agreements
│   └── LinkedIn profiles (key team)
│
└── 06_Market
    ├── Market Research
    ├── Competitive Analysis
    ├── Customer Interviews (5+)
    └── Press / Media Coverage
```

## Access Control
- NDA required before link sharing
- Expiring links (DocSend/Notion/Dealroom)
- Track: who viewed, which slides, time spent
- Redact: employee salaries, individual customer revenue

## Red Flags Investors Look For
- Missing IP assignments from founders
- No ESOP plan or vague cap table
- Missing early customer contracts
- Inconsistency between deck numbers and financials
- No documentation of key decisions/board resolutions

source: DocSend + Notion + Dealroom best practices


category: standard

subcategory: regulation

title: SEC Regulation D — US Private Placement Rules

content:
# SEC Regulation D — Private Fundraising in the US

## What It Is
Reg D is a SEC safe harbor allowing companies to raise unlimited capital
from accredited investors without full SEC registration.

## Key Exemptions
### Rule 506(b) — Most Common
- Up to 35 non-accredited sophisticated investors + unlimited accredited
- NO general solicitation allowed (no public advertising, LinkedIn posts, etc.)
- Accredited investors: self-certified
- Must file Form D within 15 days of first sale
- No limit on raise amount

### Rule 506(c) — General Solicitation Allowed
- Only accredited investors
- Must VERIFY accredited status (tax returns, bank statements, third-party letter)
- Can publicly advertise the offering
- File Form D within 15 days

## Accredited Investor Definition (2020 update)
Individual: net worth >$1M (ex primary residence) OR income >$200K ($300K joint) last 2 years
Entity: assets >$5M OR all equity owners are accredited
New: Series 65 license holders, knowledgeable employees of private funds

## Form D Filing
- File at sec.gov/cgi-bin/browse-edgar
- Required: company info, exemption type, amount, investors, date
- Annual amendment if raise continues >12 months
- State blue sky filings also required (each state where investors located)

## Common Mistakes
- General solicitation under 506(b) = immediate disqualification
- Missing Form D filing = potential SEC enforcement
- Selling to non-accredited without proper disclosure
- Not checking state securities laws (blue sky)

## For European companies raising in US
- Delaware C-Corp strongly preferred
- Avoid raising from >35 US persons in any 12-month period without SEC compliance
- PIPE (Private Investment in Public Equity) for public companies: different rules


title: EU Prospectus Regulation + ESMA Crowdfunding

content:
# EU Fundraising Regulations

## EU Prospectus Regulation (2021)
### When a Prospectus is Required
- Public offering of securities ≥ €8M (raised from Regulation 2021/337)
- Cross-border EU offering

### Exemptions (no prospectus needed)
- Offering to fewer than 150 persons per member state
- Minimum denomination ≥ €100,000
- Total raise < €8M over 12 months (national regime)
- Offering only to qualified investors (institutional)

### Simplified Prospectus
- SME Growth Markets exemption
- Maximum 75 pages
- For companies listed on SME growth markets

## ESMA Crowdfunding Regulation (EU) 2020/1503
### Scope
- Applies to crowdfunding service providers in EU
- Covers: equity crowdfunding, loan-based crowdfunding
- Maximum per project: €5M per 12-month rolling period

### Key Rules for Platforms
- ESMA authorisation required
- KYC for investors: basic (≤€1K) and sophisticated (unlimited)
- Non-sophisticated investor: 30-day reflection period
- Investment limit per non-sophisticated: €1,000 or 10% annual income

### Country-Specific National Regimes (≤€5M)
| Country | Threshold | Authority |
|---------|-----------|-----------|
| Germany | €6M (VermAnlG) | BaFin |
| France | €8M | AMF |
| Netherlands | €5M | AFM |
| Spain | €5M | CNMV |
| Romania | €5M | ASF |

## AIFMD (Alternative Investment Fund Managers Directive)
- Applies to: VCs, PE funds, hedge funds >€100M
- Authorization required in EU member state
- NPPR (National Private Placement Regime) for non-EU managers

source: EUR-Lex + ESMA


region: dach

title: Germany Fundraising — BaFin + INVEST Program

content:
# Germany Startup Fundraising Standards

## BaFin Regulatory Framework
### VermAnlG (Vermögensanlagengesetz)
- Applies to: profit-sharing rights, subordinated loans, silent partnerships
- Prospectus required for: >€2.5M OR >20 investors
- Exemptions: <€100K total, max 20 investors, or qualified investors only
- Crowdinvesting exemption: up to €6M via licensed platform (§2a VermAnlG)

### WpPG (Wertpapierprospektgesetz)
- Applies to transferable securities (GmbH shares are NOT transferable securities)
- AG (Aktiengesellschaft) shares: WpPG applies
- GmbH shares: VermAnlG or private placement exemption

## INVEST Program (Bundesamt für Wirtschaft und Ausfuhrkontrolle)
### For Business Angels investing in German startups
- State refund: 20% of investment for angels (up to €500K investment = €100K refund)
- Company eligibility: <7 years old, <250 employees, <€50M revenue
- Investment minimum: €10,000 per investor
- Angel holds shares: minimum 3 years
- Application: bafa.de before investment

## KfW Programs (Kreditanstalt für Wiederaufbau)
- **ERP-Gründerkredit StartGeld:** up to €125K, 80% guarantee, <5 years old
- **ERP-Gründerkredit Universell:** up to €25M for growth
- **KfW Venture Fonds:** co-investment with private VCs (pari passu)
- Via partner banks (Sparkasse, Deutsche Bank, etc.)

## High-Tech Gründerfonds (HTGF)
- Germany's most active seed investor
- Ticket: €600K-€3M seed, can follow on
- Takes 15% + convertible loan
- Sector focus: technology, science-based
- Apply: htgf.de/en

## Key DACH VC Ecosystem
- HV Capital (Munich/Berlin): Series A-C, €5M-€50M
- Earlybird: pan-European, deep tech + digital
- Cherry Ventures: pre-seed/seed, consumer + B2B
- Project A: seed + Series A, operational support
- Lakestar: growth stage, €10M-€100M
- Cavalry Ventures: pre-seed, Berlin ecosystem

source: BaFin.de + BAFA.de + HTGF


region: uk

title: UK EIS/SEIS — Tax Relief for Startup Investors

content:
# UK Enterprise Investment Scheme (EIS & SEIS)

## SEIS — Seed Enterprise Investment Scheme
### Investor Benefits
- **50% income tax relief** on investment amount (up to £200K/year)
- **CGT exemption** on gains if held 3+ years
- **Loss relief**: offset losses against income tax at marginal rate
- **CGT deferral** on previous gains reinvested via SEIS

### Company Eligibility
- UK resident trading company
- Assets < £350K at time of investment (raised 2023)
- Fewer than 25 full-time employees
- Less than 2 years old (trading start)
- NOT: property, hotels, nursing homes, financial services

### Max Raise: £250,000 lifetime per company via SEIS

## EIS — Enterprise Investment Scheme
### Investor Benefits
- **30% income tax relief** on investment (up to £1M/year; £2M if knowledge-intensive)
- **CGT exemption** on gains if held 3+ years
- **Loss relief** + **CGT deferral**
- Estate planning: IHT exemption after 2 years

### Company Eligibility
- UK resident, qualifying trade (broader than SEIS)
- Assets < £15M before raise
- Fewer than 250 full-time employees
- Within 7 years of first commercial sale

### Max Raise: £5M/year, £12M lifetime (£20M for knowledge-intensive)

## HMRC Process
1. Company applies for HMRC Advance Assurance (recommended, not required)
2. Investment made → company files EIS1/SEIS1 with HMRC
3. HMRC issues EIS3/SEIS3 certificates to investors (4-8 weeks)
4. Investors claim tax relief on self-assessment

## Knowledge-Intensive Companies (KIC)
- R&D spending: >15% of operating costs in last 3 years OR >10% in each of last 3
- OR: creating/acquiring intellectual property
- Doubled limits: £2M investor annual relief, £20M company lifetime

## British Business Bank
- Future Fund: matched convertible loans (COVID era, now closed)
- British Patient Capital: LP in VC funds
- Enterprise Capital Funds: VC fund-of-funds backing UK VCs
- Start Up Loans: up to £25K, personal loan, no equity

source: HMRC + British Business Bank


region: ro

title: Romania Startup Funding — Grants + Ecosystem

content:
# Romania Startup Fundraising

## Legal Structure
- **SRL** (Societate cu Răspundere Limitată): standard for startups
  - Minimum capital: 200 RON (symbolic)
  - Shares: parts sociale (not freely transferable without notarial act)
  - For VC investment: often converted to SA before Series A
- **SA** (Societate pe Acțiuni): for larger raises, stock options easier
  - Minimum capital: 90,000 RON
  - Required for: stock exchange listing, ESOP structures

## ASF (Autoritatea de Supraveghere Financiară)
- Regulates: securities, crowdfunding platforms
- Prospectus threshold: €8M (EU standard applies)
- Crowdfunding: ESMA Regulation applies from 2023
- Licensed platforms: seedblink.com (most active RO equity crowdfunding)

## Grants & Non-Dilutive Funding
### PNRR (Plan Național de Redresare și Reziliență)
- Component 9 — Suport pentru sectorul privat
- Digitalizare: up to €1M per SME
- Apply via: fonduri-structurale.ro

### StartUp Nation România
- Up to €45,000 non-refundable per startup
- Requirements: create ≥1 job, maintain 3 years
- Open periodically via imm.gov.ro

### IMM Invest Plus
- Loan guarantees up to 90% for SMEs
- Via commercial banks (BCR, BRD, ING)
- For: working capital + investments

### Horizon Europe (for RO companies)
- EIC Accelerator: up to €2.5M grant + €15M equity
- Open: eic.ec.europa.eu
- No repayment for grant portion

## Active Romanian Investors
- **Early Game Ventures**: pre-seed/seed, €100K-€500K, tech focus
- **GapMinder VC**: seed-Series A, €500K-€3M, regional
- **ROCA-X**: seed/Series A, smart capital
- **Morphosis Capital**: growth equity, €2M-€10M
- **Catalyst Romania Fund**: SME growth, IFC backed
- **SeedBlink**: equity crowdfunding, average €500K rounds

## Key Events
- How to Web (Bucharest, October): largest startup conference RO
- Innovation Labs: accelerator (Bucharest + Cluj)
- Spherik Accelerator (Cluj-Napoca)
- TechAngels: angel network

source: ASF.ro + fonduri-structurale.ro


category: protocol

title: Investor Outreach Protocol — CRM + Pipeline

content:
# Investor Outreach Protocol

## Phase 1: Research & Targeting (2-4 weeks before launch)
1. Build target list: 100-150 investors (VCs + angels + family offices)
2. Qualify each: portfolio fit, stage, check size, lead/follow
3. Tier them:
   - Tier A (20-30): dream investors, best fit, warm intro needed
   - Tier B (40-50): good fit, can cold outreach
   - Tier C (30-40): fallback, less ideal

## Phase 2: Warm Intro Mapping
- Map your network to Tier A investors via LinkedIn
- Ask 3 specific people for intros (not broadcast)
- Intro request template:
  > "Hi [Name], I'm raising [round] for [Company].
  > I'd love a warm intro to [Investor] at [Fund].
  > I've prepared a 2-sentence blurb if you need it. Worth your while?"

## Phase 3: Launch (structured 4-week window)
- Start with Tier B (practice conversations)
- Week 2: Tier A meetings (momentum from earlier interest)
- Never: first meeting = pitch. First meeting = founder story + listening
- Target: 3-5 meetings/week, no more (you still run the company)

## CRM Structure (Notion/Airtable/Attio)
| Field | Values |
|-------|--------|
| Status | Researching / Emailing / Intro Requested / Meeting Scheduled / Pitched / DD / Term Sheet / Passed / Closed |
| Last Contact | Date |
| Next Action | Text |
| Partner | Name at fund |
| Check Size | Range |
| Fit | 1-5 stars |

## Cold Outreach Formula
Subject: "[Warm connection] → [Company] — [1 number that matters]"
Body (5 sentences MAX):
1. Who you are (1 line)
2. What you built (1 line)
3. Why them specifically (1 line — shows homework)
4. The number (traction/milestone)
5. CTA: "15 min call this week?"

## Follow-Up Rules
- No response: follow up once after 5 business days
- After meeting: follow up within 24h with deck + data room link
- "We'll be in touch": follow up with monthly investor updates
- Soft no: ask for one intro/referral

## Momentum Tactics
- Create FOMO: "We're closing in 3 weeks"
- Social proof: "We have a term sheet from [credible fund]"
- Anchor: set deadline before you have one (works)

source: Ycombinator + FirstRound Capital playbooks


title: Due Diligence Checklist — Sell-Side Preparation

content:
# Due Diligence Preparation Protocol (Founders)

## Before DD Starts — Pre-Flight Checklist
- [ ] Cap table clean and current (Carta/Pulley/spreadsheet)
- [ ] All IP assigned to company (founder IP assignment agreements)
- [ ] Employment agreements for all employees
- [ ] Contractor agreements with IP assignment clause
- [ ] Clean data room (no personal files, no draft documents)

## Legal DD — Common Red Flags & Fixes
### Cap Table Issues
- [ ] Unvested founder shares with cliff + 4yr vesting
- [ ] Pre-incorporation IP (what did founders build before company?)
- [ ] Missing 83(b) elections (US) — cannot be fixed retroactively
- [ ] Option grants missing board approval
- FIX: Clean up 3-6 months before raise

### Contract Risks
- [ ] Revenue recognition: is ARR recognized correctly?
- [ ] Customer contracts: auto-renewal, termination, IP ownership clauses
- [ ] Key supplier contracts: change-of-control provisions
- [ ] Open source licenses: GPL contamination check

## Financial DD — What Investors Verify
- Monthly cohort retention (logo and revenue)
- CAC by channel (don't blend channels)
- Gross margin at unit level (exclude amortized costs)
- Deferred revenue recognition
- Related-party transactions

## Technical DD (Series A+)
- Code quality: automated tests coverage %
- Security: penetration test (at least self-assessment)
- Scalability: architecture can handle 10× without full rewrite?
- Key person risk: is critical code known only to 1 person?
- Third-party dependencies: key vendor contracts, API terms

## 10 Questions Every Investor Will Ask
1. Why hasn't [bigger competitor] done this?
2. What happens if Google/Microsoft builds this?
3. What's your real CAC (not blended)?
4. What's your net revenue retention (NRR)?
5. Why will you win vs the 5 others doing this?
6. Why are you the right team?
7. What do your best customers say about you?
8. What would you do differently with 10× the money?
9. What keeps you up at night?
10. What's your 5-year exit scenario?

## Red Lines (auto-pass for most VCs)
- Founder with criminal record (undisclosed)
- Revenue restatement required
- Core IP not owned by company
- Key customer = related party
- No product-market fit evidence

format: checklist

source: FirstRound + a16z DD playbooks


subcategory: negotiation

title: Term Sheet Negotiation Protocol

content:
# Term Sheet Negotiation — What Matters vs What Doesn't

## The 3 Terms That Actually Matter Most
1. **Valuation** — your dilution at this round
2. **Liquidation preference** — who gets paid first in exit
3. **Board composition** — who controls the company

Everything else: negotiate but don't die on those hills.

## Valuation Negotiation
- Counter: 20-30% above lead's offer if you have alternatives
- Anchor: "We've had conversations at [higher number]"
- BATNA: Have at least 2 term sheets before negotiating the first
- Timing: get term sheets close together (2-week window target)

## Liquidation Preference
| Type | Effect | Founder-Friendly? |
|------|--------|-------------------|
| 1× non-participating | Investor gets 1× OR converts to pro-rata | ✅ Good |
| 1× participating (capped at 3×) | Gets 1× THEN shares in remainder up to 3× | ⚠ OK |
| 1× participating (uncapped) | Gets 1× THEN full pro-rata in remainder | ❌ Bad |
| 2× non-participating | 2× first, then done | ❌ Bad |
| Full ratchet | Price protection, very dilutive | ❌ Never accept |

**Fight for:** 1× non-participating. This is now standard at good funds.

## Board Composition (Seed)
- Pre-seed: no board, advisory board only
- Seed: 3-person board: 2 founders + 1 investor (or 2+1+1 independent)
- Series A: 5-person: 2 founders, 2 investors, 1 independent
- **Protect:** founder majority until Series B minimum

## Anti-Dilution
- **Broad-based weighted average** = standard, acceptable
- **Narrow-based weighted average** = less good
- **Full ratchet** = never accept, extremely punitive

## Terms You Can Concede Easily
- Pro-rata rights (in moderation): OK to give
- Information rights: standard, give them
- ROFR/ROFO on shares: normal protective provision
- Drag-along: acceptable if well-structured

## Process
1. Receive term sheet → 24h rule: never respond same day
2. Review with lawyer (3-4h = €1,500-3,000, worth it)
3. Pick your top 3 asks, ignore the rest
4. Negotiate by phone, not email
5. Close in ≤2 weeks from signed term sheet

## The Founder's Leverage
- Your BATNA (other term sheets)
- Momentum (revenue growth during process)
- Deadline (artificial scarcity works)
- FOMO (who else is interested)

source: Brad Feld "Venture Deals" + Elad Gil "High Growth Handbook"


category: roadmap

title: Pre-Seed Fundraising Roadmap (€50K–€1M)

content:
# Pre-Seed Fundraising Roadmap

## What Pre-Seed Is
- Stage: idea → MVP → first customers
- Amount: €50K–€1M (sweet spot: €200-500K)
- Dilution: 10-20% (target: ≤15%)
- Instrument: SAFE or convertible note (avoid priced round at this stage)
- Timeline: 2-4 months

## Before You Raise
Minimum viable traction to raise pre-seed:
- Option A: 3-5 paying customers + clear problem validation
- Option B: 1,000+ waitlist with strong conversion signal
- Option C: Founder has done it before (serial entrepreneur)
- Option D: Deep technical moat + research breakthrough

## Month 1-2: Preparation
- [ ] Define: what do you need the money for? (product/hire/growth)
- [ ] Calculate: how much runway does this give you? (target: 18 months)
- [ ] Build: short deck (10 slides), exec summary, data room basics
- [ ] Activate: your personal network (ex-colleagues, uni network, communities)
- [ ] Target: angels first (faster decision, less DD, better terms)

## Who to Target at Pre-Seed
1. **Angels from your industry** — add credibility + intro network
2. **Operator angels** — executives who've done it (LinkedIn search)
3. **Alumni angels** — your university's angel network
4. **Pre-seed funds**: Tiny VC, Hustle Fund, Kima (EU), Bynd VC (DACH)
5. **Accelerators with funding**: YC ($500K for 7%), Antler, Entrepreneur First

## Month 2-3: Active Fundraising
- 20-30 first conversations (angels + pre-seed funds)
- Iterate deck based on common questions
- Get first commitment → use as social proof
- Target: 2-3 lead investors who set terms

## Month 3-4: Close
- Term sheet → negotiate → sign in ≤2 weeks
- Legal: SAFE or convertible note (€2K-€5K legal cost, not more)
- Wire transfers + board resolution
- Announce (optional): build momentum for next round

## Common Mistakes
- Raising too little (not enough runway to reach Series A milestones)
- Giving up too much equity (>25% pre-seed = problematic for later rounds)
- Spending too long on deck vs customers
- Over-optimizing terms instead of closing
- Raising from too many small angels (cap table mess)

## Pre-Seed → Seed Milestones to Hit
- €10-30K MRR (SaaS) OR 100K DAU (consumer)
- Product-market fit signal (NPS >50 or 40%+ would be "very disappointed")
- Repeatable customer acquisition channel identified
- Team: 3-5 people covering product + growth + ops

source: YC Library + Hustle Fund + Crunchbase data


title: Series A Fundraising Roadmap (€3M–€20M)

content:
# Series A Fundraising Roadmap

## What Series A Investors Want
The #1 filter: **proof of scalable, repeatable customer acquisition**
- SaaS: €500K-€1.5M ARR, growing >15% MoM, NRR >110%
- Marketplace: GMV >€5M/year, take rate stabilizing
- Consumer: 1M+ DAU, retention cohorts proven, LTV:CAC >3×

## 6-Month Preparation Timeline

### Months -6 to -4: Foundation
- [ ] Hit "Series A ready" metrics (see above)
- [ ] Identify lead VC (who leads, not follows)
- [ ] Board/advisors: introductions to target VCs
- [ ] Hire: head of sales OR head of growth (shows scaling)
- [ ] Financial model: 18-month actual + 36-month projections

### Months -3 to -2: Pre-marketing
- [ ] Quiet conversations with 5-10 VCs (NOT pitches)
- [ ] "What would you need to see to invest?" → reverse engineer
- [ ] Build relationships 6 months before you need money
- [ ] Get warm intros from your seed investors (their job)

### Month -1: Prep
- [ ] Finalize deck, model, data room
- [ ] Board approval for raise
- [ ] 409A valuation current (US) or share valuation (EU)
- [ ] List of 30-50 target VCs, tiered A/B/C

### Fundraising Sprint (6-8 weeks)
- Week 1-2: 15-20 first meetings
- Week 3-4: second meetings (product demo, team meet)
- Week 5-6: partner meetings + references
- Week 7-8: term sheets + negotiation
- Goal: term sheet in hand within 8 weeks of first meeting

## Series A Term Sheet Norms (2024)
- Valuation: 6-12× ARR (depending on growth rate)
- Round size: €5-15M
- Dilution: 15-25% for lead investor
- Board seat: 1 investor board member (lead)
- Liquidation preference: 1× non-participating (standard)
- Option pool: 10-15% post-money (replenish to this)
- Pro-rata: yes for lead at Series B

## Series A → Series B Milestones
- €3-5M ARR (from €0.5-1.5M at A)
- Repeatable sales process (quota-carrying reps hitting targets)
- VP Sales or CRO hired
- Gross margin >70% (SaaS)
- <5% monthly churn
- NRR >120%

## Top Series A Investors (EU/DACH/UK)
- Balderton Capital (pan-EU, €2-15M lead)
- Index Ventures (pan-EU + US, €5-20M)
- Northzone (pan-EU, €3-15M)
- HV Capital (DACH focus, €5-30M)
- Accel (pan-EU + US, €5-20M)
- Atomico (pan-EU, later stage)
- Sequoia Arc (pan-EU, €1-5M seed/A)
- EQT Ventures (Nordic + EU, €5-30M)

source: a16z + Sequoia + Balderton data


subcategory: grants

title: EU Non-Dilutive Funding — Grants & Programs

content:
# EU Non-Dilutive Funding Map

## EIC Accelerator (European Innovation Council)
- Amount: up to €2.5M grant + €15M equity investment
- Equity: EIC takes 10-25% (optional, market rate)
- For: deep tech, climate, health, digital
- Eligibility: SME, <250 employees, innovative
- Success rate: ~5% (very competitive)
- Apply: eic.ec.europa.eu | Calls: continuous + cut-off dates
- Process: online application → pitch → jury → EIC Board
- Timeline: 6-12 months from application to funding

## Horizon Europe — Collaborative R&D
- Amount: €1M-€10M per project (consortium)
- No equity taken
- Required: consortium of 3+ EU entities
- Overhead: 25% flat rate allowed
- Instruments: RIA (Research & Innovation Action), IA, CSA
- For: pre-commercial innovation, research + demonstration
- Key calls: SME instrument, Fast Track to Innovation

## InvestEU
- EU guarantee fund backing EIB/EIF investments
- Reaches startups via: VCs, banks, national development banks
- Not direct application — through intermediaries

## ERDF / Structural Funds (Country-level)
- Managed by national/regional authorities
- PNRR (RO): €14.9B total, startup + digitalization components
- Digital Germany (DE): multiple federal programs
- Innovate UK (UK, post-Brexit): now independent of EU

## Quick Grant Map by Stage
| Stage | Program | Amount |
|-------|---------|--------|
| R&D proof of concept | EIC Pathfinder | €150K-€3M |
| MVP validation | EIC Transition | €2.5M |
| Scale-up | EIC Accelerator | €2.5M grant + €15M equity |
| Deep collaboration | Horizon Europe | €1M-€10M |
| Export to EU markets | COSME/EISMEA | €50K-€200K |

## Application Tips
- Hire a grant writer for EIC (ROI positive if you're competitive)
- Evaluation criteria: Excellence (Impact + Scientific Merit) + Execution
- SME instrument: solo applications possible (unlike main Horizon)
- Letter of support from customers/partners = strong signal
- Budget: be realistic, assessors check market rates

source: EIC.ec.europa.eu + eufunding.guide


category: investor

subcategory: criteria

title: Investor Types — Criteria & Approach Matrix

content:
# Investor Type Comparison Matrix

## Angel Investors
- **Check size:** €5K–€500K
- **Decision speed:** 1-4 weeks (fastest)
- **DD depth:** light (mostly founder conviction)
- **Value-add:** intros, domain expertise, morale
- **Downsides:** less follow-on capital, time-poor
- **How to approach:** warm intro mandatory for most
- **Best for:** pre-seed, founder-market fit validation
- **Finding them:** AngelList, LinkedIn, industry events, YC alumni network

## Micro VCs (€10M–€50M fund size)
- **Check size:** €100K–€1M
- **Decision speed:** 2-6 weeks
- **DD depth:** medium (founder-focused, light financials)
- **Value-add:** portfolio network, co-investors
- **EU examples:** Kima (FR), Tiny VC (UK), Ada VC, Adevinta Ventures
- **Best for:** pre-seed, unconventional founders

## Seed VCs (€50M–€200M fund size)
- **Check size:** €500K–€3M
- **Decision speed:** 4-8 weeks
- **DD depth:** medium-heavy
- **Ownership target:** 10-20% per investment
- **EU examples:** Cherry (DE), Cavalry (DE), Notion Capital (UK), Seedcamp (UK)
- **Best for:** post-PMF, first revenue signal

## Series A/B VCs (>€200M fund size)
- **Check size:** €3M–€25M (lead)
- **Decision speed:** 8-16 weeks
- **DD depth:** full (legal, financial, technical, customer refs)
- **Ownership target:** 15-25%
- **Board seat:** always (lead)
- **EU examples:** Balderton, Index, Accel, Northzone, HV Capital
- **Best for:** proven PMF, scaling go-to-market

## Corporate Venture Capital (CVC)
- **Check size:** €500K–€20M
- **Decision speed:** 3-6 months (slowest)
- **Motivation:** strategic, not purely financial
- **Pros:** customer + distribution access, patient capital
- **Cons:** conflicts with strategic acquirer role, slow process
- **EU examples:** Bosch Ventures, Siemens Ventures, Deutsche Telekom, BMW iVentures
- **Red flag:** exclusivity or ROFR clauses (reject)

## Family Offices
- **Check size:** €1M–€20M
- **Decision speed:** 2-8 weeks (relationship-dependent)
- **Motivation:** wealth preservation + diversification
- **Pros:** less pressure for exit, can be patient
- **Finding:** EuropeanFamilyOffices.com, TIGER 21, family office conferences

## Accelerators with Funding
| Program | Funding | Equity | Location |
|---------|---------|--------|----------|
| YC | $500K | 7% | Global |
| Techstars | $120K | 6% | Global |
| Antler | €100K | 10% | EU+Global |
| Entrepreneur First | varies | ~5% | UK/EU/SG |
| Station F | non-dilutive | 0% | France |
| APX (Porsche+Axel Springer) | €50K | 5% | Berlin |

source: Pitchbook + CB Insights + Dealroom data


category: legal

subcategory: esop

title: ESOP — Employee Stock Option Plan Design

content:
# Employee Stock Option Plan (ESOP) Design

## Why ESOP Matters for Fundraising
- Option pool size = dilution to existing shareholders
- VCs require: 10-15% unallocated option pool POST-money
- Created pre-money (founders bear dilution, not investors)
- Missing ESOP = red flag for talent retention

## Standard Vesting Schedule
- **4-year vesting with 1-year cliff** (global standard)
- Month 0-12: 0% vested
- Month 12: 25% cliff vests immediately
- Month 13-48: 1/36th per month
- **Acceleration:** single-trigger (acquisition) or double-trigger (acquisition + termination)

## Strike Price
- **Germany:** "Fair market value" at grant date (Bewertungsgutachten)
- **US:** 409A valuation (independent appraisal required, valid 12 months)
- **UK:** EMI (Enterprise Management Incentive): HMRC-approved, CGT treatment
- **France:** BSPCE (Bons de Souscription de Parts de Créateur d'Entreprise): favorable

## German-Specific ESOP (GmbH)
- **Problem:** GmbH shares (Geschäftsanteile) cannot be fractional
- **Solution 1:** Virtual Stock Options (VSOPs) — phantom equity, paid cash
- **Solution 2:** Convert to GmbH & Co. KG or UG hybrid
- **Solution 3:** Convert to AG before ESOP
- **Most common startup approach:** VSOP with conversion rights

### VSOP Terms (Germany)
- Exit participation: % of exit proceeds, not actual shares
- Tax on VSOP payout: income tax (not capital gains) = up to 47%
- After 2021 reform: deferred taxation possible (§19a EStG)
- Better for high earners: convert to AG + issue real options

## UK EMI (Enterprise Management Incentive)
- Most tax-efficient UK structure: CGT rate on exercise (20%) not income tax
- Company eligible: <250 employees, <£30M assets, qualifying trade
- Employee limit: up to £250K options per employee (value at grant)
- HMRC approval required: 3-4 weeks
- Exercise window: 10 years from grant

## Good Leaver / Bad Leaver
- **Good leaver** (resignation, health, redundancy): keeps vested options, may keep unvested (negotiated)
- **Bad leaver** (misconduct, cause): loses all options, vested shares at cost price
- Define clearly in plan rules — major source of startup litigation

## Typical Allocations
- CTO/COO/VP Engineering: 1-3%
- Early engineers (pre-Series A): 0.1-0.5%
- Post-Series A senior hire: 0.05-0.2%
- Advisors: 0.1-0.25% (with vesting)

source: Leapsome + Capdesk + Index Ventures Option Plan


title: SHA Key Terms — Shareholder Agreement Guide

content:
# Shareholder Agreement (SHA) — Key Terms for Founders

## Protective Provisions (Investor Veto Rights)
Investors typically require approval for:
- Issuing new shares (equity rounds)
- Changes to company articles
- Sale of major assets
- Related-party transactions >€[threshold]
- Major acquisitions
- CEO change

**Founder goal:** keep list SHORT and specific. Broad protective provisions = loss of control.

## Drag-Along Right
- **What:** majority can force minority to sell in M&A
- **Why it matters:** prevents minority blocking exits
- **Standard:** triggered by [X]% of shareholders (typically 75%)
- **Founder protection:** ensure you're in the dragging majority

## Tag-Along Right
- **What:** if founders sell, investors can sell pro-rata too
- **Standard:** yes, include for all investors
- **Threshold:** usually >5% stake triggers tag-along

## Right of First Refusal (ROFR) / Right of First Offer (ROFO)
- **ROFR:** company/existing shareholders get right to match third-party offer
- **ROFO:** must offer to existing shareholders first before going to market
- **Typical:** 30-day ROFR window
- **Watch:** transfer restrictions can make secondary sales nearly impossible

## Information Rights
- **Board level:** monthly P&L, bank statements, KPIs
- **Investor level:** quarterly financial statements + annual audited accounts
- **Threshold:** usually for investors holding >1-2%

## Anti-Dilution (Recap)
| Type | Formula | Impact |
|------|---------|--------|
| Broad-based WA | New price weighted by ALL shares | Moderate dilution protection |
| Narrow-based WA | Weighted by preferred only | More protection for investors |
| Full ratchet | Price reset to any lower price | Extreme, avoid |

## Founder Protections to Negotiate
- **Veto on own removal as CEO:** yes if pre-Series B
- **Co-sale right in secondary:** if investors sell, founders can too
- **Good leaver provisions:** defined and fair
- **IP ownership:** ensure company owns it, not individual
- **Non-compete scope:** limit geography and duration (max 2 years post-departure)

## Exit Provisions
- **Exit preference:** 1× non-participating (standard post-2020)
- **IPO trigger:** majority can force IPO after [date]
- **Drag-along threshold:** 75-85% to protect minority

source: BVCA + Startup Law Berlin + SeedLegals


category: metric

subcategory: benchmarks

title: Fundraising KPI Benchmarks by Stage

content:
# KPI Benchmarks for Fundraising (2024)

## SaaS Benchmarks

| Metric | Pre-Seed | Seed | Series A | Series B |
|--------|----------|------|----------|----------|
| MRR | <€10K | €10-50K | €50-150K | €200K-1M |
| ARR | <€120K | €120K-600K | €600K-2M | €2M-12M |
| MoM Growth | N/A | >15% | >10% | >8% |
| Gross Margin | >60% | >65% | >70% | >72% |
| NRR | N/A | >100% | >110% | >120% |
| Logo Churn | <5%/mo | <3%/mo | <2%/mo | <1.5%/mo |
| CAC Payback | <24mo | <18mo | <15mo | <12mo |
| LTV:CAC | >2× | >3× | >3× | >4× |
| Burn Multiple | <3× | <2× | <1.5× | <1× |

## Valuation Multiples (2024 reset from 2021 peak)
| Stage | ARR Multiple | Notes |
|-------|-------------|-------|
| Pre-seed | N/A (milestone-based) | |
| Seed | 15-25× ARR | if growing >30% MoM |
| Series A | 8-15× ARR | if growing >15% MoM |
| Series B | 6-10× ARR | if NRR >120% |
| Series C+ | 4-8× ARR | profitability expected soon |

## Rule of 40 (Series B+)
`Revenue Growth % + EBITDA Margin % ≥ 40`
- 50+: excellent
- 40-50: strong
- <40: needs explanation

## Burn Rate & Runway
- Minimum runway when fundraising: 6 months
- Optimal start: 9-12 months runway
- Target close: 18-24 months runway post-close
- Burn multiple = net burn ÷ net new ARR (target: <1.5× at Series A)

## Investor Outreach Benchmarks
| Metric | Typical | Good |
|--------|---------|------|
| Cold email response rate | 2-5% | >10% |
| Meeting → second meeting | 30-40% | >50% |
| Second → partner meeting | 20-30% | >40% |
| Partner → term sheet | 10-20% | >30% |
| Meetings needed for one TS | 40-80 | <30 |

## Market Size Minimums
- VC (any stage): TAM >€1B minimum
- Series A lead VC: TAM >€10B preferred
- Formula: TAM = (# customers) × (ACV per customer)
- Mistake: using top-down only — always validate bottom-up

## Unit Economics Quick Reference
- **CAC** = total sales + marketing spend ÷ new customers acquired
- **LTV** = (ARPU × gross margin %) ÷ churn rate
- **CAC Payback** = CAC ÷ (ARPU × gross margin %)
- **Payback benchmark:** <12 months for venture-scale SaaS

source: Bessemer Venture Partners State of the Cloud + OpenView SaaS Benchmarks


title: Financial Model Structure — 3-Year Forecast

content:
# Financial Model Template (SaaS / Startup)

## Sheet Structure
1. **Assumptions** (input sheet — all variables here)
2. **Revenue Model** (by product line / segment)
3. **P&L** (monthly Y1, quarterly Y2-Y3)
4. **Cash Flow** (direct method)
5. **Balance Sheet** (simplified)
6. **KPI Dashboard** (for investor view)
7. **Scenarios** (conservative / base / aggressive)

## Revenue Model — SaaS
```
New Logos × ACV = New ARR
+ Beginning ARR
- Churned ARR (beginning ARR × annual churn %)
+ Expansion ARR (existing customers × expansion rate)
= Ending ARR ÷ 12 = MRR
```

Key assumptions to document:
- Sales cycle length (months)
- Lead → opportunity conversion %
- Opportunity → close conversion %
- Average ACV by segment
- Net Revenue Retention (NRR) %
- Gross churn rate

## P&L Structure
```
Revenue
- COGS (hosting, support, CS, payments)
= Gross Profit [Gross Margin %]

- R&D (product + engineering salaries)
- Sales & Marketing (AE + SDR + marketing)
- G&A (finance, legal, HR, office)
= EBITDA [EBITDA Margin %]

- Depreciation & Amortization
= EBIT

- Interest expense
= EBT

- Tax
= Net Income
```

## Headcount Plan (biggest cost driver)
- List every hire by month + role + fully loaded cost
- Fully loaded = salary × 1.25-1.35 (benefits, employer NI/social, equipment)
- Germany: +25-30% on top of gross salary
- Include: backfill risk, ramp time (50% productivity for 3 months)

## Investor Presentation: Key Metrics to Highlight
- ARR waterfall (beginning + new + expansion - churn = ending)
- MoM growth rate trend
- Burn vs ARR growth (burn multiple)
- Headcount plan vs revenue per employee
- CAC payback period trend

## Common Mistakes in Financial Models
1. Revenue too optimistic in Y2-3 (use 50% of what feels "conservative")
2. Missing hiring ramp — people don't produce day 1
3. Ignoring seasonality (B2B: Q4 strong, Q1 slow)
4. COGS too low (underestimate CS team, hosting at scale)
5. Tax rate = 0 (even with losses: deferred tax assets)
6. Not showing how funding runs out (investors want to see need)

source: Christoph Janz SaaS metrics + OpenView benchmarks