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{"category": "template", "subcategory": "pitch_deck", "region": "global", "stage": "all", "title": "Pitch Deck Structure — 12 Slides (Global Standard)", "content": "# Pitch Deck — 12 Slide Framework\n\n## Slide 1: Cover\nCompany name, tagline (≤10 words), logo, presenter name, date, CONFIDENTIAL\n\n## Slide 2: Problem\n- 1 specific pain point, quantified (€/h/% lost)\n- Who suffers? (ICP — Ideal Customer Profile)\n- Why now? (market shift, regulation, technology)\n- Emotional hook: story of one real customer\n\n## Slide 3: Solution\n- Product screenshot or 30-sec demo GIF\n- \"We do X for Y so they can Z\"\n- 3 key differentiators MAX\n- Do NOT list features — show outcome\n\n## Slide 4: Market Size\n- TAM (Total Addressable Market) — top-down\n- SAM (Serviceable Addressable Market) — bottom-up validated\n- SOM (Serviceable Obtainable Market) — realistic 3-year target\n- Source every number (Gartner, IDC, Statista, government data)\n- Minimum: €1B TAM for VC interest\n\n## Slide 5: Product / Traction\n- Core product visual + 3 key features\n- Traction table: MRR, ARR, DAU/MAU, NPS, churn, growth %\n- Key milestones hit\n- If early: pilots, LOIs, waitlist size\n\n## Slide 6: Business Model\n- Revenue streams with unit economics\n- Pricing tiers (3 max)\n- CAC, LTV, LTV/CAC ratio (target: >3×)\n- Gross margin % (SaaS target: >70%)\n- Path to profitability\n\n## Slide 7: Go-to-Market\n- Channel breakdown (paid/organic/partnerships/direct)\n- First 100 customers strategy\n- Land-and-expand motion\n- Sales cycle length + ACV by segment\n\n## Slide 8: Competition\n- 2×2 matrix (axes = your 2 key differentiators)\n- Why existing solutions fail\n- Moat: tech IP / data / network / switching cost / brand\n- \"We win because...\" — one clear sentence\n\n## Slide 9: Team\n- Photos + titles + 2 relevant lines each\n- Relevant exits or domain expertise\n- Advisors (only if genuinely involved)\n- Key hires needed (shows self-awareness)\n\n## Slide 10: Financials\n- 3-year P&L projection (monthly Y1, quarterly Y2-3)\n- Key assumptions listed\n- Current burn rate + runway\n- Break-even month highlighted\n- Conservative / base / optimistic scenario\n\n## Slide 11: The Ask\n- Amount raising: €X\n- Round type: Seed / Series A / etc.\n- Instrument: SAFE / Convertible Note / Priced equity\n- Lead investor target + co-investors\n- Use of funds (pie chart or bar): product X%, sales X%, ops X%\n\n## Slide 12: Vision / Why Now\n- 3-year north star metric\n- Exit scenarios: IPO / strategic acquisition / merger\n- Comparable exits in your space\n- Single memorable closing line\n\n## Appendix (optional)\n- Detailed financials, cohort analysis, technical architecture, cap table\n", "format": "markdown", "tags": "[\"pitch\", \"deck\", \"fundraising\", \"template\", \"global\"]", "source": "Sequoia Capital Pitch Advice + YC Application", "language": "en"}
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{"category": "template", "subcategory": "executive_summary", "region": "global", "stage": "all", "title": "Executive Summary — 1-Page Template", "content": "# Executive Summary Template (1 page / 500 words max)\n\n**[COMPANY NAME]** — [One-line tagline]\n\n## The Problem\n[2-3 sentences: what pain, who has it, how big is it in €]\n\n## Our Solution\n[2-3 sentences: what you built, how it works, key differentiator]\n\n## Traction\n| Metric | Value |\n|--------|-------|\n| MRR/ARR | €X |\n| Customers | X paying |\n| Growth MoM | X% |\n| Gross Margin | X% |\n\n## Market\n- TAM: €Xbn | SAM: €Xm | SOM: €Xm (3yr)\n- Source: [Gartner/IDC/custom research]\n\n## Business Model\n[Pricing: €X/month/seat. LTV €X, CAC €X, LTV:CAC X:1]\n\n## Team\n- [Name], CEO — [2 relevant lines]\n- [Name], CTO — [2 relevant lines]\n- [Name], [Role] — [2 relevant lines]\n\n## The Ask\nRaising **€[amount]** [instrument: SAFE/Convertible/Equity]\nUse of funds: [Product X% / GTM X% / Ops X%]\n\n## Contact\n[Name] | [email] | [LinkedIn] | [website]\n", "format": "markdown", "tags": "[\"executive_summary\", \"one_pager\", \"template\"]", "source": "YC + Sequoia formats", "language": "en"}
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{"category": "template", "subcategory": "term_sheet", "region": "eu", "stage": "seed", "title": "Term Sheet — EU/DACH Convertible Loan (Wandeldarlehen)", "content": "# Convertible Loan Agreement — Key Terms (EU/DACH Standard)\n\n## Parties\n- Investor: [Name/Entity]\n- Company: [GmbH/AG]\n- Date: [Date]\n\n## Financial Terms\n- **Principal Amount:** €[X]\n- **Interest Rate:** 0% – 8% p.a. (market: 4-6% for seed)\n- **Term:** 18–24 months (trigger: next equity round or maturity)\n- **Valuation Cap:** €[X] pre-money (negotiate: 3-5× current revenue or market comp)\n- **Discount:** 15-25% on conversion price (market standard: 20%)\n- **Minimum Qualified Round:** €[X] (typically 3-5× loan amount)\n\n## Conversion\n- **Auto-conversion trigger:** qualified equity financing ≥ €[minimum]\n- **Conversion price:** lower of (cap ÷ shares) or (round price × (1 - discount))\n- **Maturity conversion:** at investor's option at cap price or repayment\n\n## Investor Protections\n- MFN (Most Favored Nation) clause: yes/no\n- Pro-rata right in next round: yes (up to 2× invested amount)\n- Information rights: quarterly P&L + bank statement\n- Board observer seat: at €[threshold]+ investment\n\n## Repayment\n- On maturity without qualified round: principal + accrued interest\n- Change of control: 1.5× principal OR conversion at cap price\n\n## Governing Law\n- Germany: BGB §§ 488ff, GmbHG\n- Austria: ABGB\n- Switzerland: OR\n\n## Red Flags to Avoid\n- Full ratchet anti-dilution (use broad-based weighted average)\n- >2× liquidation preference\n- Participating preferred without cap\n- No time limit on investor approval rights\n", "format": "markdown", "tags": "[\"term_sheet\", \"convertible\", \"DACH\", \"EU\", \"seed\", \"template\"]", "source": "German Startup Association (Bundesverband Deutsche Startups)", "language": "en"}
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{"category": "template", "subcategory": "term_sheet", "region": "us", "stage": "seed", "title": "SAFE Note — Y Combinator Standard (Post-Money)", "content": "# SAFE (Simple Agreement for Future Equity) — Key Terms\n\n## YC Post-Money SAFE (2018 version — industry standard)\n\n### Core Terms\n- **Investment Amount:** $[X]\n- **Post-Money Valuation Cap:** $[X]\n (pre-money equivalent ≈ cap - all SAFEs + this SAFE)\n- **Discount Rate:** [none | 10-20%] (most seed SAFEs: no discount if cap exists)\n- **MFN:** included in YC standard form\n\n### How Conversion Works\nOn a priced round, SAFE converts at:\n`conversion_price = min(cap / post_money_shares, round_price × (1 - discount))`\n\nPost-money cap = you know your dilution at signing. Pre-money cap = you don't.\n**Always use post-money cap.**\n\n### Pro-Rata Rights\n- Standard: no pro-rata in YC SAFE\n- Negotiate: \"Major Investor\" pro-rata side letter at $[threshold]+\n\n### Dissolution / Liquidity\n- M&A before conversion: 1× return OR convert at cap\n- IPO: converts like Series A preferred\n\n### What SAFE Does NOT Include\n- Interest (unlike convertible note)\n- Maturity date\n- Repayment obligation\n- Board seat (usually)\n\n### 4 SAFE Variants\n1. **Cap, no discount** — most founder-friendly, most common seed\n2. **Cap + discount** — common for bridge rounds\n3. **No cap, discount** — rare, investor-friendly\n4. **MFN only** — for very early (pre-product) investments\n\n### Filing & Legal\n- Delaware C-Corp only\n- File with cap table software (Carta, Pulley, Capdesk)\n- Board resolution required\n- No 409A impact (until conversion)\n- Section 1202 QSBS eligibility: maintained\n\nSource: ycombinator.com/documents\n", "format": "markdown", "tags": "[\"SAFE\", \"YC\", \"convertible\", \"us\", \"seed\", \"template\"]", "source": "Y Combinator", "language": "en"}
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{"category": "template", "subcategory": "data_room", "region": "global", "stage": "seed", "title": "Data Room Structure — Investor Due Diligence", "content": "# Fundraising Data Room Structure\n\n## Folder Structure\n```\n📁 [Company] Data Room — [Round] [Date]\n├── 00_Executive\n│ ├── Pitch Deck (latest).pdf\n│ ├── Executive Summary.pdf\n│ ├── One-Pager.pdf\n│ └── Investor Update (last 3).pdf\n│\n├── 01_Legal\n│ ├── Certificate of Incorporation\n│ ├── Articles of Association (current)\n│ ├── Shareholder Register\n│ ├── Board Resolutions (significant)\n│ ├── Cap Table (Carta export or Excel)\n│ ├── Existing Agreements (SAFEs, convertible notes)\n│ ├── Option Pool (ESOP plan + grants)\n│ └── IP Assignments (founders + employees)\n│\n├── 02_Financial\n│ ├── P&L — Last 24 months (actual)\n│ ├── Balance Sheet — Current\n│ ├── Cash Flow — Actual vs projected\n│ ├── Financial Model — 3yr projection\n│ ├── Bank Statements — Last 6 months\n│ ├── Revenue Details (by customer/segment)\n│ └── Tax Returns — Last 2 years\n│\n├── 03_Product\n│ ├── Product Roadmap (12 months)\n│ ├── Technical Architecture\n│ ├── Security Overview\n│ ├── Patents / IP documentation\n│ └── Demo video / walkthrough\n│\n├── 04_Commercial\n│ ├── Customer List (top 20 + metrics)\n│ ├── Sample Contracts (redacted)\n│ ├── Pipeline (CRM export)\n│ ├── Churn Analysis\n│ ├── NPS / Customer Feedback\n│ └── Reference Customers (3-5)\n│\n├── 05_Team\n│ ├── Org Chart\n│ ├── Employment Agreements (key team)\n│ ├── Contractor Agreements\n│ ├── Advisor Agreements\n│ └── LinkedIn profiles (key team)\n│\n└── 06_Market\n ├── Market Research\n ├── Competitive Analysis\n ├── Customer Interviews (5+)\n └── Press / Media Coverage\n```\n\n## Access Control\n- NDA required before link sharing\n- Expiring links (DocSend/Notion/Dealroom)\n- Track: who viewed, which slides, time spent\n- Redact: employee salaries, individual customer revenue\n\n## Red Flags Investors Look For\n- Missing IP assignments from founders\n- No ESOP plan or vague cap table\n- Missing early customer contracts\n- Inconsistency between deck numbers and financials\n- No documentation of key decisions/board resolutions\n", "format": "markdown", "tags": "[\"data_room\", \"due_diligence\", \"template\", \"fundraising\"]", "source": "DocSend + Notion + Dealroom best practices", "language": "en"}
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{"category": "standard", "subcategory": "regulation", "region": "us", "stage": "all", "title": "SEC Regulation D — US Private Placement Rules", "content": "# SEC Regulation D — Private Fundraising in the US\n\n## What It Is\nReg D is a SEC safe harbor allowing companies to raise unlimited capital\nfrom accredited investors without full SEC registration.\n\n## Key Exemptions\n### Rule 506(b) — Most Common\n- Up to 35 non-accredited sophisticated investors + unlimited accredited\n- NO general solicitation allowed (no public advertising, LinkedIn posts, etc.)\n- Accredited investors: self-certified\n- Must file Form D within 15 days of first sale\n- No limit on raise amount\n\n### Rule 506(c) — General Solicitation Allowed\n- Only accredited investors\n- Must VERIFY accredited status (tax returns, bank statements, third-party letter)\n- Can publicly advertise the offering\n- File Form D within 15 days\n\n## Accredited Investor Definition (2020 update)\nIndividual: net worth >$1M (ex primary residence) OR income >$200K ($300K joint) last 2 years\nEntity: assets >$5M OR all equity owners are accredited\nNew: Series 65 license holders, knowledgeable employees of private funds\n\n## Form D Filing\n- File at sec.gov/cgi-bin/browse-edgar\n- Required: company info, exemption type, amount, investors, date\n- Annual amendment if raise continues >12 months\n- State blue sky filings also required (each state where investors located)\n\n## Common Mistakes\n- General solicitation under 506(b) = immediate disqualification\n- Missing Form D filing = potential SEC enforcement\n- Selling to non-accredited without proper disclosure\n- Not checking state securities laws (blue sky)\n\n## For European companies raising in US\n- Delaware C-Corp strongly preferred\n- Avoid raising from >35 US persons in any 12-month period without SEC compliance\n- PIPE (Private Investment in Public Equity) for public companies: different rules\n", "format": "markdown", "tags": "[\"SEC\", \"regulation_d\", \"us\", \"private_placement\", \"standard\"]", "source": "SEC.gov", "language": "en"}
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{"category": "standard", "subcategory": "regulation", "region": "eu", "stage": "all", "title": "EU Prospectus Regulation + ESMA Crowdfunding", "content": "# EU Fundraising Regulations\n\n## EU Prospectus Regulation (2021)\n### When a Prospectus is Required\n- Public offering of securities ≥ €8M (raised from Regulation 2021/337)\n- Cross-border EU offering\n\n### Exemptions (no prospectus needed)\n- Offering to fewer than 150 persons per member state\n- Minimum denomination ≥ €100,000\n- Total raise < €8M over 12 months (national regime)\n- Offering only to qualified investors (institutional)\n\n### Simplified Prospectus\n- SME Growth Markets exemption\n- Maximum 75 pages\n- For companies listed on SME growth markets\n\n## ESMA Crowdfunding Regulation (EU) 2020/1503\n### Scope\n- Applies to crowdfunding service providers in EU\n- Covers: equity crowdfunding, loan-based crowdfunding\n- Maximum per project: €5M per 12-month rolling period\n\n### Key Rules for Platforms\n- ESMA authorisation required\n- KYC for investors: basic (≤€1K) and sophisticated (unlimited)\n- Non-sophisticated investor: 30-day reflection period\n- Investment limit per non-sophisticated: €1,000 or 10% annual income\n\n### Country-Specific National Regimes (≤€5M)\n| Country | Threshold | Authority |\n|---------|-----------|-----------|\n| Germany | €6M (VermAnlG) | BaFin |\n| France | €8M | AMF |\n| Netherlands | €5M | AFM |\n| Spain | €5M | CNMV |\n| Romania | €5M | ASF |\n\n## AIFMD (Alternative Investment Fund Managers Directive)\n- Applies to: VCs, PE funds, hedge funds >€100M\n- Authorization required in EU member state\n- NPPR (National Private Placement Regime) for non-EU managers\n", "format": "markdown", "tags": "[\"EU\", \"prospectus\", \"ESMA\", \"crowdfunding\", \"regulation\", \"standard\"]", "source": "EUR-Lex + ESMA", "language": "en"}
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{"category": "standard", "subcategory": "regulation", "region": "dach", "stage": "all", "title": "Germany Fundraising — BaFin + INVEST Program", "content": "# Germany Startup Fundraising Standards\n\n## BaFin Regulatory Framework\n### VermAnlG (Vermögensanlagengesetz)\n- Applies to: profit-sharing rights, subordinated loans, silent partnerships\n- Prospectus required for: >€2.5M OR >20 investors\n- Exemptions: <€100K total, max 20 investors, or qualified investors only\n- Crowdinvesting exemption: up to €6M via licensed platform (§2a VermAnlG)\n\n### WpPG (Wertpapierprospektgesetz)\n- Applies to transferable securities (GmbH shares are NOT transferable securities)\n- AG (Aktiengesellschaft) shares: WpPG applies\n- GmbH shares: VermAnlG or private placement exemption\n\n## INVEST Program (Bundesamt für Wirtschaft und Ausfuhrkontrolle)\n### For Business Angels investing in German startups\n- State refund: 20% of investment for angels (up to €500K investment = €100K refund)\n- Company eligibility: <7 years old, <250 employees, <€50M revenue\n- Investment minimum: €10,000 per investor\n- Angel holds shares: minimum 3 years\n- Application: bafa.de before investment\n\n## KfW Programs (Kreditanstalt für Wiederaufbau)\n- **ERP-Gründerkredit StartGeld:** up to €125K, 80% guarantee, <5 years old\n- **ERP-Gründerkredit Universell:** up to €25M for growth\n- **KfW Venture Fonds:** co-investment with private VCs (pari passu)\n- Via partner banks (Sparkasse, Deutsche Bank, etc.)\n\n## High-Tech Gründerfonds (HTGF)\n- Germany's most active seed investor\n- Ticket: €600K-€3M seed, can follow on\n- Takes 15% + convertible loan\n- Sector focus: technology, science-based\n- Apply: htgf.de/en\n\n## Key DACH VC Ecosystem\n- HV Capital (Munich/Berlin): Series A-C, €5M-€50M\n- Earlybird: pan-European, deep tech + digital\n- Cherry Ventures: pre-seed/seed, consumer + B2B\n- Project A: seed + Series A, operational support\n- Lakestar: growth stage, €10M-€100M\n- Cavalry Ventures: pre-seed, Berlin ecosystem\n", "format": "markdown", "tags": "[\"Germany\", \"BaFin\", \"INVEST\", \"KfW\", \"DACH\", \"standard\"]", "source": "BaFin.de + BAFA.de + HTGF", "language": "en"}
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{"category": "standard", "subcategory": "regulation", "region": "uk", "stage": "all", "title": "UK EIS/SEIS — Tax Relief for Startup Investors", "content": "# UK Enterprise Investment Scheme (EIS & SEIS)\n\n## SEIS — Seed Enterprise Investment Scheme\n### Investor Benefits\n- **50% income tax relief** on investment amount (up to £200K/year)\n- **CGT exemption** on gains if held 3+ years\n- **Loss relief**: offset losses against income tax at marginal rate\n- **CGT deferral** on previous gains reinvested via SEIS\n\n### Company Eligibility\n- UK resident trading company\n- Assets < £350K at time of investment (raised 2023)\n- Fewer than 25 full-time employees\n- Less than 2 years old (trading start)\n- NOT: property, hotels, nursing homes, financial services\n\n### Max Raise: £250,000 lifetime per company via SEIS\n\n## EIS — Enterprise Investment Scheme\n### Investor Benefits\n- **30% income tax relief** on investment (up to £1M/year; £2M if knowledge-intensive)\n- **CGT exemption** on gains if held 3+ years\n- **Loss relief** + **CGT deferral**\n- Estate planning: IHT exemption after 2 years\n\n### Company Eligibility\n- UK resident, qualifying trade (broader than SEIS)\n- Assets < £15M before raise\n- Fewer than 250 full-time employees\n- Within 7 years of first commercial sale\n\n### Max Raise: £5M/year, £12M lifetime (£20M for knowledge-intensive)\n\n## HMRC Process\n1. Company applies for HMRC Advance Assurance (recommended, not required)\n2. Investment made → company files EIS1/SEIS1 with HMRC\n3. HMRC issues EIS3/SEIS3 certificates to investors (4-8 weeks)\n4. Investors claim tax relief on self-assessment\n\n## Knowledge-Intensive Companies (KIC)\n- R&D spending: >15% of operating costs in last 3 years OR >10% in each of last 3\n- OR: creating/acquiring intellectual property\n- Doubled limits: £2M investor annual relief, £20M company lifetime\n\n## British Business Bank\n- Future Fund: matched convertible loans (COVID era, now closed)\n- British Patient Capital: LP in VC funds\n- Enterprise Capital Funds: VC fund-of-funds backing UK VCs\n- Start Up Loans: up to £25K, personal loan, no equity\n", "format": "markdown", "tags": "[\"UK\", \"EIS\", \"SEIS\", \"HMRC\", \"tax_relief\", \"standard\"]", "source": "HMRC + British Business Bank", "language": "en"}
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{"category": "standard", "subcategory": "regulation", "region": "ro", "stage": "all", "title": "Romania Startup Funding — Grants + Ecosystem", "content": "# Romania Startup Fundraising\n\n## Legal Structure\n- **SRL** (Societate cu Răspundere Limitată): standard for startups\n - Minimum capital: 200 RON (symbolic)\n - Shares: parts sociale (not freely transferable without notarial act)\n - For VC investment: often converted to SA before Series A\n- **SA** (Societate pe Acțiuni): for larger raises, stock options easier\n - Minimum capital: 90,000 RON\n - Required for: stock exchange listing, ESOP structures\n\n## ASF (Autoritatea de Supraveghere Financiară)\n- Regulates: securities, crowdfunding platforms\n- Prospectus threshold: €8M (EU standard applies)\n- Crowdfunding: ESMA Regulation applies from 2023\n- Licensed platforms: seedblink.com (most active RO equity crowdfunding)\n\n## Grants & Non-Dilutive Funding\n### PNRR (Plan Național de Redresare și Reziliență)\n- Component 9 — Suport pentru sectorul privat\n- Digitalizare: up to €1M per SME\n- Apply via: fonduri-structurale.ro\n\n### StartUp Nation România\n- Up to €45,000 non-refundable per startup\n- Requirements: create ≥1 job, maintain 3 years\n- Open periodically via imm.gov.ro\n\n### IMM Invest Plus\n- Loan guarantees up to 90% for SMEs\n- Via commercial banks (BCR, BRD, ING)\n- For: working capital + investments\n\n### Horizon Europe (for RO companies)\n- EIC Accelerator: up to €2.5M grant + €15M equity\n- Open: eic.ec.europa.eu\n- No repayment for grant portion\n\n## Active Romanian Investors\n- **Early Game Ventures**: pre-seed/seed, €100K-€500K, tech focus\n- **GapMinder VC**: seed-Series A, €500K-€3M, regional\n- **ROCA-X**: seed/Series A, smart capital\n- **Morphosis Capital**: growth equity, €2M-€10M\n- **Catalyst Romania Fund**: SME growth, IFC backed\n- **SeedBlink**: equity crowdfunding, average €500K rounds\n\n## Key Events\n- How to Web (Bucharest, October): largest startup conference RO\n- Innovation Labs: accelerator (Bucharest + Cluj)\n- Spherik Accelerator (Cluj-Napoca)\n- TechAngels: angel network\n", "format": "markdown", "tags": "[\"Romania\", \"SRL\", \"SA\", \"grants\", \"PNRR\", \"ASF\", \"standard\"]", "source": "ASF.ro + fonduri-structurale.ro", "language": "en"}
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{"category": "protocol", "subcategory": "investor_outreach", "region": "global", "stage": "all", "title": "Investor Outreach Protocol — CRM + Pipeline", "content": "# Investor Outreach Protocol\n\n## Phase 1: Research & Targeting (2-4 weeks before launch)\n1. Build target list: 100-150 investors (VCs + angels + family offices)\n2. Qualify each: portfolio fit, stage, check size, lead/follow\n3. Tier them:\n - Tier A (20-30): dream investors, best fit, warm intro needed\n - Tier B (40-50): good fit, can cold outreach\n - Tier C (30-40): fallback, less ideal\n\n## Phase 2: Warm Intro Mapping\n- Map your network to Tier A investors via LinkedIn\n- Ask 3 specific people for intros (not broadcast)\n- Intro request template:\n > \"Hi [Name], I'm raising [round] for [Company].\n > I'd love a warm intro to [Investor] at [Fund].\n > I've prepared a 2-sentence blurb if you need it. Worth your while?\"\n\n## Phase 3: Launch (structured 4-week window)\n- Start with Tier B (practice conversations)\n- Week 2: Tier A meetings (momentum from earlier interest)\n- Never: first meeting = pitch. First meeting = founder story + listening\n- Target: 3-5 meetings/week, no more (you still run the company)\n\n## CRM Structure (Notion/Airtable/Attio)\n| Field | Values |\n|-------|--------|\n| Status | Researching / Emailing / Intro Requested / Meeting Scheduled / Pitched / DD / Term Sheet / Passed / Closed |\n| Last Contact | Date |\n| Next Action | Text |\n| Partner | Name at fund |\n| Check Size | Range |\n| Fit | 1-5 stars |\n\n## Cold Outreach Formula\nSubject: \"[Warm connection] → [Company] — [1 number that matters]\"\nBody (5 sentences MAX):\n1. Who you are (1 line)\n2. What you built (1 line)\n3. Why them specifically (1 line — shows homework)\n4. The number (traction/milestone)\n5. CTA: \"15 min call this week?\"\n\n## Follow-Up Rules\n- No response: follow up once after 5 business days\n- After meeting: follow up within 24h with deck + data room link\n- \"We'll be in touch\": follow up with monthly investor updates\n- Soft no: ask for one intro/referral\n\n## Momentum Tactics\n- Create FOMO: \"We're closing in 3 weeks\"\n- Social proof: \"We have a term sheet from [credible fund]\"\n- Anchor: set deadline before you have one (works)\n", "format": "markdown", "tags": "[\"outreach\", \"CRM\", \"pipeline\", \"protocol\", \"investor_relations\"]", "source": "Ycombinator + FirstRound Capital playbooks", "language": "en"}
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{"category": "protocol", "subcategory": "due_diligence", "region": "global", "stage": "seed", "title": "Due Diligence Checklist — Sell-Side Preparation", "content": "# Due Diligence Preparation Protocol (Founders)\n\n## Before DD Starts — Pre-Flight Checklist\n- [ ] Cap table clean and current (Carta/Pulley/spreadsheet)\n- [ ] All IP assigned to company (founder IP assignment agreements)\n- [ ] Employment agreements for all employees\n- [ ] Contractor agreements with IP assignment clause\n- [ ] Clean data room (no personal files, no draft documents)\n\n## Legal DD — Common Red Flags & Fixes\n### Cap Table Issues\n- [ ] Unvested founder shares with cliff + 4yr vesting\n- [ ] Pre-incorporation IP (what did founders build before company?)\n- [ ] Missing 83(b) elections (US) — cannot be fixed retroactively\n- [ ] Option grants missing board approval\n- FIX: Clean up 3-6 months before raise\n\n### Contract Risks\n- [ ] Revenue recognition: is ARR recognized correctly?\n- [ ] Customer contracts: auto-renewal, termination, IP ownership clauses\n- [ ] Key supplier contracts: change-of-control provisions\n- [ ] Open source licenses: GPL contamination check\n\n## Financial DD — What Investors Verify\n- Monthly cohort retention (logo and revenue)\n- CAC by channel (don't blend channels)\n- Gross margin at unit level (exclude amortized costs)\n- Deferred revenue recognition\n- Related-party transactions\n\n## Technical DD (Series A+)\n- Code quality: automated tests coverage %\n- Security: penetration test (at least self-assessment)\n- Scalability: architecture can handle 10× without full rewrite?\n- Key person risk: is critical code known only to 1 person?\n- Third-party dependencies: key vendor contracts, API terms\n\n## 10 Questions Every Investor Will Ask\n1. Why hasn't [bigger competitor] done this?\n2. What happens if Google/Microsoft builds this?\n3. What's your real CAC (not blended)?\n4. What's your net revenue retention (NRR)?\n5. Why will you win vs the 5 others doing this?\n6. Why are you the right team?\n7. What do your best customers say about you?\n8. What would you do differently with 10× the money?\n9. What keeps you up at night?\n10. What's your 5-year exit scenario?\n\n## Red Lines (auto-pass for most VCs)\n- Founder with criminal record (undisclosed)\n- Revenue restatement required\n- Core IP not owned by company\n- Key customer = related party\n- No product-market fit evidence\n", "format": "checklist", "tags": "[\"due_diligence\", \"legal\", \"financial\", \"technical\", \"protocol\"]", "source": "FirstRound + a16z DD playbooks", "language": "en"}
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{"category": "protocol", "subcategory": "negotiation", "region": "global", "stage": "seed", "title": "Term Sheet Negotiation Protocol", "content": "# Term Sheet Negotiation — What Matters vs What Doesn't\n\n## The 3 Terms That Actually Matter Most\n1. **Valuation** — your dilution at this round\n2. **Liquidation preference** — who gets paid first in exit\n3. **Board composition** — who controls the company\n\nEverything else: negotiate but don't die on those hills.\n\n## Valuation Negotiation\n- Counter: 20-30% above lead's offer if you have alternatives\n- Anchor: \"We've had conversations at [higher number]\"\n- BATNA: Have at least 2 term sheets before negotiating the first\n- Timing: get term sheets close together (2-week window target)\n\n## Liquidation Preference\n| Type | Effect | Founder-Friendly? |\n|------|--------|-------------------|\n| 1× non-participating | Investor gets 1× OR converts to pro-rata | ✅ Good |\n| 1× participating (capped at 3×) | Gets 1× THEN shares in remainder up to 3× | ⚠️ OK |\n| 1× participating (uncapped) | Gets 1× THEN full pro-rata in remainder | ❌ Bad |\n| 2× non-participating | 2× first, then done | ❌ Bad |\n| Full ratchet | Price protection, very dilutive | ❌ Never accept |\n\n**Fight for:** 1× non-participating. This is now standard at good funds.\n\n## Board Composition (Seed)\n- Pre-seed: no board, advisory board only\n- Seed: 3-person board: 2 founders + 1 investor (or 2+1+1 independent)\n- Series A: 5-person: 2 founders, 2 investors, 1 independent\n- **Protect:** founder majority until Series B minimum\n\n## Anti-Dilution\n- **Broad-based weighted average** = standard, acceptable\n- **Narrow-based weighted average** = less good\n- **Full ratchet** = never accept, extremely punitive\n\n## Terms You Can Concede Easily\n- Pro-rata rights (in moderation): OK to give\n- Information rights: standard, give them\n- ROFR/ROFO on shares: normal protective provision\n- Drag-along: acceptable if well-structured\n\n## Process\n1. Receive term sheet → 24h rule: never respond same day\n2. Review with lawyer (3-4h = €1,500-3,000, worth it)\n3. Pick your top 3 asks, ignore the rest\n4. Negotiate by phone, not email\n5. Close in ≤2 weeks from signed term sheet\n\n## The Founder's Leverage\n- Your BATNA (other term sheets)\n- Momentum (revenue growth during process)\n- Deadline (artificial scarcity works)\n- FOMO (who else is interested)\n", "format": "markdown", "tags": "[\"negotiation\", \"term_sheet\", \"protocol\", \"valuation\", \"board\"]", "source": "Brad Feld \"Venture Deals\" + Elad Gil \"High Growth Handbook\"", "language": "en"}
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{"category": "roadmap", "subcategory": "pre_seed", "region": "global", "stage": "pre_seed", "title": "Pre-Seed Fundraising Roadmap (€50K–€1M)", "content": "# Pre-Seed Fundraising Roadmap\n\n## What Pre-Seed Is\n- Stage: idea → MVP → first customers\n- Amount: €50K–€1M (sweet spot: €200-500K)\n- Dilution: 10-20% (target: ≤15%)\n- Instrument: SAFE or convertible note (avoid priced round at this stage)\n- Timeline: 2-4 months\n\n## Before You Raise\nMinimum viable traction to raise pre-seed:\n- Option A: 3-5 paying customers + clear problem validation\n- Option B: 1,000+ waitlist with strong conversion signal\n- Option C: Founder has done it before (serial entrepreneur)\n- Option D: Deep technical moat + research breakthrough\n\n## Month 1-2: Preparation\n- [ ] Define: what do you need the money for? (product/hire/growth)\n- [ ] Calculate: how much runway does this give you? (target: 18 months)\n- [ ] Build: short deck (10 slides), exec summary, data room basics\n- [ ] Activate: your personal network (ex-colleagues, uni network, communities)\n- [ ] Target: angels first (faster decision, less DD, better terms)\n\n## Who to Target at Pre-Seed\n1. **Angels from your industry** — add credibility + intro network\n2. **Operator angels** — executives who've done it (LinkedIn search)\n3. **Alumni angels** — your university's angel network\n4. **Pre-seed funds**: Tiny VC, Hustle Fund, Kima (EU), Bynd VC (DACH)\n5. **Accelerators with funding**: YC ($500K for 7%), Antler, Entrepreneur First\n\n## Month 2-3: Active Fundraising\n- 20-30 first conversations (angels + pre-seed funds)\n- Iterate deck based on common questions\n- Get first commitment → use as social proof\n- Target: 2-3 lead investors who set terms\n\n## Month 3-4: Close\n- Term sheet → negotiate → sign in ≤2 weeks\n- Legal: SAFE or convertible note (€2K-€5K legal cost, not more)\n- Wire transfers + board resolution\n- Announce (optional): build momentum for next round\n\n## Common Mistakes\n- Raising too little (not enough runway to reach Series A milestones)\n- Giving up too much equity (>25% pre-seed = problematic for later rounds)\n- Spending too long on deck vs customers\n- Over-optimizing terms instead of closing\n- Raising from too many small angels (cap table mess)\n\n## Pre-Seed → Seed Milestones to Hit\n- €10-30K MRR (SaaS) OR 100K DAU (consumer)\n- Product-market fit signal (NPS >50 or 40%+ would be \"very disappointed\")\n- Repeatable customer acquisition channel identified\n- Team: 3-5 people covering product + growth + ops\n", "format": "markdown", "tags": "[\"pre_seed\", \"roadmap\", \"angels\", \"SAFE\", \"fundraising\"]", "source": "YC Library + Hustle Fund + Crunchbase data", "language": "en"}
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{"category": "roadmap", "subcategory": "series_a", "region": "global", "stage": "series_a", "title": "Series A Fundraising Roadmap (€3M–€20M)", "content": "# Series A Fundraising Roadmap\n\n## What Series A Investors Want\nThe #1 filter: **proof of scalable, repeatable customer acquisition**\n- SaaS: €500K-€1.5M ARR, growing >15% MoM, NRR >110%\n- Marketplace: GMV >€5M/year, take rate stabilizing\n- Consumer: 1M+ DAU, retention cohorts proven, LTV:CAC >3×\n\n## 6-Month Preparation Timeline\n\n### Months -6 to -4: Foundation\n- [ ] Hit \"Series A ready\" metrics (see above)\n- [ ] Identify lead VC (who leads, not follows)\n- [ ] Board/advisors: introductions to target VCs\n- [ ] Hire: head of sales OR head of growth (shows scaling)\n- [ ] Financial model: 18-month actual + 36-month projections\n\n### Months -3 to -2: Pre-marketing\n- [ ] Quiet conversations with 5-10 VCs (NOT pitches)\n- [ ] \"What would you need to see to invest?\" → reverse engineer\n- [ ] Build relationships 6 months before you need money\n- [ ] Get warm intros from your seed investors (their job)\n\n### Month -1: Prep\n- [ ] Finalize deck, model, data room\n- [ ] Board approval for raise\n- [ ] 409A valuation current (US) or share valuation (EU)\n- [ ] List of 30-50 target VCs, tiered A/B/C\n\n### Fundraising Sprint (6-8 weeks)\n- Week 1-2: 15-20 first meetings\n- Week 3-4: second meetings (product demo, team meet)\n- Week 5-6: partner meetings + references\n- Week 7-8: term sheets + negotiation\n- Goal: term sheet in hand within 8 weeks of first meeting\n\n## Series A Term Sheet Norms (2024)\n- Valuation: 6-12× ARR (depending on growth rate)\n- Round size: €5-15M\n- Dilution: 15-25% for lead investor\n- Board seat: 1 investor board member (lead)\n- Liquidation preference: 1× non-participating (standard)\n- Option pool: 10-15% post-money (replenish to this)\n- Pro-rata: yes for lead at Series B\n\n## Series A → Series B Milestones\n- €3-5M ARR (from €0.5-1.5M at A)\n- Repeatable sales process (quota-carrying reps hitting targets)\n- VP Sales or CRO hired\n- Gross margin >70% (SaaS)\n- <5% monthly churn\n- NRR >120%\n\n## Top Series A Investors (EU/DACH/UK)\n- Balderton Capital (pan-EU, €2-15M lead)\n- Index Ventures (pan-EU + US, €5-20M)\n- Northzone (pan-EU, €3-15M)\n- HV Capital (DACH focus, €5-30M)\n- Accel (pan-EU + US, €5-20M)\n- Atomico (pan-EU, later stage)\n- Sequoia Arc (pan-EU, €1-5M seed/A)\n- EQT Ventures (Nordic + EU, €5-30M)\n", "format": "markdown", "tags": "[\"series_a\", \"roadmap\", \"VC\", \"milestones\", \"fundraising\"]", "source": "a16z + Sequoia + Balderton data", "language": "en"}
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{"category": "roadmap", "subcategory": "grants", "region": "eu", "stage": "all", "title": "EU Non-Dilutive Funding — Grants & Programs", "content": "# EU Non-Dilutive Funding Map\n\n## EIC Accelerator (European Innovation Council)\n- Amount: up to €2.5M grant + €15M equity investment\n- Equity: EIC takes 10-25% (optional, market rate)\n- For: deep tech, climate, health, digital\n- Eligibility: SME, <250 employees, innovative\n- Success rate: ~5% (very competitive)\n- Apply: eic.ec.europa.eu | Calls: continuous + cut-off dates\n- Process: online application → pitch → jury → EIC Board\n- Timeline: 6-12 months from application to funding\n\n## Horizon Europe — Collaborative R&D\n- Amount: €1M-€10M per project (consortium)\n- No equity taken\n- Required: consortium of 3+ EU entities\n- Overhead: 25% flat rate allowed\n- Instruments: RIA (Research & Innovation Action), IA, CSA\n- For: pre-commercial innovation, research + demonstration\n- Key calls: SME instrument, Fast Track to Innovation\n\n## InvestEU\n- EU guarantee fund backing EIB/EIF investments\n- Reaches startups via: VCs, banks, national development banks\n- Not direct application — through intermediaries\n\n## ERDF / Structural Funds (Country-level)\n- Managed by national/regional authorities\n- PNRR (RO): €14.9B total, startup + digitalization components\n- Digital Germany (DE): multiple federal programs\n- Innovate UK (UK, post-Brexit): now independent of EU\n\n## Quick Grant Map by Stage\n| Stage | Program | Amount |\n|-------|---------|--------|\n| R&D proof of concept | EIC Pathfinder | €150K-€3M |\n| MVP validation | EIC Transition | €2.5M |\n| Scale-up | EIC Accelerator | €2.5M grant + €15M equity |\n| Deep collaboration | Horizon Europe | €1M-€10M |\n| Export to EU markets | COSME/EISMEA | €50K-€200K |\n\n## Application Tips\n- Hire a grant writer for EIC (ROI positive if you're competitive)\n- Evaluation criteria: Excellence (Impact + Scientific Merit) + Execution\n- SME instrument: solo applications possible (unlike main Horizon)\n- Letter of support from customers/partners = strong signal\n- Budget: be realistic, assessors check market rates\n", "format": "markdown", "tags": "[\"grants\", \"EU\", \"EIC\", \"Horizon_Europe\", \"non_dilutive\", \"roadmap\"]", "source": "EIC.ec.europa.eu + eufunding.guide", "language": "en"}
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{"category": "investor", "subcategory": "criteria", "region": "global", "stage": "all", "title": "Investor Types — Criteria & Approach Matrix", "content": "# Investor Type Comparison Matrix\n\n## Angel Investors\n- **Check size:** €5K–€500K\n- **Decision speed:** 1-4 weeks (fastest)\n- **DD depth:** light (mostly founder conviction)\n- **Value-add:** intros, domain expertise, morale\n- **Downsides:** less follow-on capital, time-poor\n- **How to approach:** warm intro mandatory for most\n- **Best for:** pre-seed, founder-market fit validation\n- **Finding them:** AngelList, LinkedIn, industry events, YC alumni network\n\n## Micro VCs (€10M–€50M fund size)\n- **Check size:** €100K–€1M\n- **Decision speed:** 2-6 weeks\n- **DD depth:** medium (founder-focused, light financials)\n- **Value-add:** portfolio network, co-investors\n- **EU examples:** Kima (FR), Tiny VC (UK), Ada VC, Adevinta Ventures\n- **Best for:** pre-seed, unconventional founders\n\n## Seed VCs (€50M–€200M fund size)\n- **Check size:** €500K–€3M\n- **Decision speed:** 4-8 weeks\n- **DD depth:** medium-heavy\n- **Ownership target:** 10-20% per investment\n- **EU examples:** Cherry (DE), Cavalry (DE), Notion Capital (UK), Seedcamp (UK)\n- **Best for:** post-PMF, first revenue signal\n\n## Series A/B VCs (>€200M fund size)\n- **Check size:** €3M–€25M (lead)\n- **Decision speed:** 8-16 weeks\n- **DD depth:** full (legal, financial, technical, customer refs)\n- **Ownership target:** 15-25%\n- **Board seat:** always (lead)\n- **EU examples:** Balderton, Index, Accel, Northzone, HV Capital\n- **Best for:** proven PMF, scaling go-to-market\n\n## Corporate Venture Capital (CVC)\n- **Check size:** €500K–€20M\n- **Decision speed:** 3-6 months (slowest)\n- **Motivation:** strategic, not purely financial\n- **Pros:** customer + distribution access, patient capital\n- **Cons:** conflicts with strategic acquirer role, slow process\n- **EU examples:** Bosch Ventures, Siemens Ventures, Deutsche Telekom, BMW iVentures\n- **Red flag:** exclusivity or ROFR clauses (reject)\n\n## Family Offices\n- **Check size:** €1M–€20M\n- **Decision speed:** 2-8 weeks (relationship-dependent)\n- **Motivation:** wealth preservation + diversification\n- **Pros:** less pressure for exit, can be patient\n- **Finding:** EuropeanFamilyOffices.com, TIGER 21, family office conferences\n\n## Accelerators with Funding\n| Program | Funding | Equity | Location |\n|---------|---------|--------|----------|\n| YC | $500K | 7% | Global |\n| Techstars | $120K | 6% | Global |\n| Antler | €100K | 10% | EU+Global |\n| Entrepreneur First | varies | ~5% | UK/EU/SG |\n| Station F | non-dilutive | 0% | France |\n| APX (Porsche+Axel Springer) | €50K | 5% | Berlin |\n", "format": "markdown", "tags": "[\"investor_types\", \"angels\", \"VC\", \"CVC\", \"criteria\", \"comparison\"]", "source": "Pitchbook + CB Insights + Dealroom data", "language": "en"}
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{"category": "legal", "subcategory": "esop", "region": "global", "stage": "all", "title": "ESOP — Employee Stock Option Plan Design", "content": "# Employee Stock Option Plan (ESOP) Design\n\n## Why ESOP Matters for Fundraising\n- Option pool size = dilution to existing shareholders\n- VCs require: 10-15% unallocated option pool POST-money\n- Created pre-money (founders bear dilution, not investors)\n- Missing ESOP = red flag for talent retention\n\n## Standard Vesting Schedule\n- **4-year vesting with 1-year cliff** (global standard)\n- Month 0-12: 0% vested\n- Month 12: 25% cliff vests immediately\n- Month 13-48: 1/36th per month\n- **Acceleration:** single-trigger (acquisition) or double-trigger (acquisition + termination)\n\n## Strike Price\n- **Germany:** \"Fair market value\" at grant date (Bewertungsgutachten)\n- **US:** 409A valuation (independent appraisal required, valid 12 months)\n- **UK:** EMI (Enterprise Management Incentive): HMRC-approved, CGT treatment\n- **France:** BSPCE (Bons de Souscription de Parts de Créateur d'Entreprise): favorable\n\n## German-Specific ESOP (GmbH)\n- **Problem:** GmbH shares (Geschäftsanteile) cannot be fractional\n- **Solution 1:** Virtual Stock Options (VSOPs) — phantom equity, paid cash\n- **Solution 2:** Convert to GmbH & Co. KG or UG hybrid\n- **Solution 3:** Convert to AG before ESOP\n- **Most common startup approach:** VSOP with conversion rights\n\n### VSOP Terms (Germany)\n- Exit participation: % of exit proceeds, not actual shares\n- Tax on VSOP payout: income tax (not capital gains) = up to 47%\n- After 2021 reform: deferred taxation possible (§19a EStG)\n- Better for high earners: convert to AG + issue real options\n\n## UK EMI (Enterprise Management Incentive)\n- Most tax-efficient UK structure: CGT rate on exercise (20%) not income tax\n- Company eligible: <250 employees, <£30M assets, qualifying trade\n- Employee limit: up to £250K options per employee (value at grant)\n- HMRC approval required: 3-4 weeks\n- Exercise window: 10 years from grant\n\n## Good Leaver / Bad Leaver\n- **Good leaver** (resignation, health, redundancy): keeps vested options, may keep unvested (negotiated)\n- **Bad leaver** (misconduct, cause): loses all options, vested shares at cost price\n- Define clearly in plan rules — major source of startup litigation\n\n## Typical Allocations\n- CTO/COO/VP Engineering: 1-3%\n- Early engineers (pre-Series A): 0.1-0.5%\n- Post-Series A senior hire: 0.05-0.2%\n- Advisors: 0.1-0.25% (with vesting)\n", "format": "markdown", "tags": "[\"ESOP\", \"options\", \"vesting\", \"equity\", \"legal\", \"compensation\"]", "source": "Leapsome + Capdesk + Index Ventures Option Plan", "language": "en"}
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{"category": "legal", "subcategory": "sha_guide", "region": "global", "stage": "series_a", "title": "SHA Key Terms — Shareholder Agreement Guide", "content": "# Shareholder Agreement (SHA) — Key Terms for Founders\n\n## Protective Provisions (Investor Veto Rights)\nInvestors typically require approval for:\n- Issuing new shares (equity rounds)\n- Changes to company articles\n- Sale of major assets\n- Related-party transactions >€[threshold]\n- Major acquisitions\n- CEO change\n\n**Founder goal:** keep list SHORT and specific. Broad protective provisions = loss of control.\n\n## Drag-Along Right\n- **What:** majority can force minority to sell in M&A\n- **Why it matters:** prevents minority blocking exits\n- **Standard:** triggered by [X]% of shareholders (typically 75%)\n- **Founder protection:** ensure you're in the dragging majority\n\n## Tag-Along Right\n- **What:** if founders sell, investors can sell pro-rata too\n- **Standard:** yes, include for all investors\n- **Threshold:** usually >5% stake triggers tag-along\n\n## Right of First Refusal (ROFR) / Right of First Offer (ROFO)\n- **ROFR:** company/existing shareholders get right to match third-party offer\n- **ROFO:** must offer to existing shareholders first before going to market\n- **Typical:** 30-day ROFR window\n- **Watch:** transfer restrictions can make secondary sales nearly impossible\n\n## Information Rights\n- **Board level:** monthly P&L, bank statements, KPIs\n- **Investor level:** quarterly financial statements + annual audited accounts\n- **Threshold:** usually for investors holding >1-2%\n\n## Anti-Dilution (Recap)\n| Type | Formula | Impact |\n|------|---------|--------|\n| Broad-based WA | New price weighted by ALL shares | Moderate dilution protection |\n| Narrow-based WA | Weighted by preferred only | More protection for investors |\n| Full ratchet | Price reset to any lower price | Extreme, avoid |\n\n## Founder Protections to Negotiate\n- **Veto on own removal as CEO:** yes if pre-Series B\n- **Co-sale right in secondary:** if investors sell, founders can too\n- **Good leaver provisions:** defined and fair\n- **IP ownership:** ensure company owns it, not individual\n- **Non-compete scope:** limit geography and duration (max 2 years post-departure)\n\n## Exit Provisions\n- **Exit preference:** 1× non-participating (standard post-2020)\n- **IPO trigger:** majority can force IPO after [date]\n- **Drag-along threshold:** 75-85% to protect minority\n", "format": "markdown", "tags": "[\"SHA\", \"shareholder_agreement\", \"legal\", \"protective_provisions\", \"series_a\"]", "source": "BVCA + Startup Law Berlin + SeedLegals", "language": "en"}
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{"category": "metric", "subcategory": "benchmarks", "region": "global", "stage": "all", "title": "Fundraising KPI Benchmarks by Stage", "content": "# KPI Benchmarks for Fundraising (2024)\n\n## SaaS Benchmarks\n\n| Metric | Pre-Seed | Seed | Series A | Series B |\n|--------|----------|------|----------|----------|\n| MRR | <€10K | €10-50K | €50-150K | €200K-1M |\n| ARR | <€120K | €120K-600K | €600K-2M | €2M-12M |\n| MoM Growth | N/A | >15% | >10% | >8% |\n| Gross Margin | >60% | >65% | >70% | >72% |\n| NRR | N/A | >100% | >110% | >120% |\n| Logo Churn | <5%/mo | <3%/mo | <2%/mo | <1.5%/mo |\n| CAC Payback | <24mo | <18mo | <15mo | <12mo |\n| LTV:CAC | >2× | >3× | >3× | >4× |\n| Burn Multiple | <3× | <2× | <1.5× | <1× |\n\n## Valuation Multiples (2024 reset from 2021 peak)\n| Stage | ARR Multiple | Notes |\n|-------|-------------|-------|\n| Pre-seed | N/A (milestone-based) | |\n| Seed | 15-25× ARR | if growing >30% MoM |\n| Series A | 8-15× ARR | if growing >15% MoM |\n| Series B | 6-10× ARR | if NRR >120% |\n| Series C+ | 4-8× ARR | profitability expected soon |\n\n## Rule of 40 (Series B+)\n`Revenue Growth % + EBITDA Margin % ≥ 40`\n- 50+: excellent\n- 40-50: strong\n- <40: needs explanation\n\n## Burn Rate & Runway\n- Minimum runway when fundraising: 6 months\n- Optimal start: 9-12 months runway\n- Target close: 18-24 months runway post-close\n- Burn multiple = net burn ÷ net new ARR (target: <1.5× at Series A)\n\n## Investor Outreach Benchmarks\n| Metric | Typical | Good |\n|--------|---------|------|\n| Cold email response rate | 2-5% | >10% |\n| Meeting → second meeting | 30-40% | >50% |\n| Second → partner meeting | 20-30% | >40% |\n| Partner → term sheet | 10-20% | >30% |\n| Meetings needed for one TS | 40-80 | <30 |\n\n## Market Size Minimums\n- VC (any stage): TAM >€1B minimum\n- Series A lead VC: TAM >€10B preferred\n- Formula: TAM = (# customers) × (ACV per customer)\n- Mistake: using top-down only — always validate bottom-up\n\n## Unit Economics Quick Reference\n- **CAC** = total sales + marketing spend ÷ new customers acquired\n- **LTV** = (ARPU × gross margin %) ÷ churn rate\n- **CAC Payback** = CAC ÷ (ARPU × gross margin %)\n- **Payback benchmark:** <12 months for venture-scale SaaS\n", "format": "markdown", "tags": "[\"metrics\", \"KPI\", \"benchmarks\", \"ARR\", \"LTV\", \"CAC\", \"valuation\"]", "source": "Bessemer Venture Partners State of the Cloud + OpenView SaaS Benchmarks", "language": "en"}
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{"category": "template", "subcategory": "financial_model", "region": "global", "stage": "all", "title": "Financial Model Structure — 3-Year Forecast", "content": "# Financial Model Template (SaaS / Startup)\n\n## Sheet Structure\n1. **Assumptions** (input sheet — all variables here)\n2. **Revenue Model** (by product line / segment)\n3. **P&L** (monthly Y1, quarterly Y2-Y3)\n4. **Cash Flow** (direct method)\n5. **Balance Sheet** (simplified)\n6. **KPI Dashboard** (for investor view)\n7. **Scenarios** (conservative / base / aggressive)\n\n## Revenue Model — SaaS\n```\nNew Logos × ACV = New ARR\n+ Beginning ARR\n- Churned ARR (beginning ARR × annual churn %)\n+ Expansion ARR (existing customers × expansion rate)\n= Ending ARR ÷ 12 = MRR\n```\n\nKey assumptions to document:\n- Sales cycle length (months)\n- Lead → opportunity conversion %\n- Opportunity → close conversion %\n- Average ACV by segment\n- Net Revenue Retention (NRR) %\n- Gross churn rate\n\n## P&L Structure\n```\nRevenue\n- COGS (hosting, support, CS, payments)\n= Gross Profit [Gross Margin %]\n\n- R&D (product + engineering salaries)\n- Sales & Marketing (AE + SDR + marketing)\n- G&A (finance, legal, HR, office)\n= EBITDA [EBITDA Margin %]\n\n- Depreciation & Amortization\n= EBIT\n\n- Interest expense\n= EBT\n\n- Tax\n= Net Income\n```\n\n## Headcount Plan (biggest cost driver)\n- List every hire by month + role + fully loaded cost\n- Fully loaded = salary × 1.25-1.35 (benefits, employer NI/social, equipment)\n- Germany: +25-30% on top of gross salary\n- Include: backfill risk, ramp time (50% productivity for 3 months)\n\n## Investor Presentation: Key Metrics to Highlight\n- ARR waterfall (beginning + new + expansion - churn = ending)\n- MoM growth rate trend\n- Burn vs ARR growth (burn multiple)\n- Headcount plan vs revenue per employee\n- CAC payback period trend\n\n## Common Mistakes in Financial Models\n1. Revenue too optimistic in Y2-3 (use 50% of what feels \"conservative\")\n2. Missing hiring ramp — people don't produce day 1\n3. Ignoring seasonality (B2B: Q4 strong, Q1 slow)\n4. COGS too low (underestimate CS team, hosting at scale)\n5. Tax rate = 0 (even with losses: deferred tax assets)\n6. Not showing how funding runs out (investors want to see need)\n", "format": "markdown", "tags": "[\"financial_model\", \"forecast\", \"P&L\", \"SaaS\", \"template\"]", "source": "Christoph Janz SaaS metrics + OpenView benchmarks", "language": "en"} |