Fundraising readiness: get your numbers diligence-ready

• Pre-seed and SAFE rounds: light. A clean cap table, a sensible use of funds, and books that exist.
• Seed: monthly financials, early metrics, a model, and basic corporate and IP housekeeping.
• Series A and B: full financial diligence. Revenue quality, cohort retention, gross margin, the model against actuals, and every filing.
• Growth equity and private equity: audited or reviewed financials and a quality of earnings report from an outside firm.

• Certificate of incorporation, bylaws and board consents
• Cap table, plus every SAFE, note, option grant and warrant
• Founder stock agreements, 83(b) elections and IP assignments
• The last 12 to 24 months of monthly financial statements
• Your financial model and the metrics in your deck, tied to the books
• Key customer, vendor and partner contracts
• Federal and state tax filings, and Delaware franchise tax receipts
• Employee and contractor agreements

Start with this at seed and expand it for Series A. The linked data room guide covers structure and access controls.

• Books on a cash basis, or months behind
• Deck metrics that don't tie to the financial statements
• Revenue recognized up front on annual contracts
• SAFEs, notes or option grants missing from the cap table
• Missing 83(b) elections or IP assignments
• Unpaid Delaware franchise tax, state taxes or payroll filings

Each one is fixable before the raise and expensive during it: investors either slow down, ask for a lower price, or add conditions to closing.

• Three months out: close the books monthly on an accrual basis, catch up any filings, reconcile the cap table.
• Two months out: build or refresh the model from actuals and tie your metrics to the books.
• One month out: assemble the data room and run a mock diligence pass.
• During the raise: keep closing monthly, so the numbers investors see stay current.