Newsletter ·
Your runway is shorter than your spreadsheet
Three months go to fundraising itself.
Elias Brandt
Former CFO, angel investor since 2017, Hamburg. Writes a memo every second Tuesday. Not investment advice.
Newsletter ·
A term sheet in one page
The six lines that matter, and the rest.
Newsletter ·
Notes from forty pitch meetings
Jana and I sat through forty pitches this autumn. Here is what the good ones had in common.
Template: runway, backwards
The spreadsheet behind the memo on round size, ready to fill in.
Teardown: a real deck, slide by slide
Twelve slides, my notes on each, shared with the founder’s permission.
Cap table: three rounds, simulated
Change one assumption and watch the founders’ share move.