Tool #11 in the Fundraising Hub

You closed the round. Congratulations. Now comes the part that separates winners from cautionary tales: the first 90 days of execution.

This checklist keeps your new capital from disappearing into operations chaos. It’s organized by what needs to happen when, with templates for every critical document.

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Why the First 90 Days Matter

What investors are actually watching:

• Do you execute with the same discipline you used to pitch them?
• Are you communicating transparently (especially when things go wrong)?
• Do you have a plan for the next 12 months, or are you winging it?
• Are you burning capital like you have a 5-year runway, or do you understand unit economics?

What founders typically screw up in the first 90 days:

• Hire 10 people before understanding what job needs to be done (wasteful)
• Skip the boring board meeting structure and wonder why investors are annoyed
• Make strategic pivots without telling investors (they hear about it from the grapevine)
• Spend the first two weeks celebrating instead of getting organized
• Never do a financial forecast and get surprised at month 3 when cash is low

This checklist prevents all of that.

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Timeline Overview

Week 1-2 (Days 1-14): Announce, Organize, Secure

• Fundraising close (legal + bank setup)
• Investor onboarding (who’s on your board, communication cadence?)
• Cap table finalization
• Internal & external announcements

Month 1 (Days 15-45): Align, Forecast, Communicate

• First board meeting (cadence + structure)
• OKR setting (what are you optimizing for next 12 months?)
• First investor update
• Financial forecasting & budget

Month 2-3 (Days 46-90): Execute, Hire, Measure

• Hiring plan execution
• Burn rate analysis (are you on track?)
• Operational changes (new team structure, processes, tools)
• Quarterly KPI tracking dashboard
• Second board meeting (progress report)

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WEEK 1-2: Close, Announce, Organize

Day 1: The Legal Close

Checklist:

• Funding agreement is signed by all parties
• Wire transfer is received in company bank account
• Confirm receipt email from bank (screenshot + save)
• Update cap table in your system of record (Pulley, Carta, SAFE.com, or spreadsheet)
• Get cap table “final version” from legal counsel or investor
• Add all investors to company Slack/comms (if applicable)
• Schedule close celebration (30 minutes, not 3 hours—you have work to do)

Responsible party: Founder + Legal counsel

Key documents:

• Signed funding agreement (store securely)
• Cap table final version (pin in Slack)

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Day 2-3: Investor Onboarding

Checklist:

• Send each investor a welcome email with:
  • Board seat confirmation (yes/no)
  • Board meeting cadence (monthly? quarterly?)
  • How to get in touch (direct founder mobile, not just email)
  • Slack channel invitation (or other comms tool)
  • Next board meeting date/time
  • First investor update deadline (when will you send it?)
• Create investor update email alias or spreadsheet (who gets updates?)
• Schedule first board meeting (30 days out, after you have data to present)
• Share company Slack channel with all board members
• Set up investor portal (Carta or spreadsheet with key metrics/documents)

Template: Investor Onboarding Email

Subject: Welcome to [Company Name]‘s Board — Here’s How We’ll Stay Connected

Hi [Investor Name],

We’re thrilled to have [Your Firm] as a partner. Here’s how we’ll work together:

BOARD STRUCTURE

• You have [a board seat / observer rights]
• Board meetings: First Thursday of each month, 10am PT (60 minutes)
• First meeting: [Date], agenda TBD but will include: traction update, unit economics, hiring plan

COMMUNICATION

• Weekly/biweekly founder updates will go to all investors (I’ll send Friday afternoons)
• Slack channel: #investors (if you’re not in Slack, let me know and I’ll add you)
• Direct line: [Your cell] (use this if something’s urgent or if you see a customer opportunity)

IMMEDIATE ASKS

1. Please confirm your board meeting availability (I’ll send a calendar invite shortly)
2. Let me know if you want to introduce us to any customers, talent, or other investors
3. If you have specific metrics you’d like to track, let me know and I’ll add them to our updates

Looking forward to building this together.

[Your name]

Responsible party: Founder/Chief of Staff

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Day 4-5: Bank + Legal Setup

Checklist:

• Open company business bank account (if you don’t have one)
  • Bring: Articles of Incorporation, proof of ID, cap table, funding agreement
  • Set up: online banking, wire transfer capability
• Add co-founders as authorized signers
• Set up monthly accounting/bookkeeping (Quickbooks, Stripe + spreadsheet, or accountant)
• Assign someone as “cash owner” (one person tracks runway)
• Set up sales tax nexus (if applicable to your state/product)
• File Delaware 83(b) elections (if you have options outstanding)
• Create a “funding received” entry in accounting system (wire date + amount)

Responsible party: Finance person (could be you) + Accountant

Key metric to establish:

• Current cash balance (bank balance)
• Monthly burn rate (total expenses / month)
• Runway in months (cash balance / monthly burn)
• Example: $2M raised, $100K/month burn = 20-month runway

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Day 6-7: Internal Announcement

Checklist:

• All-hands meeting (60 minutes max)
• Message: “Here’s what we raised, here’s what it means for you”
• Address the elephant: “This does NOT mean we are printing money. We have X months of runway.”
• Share the plan: “We’re hiring for [roles], we’re going to focus on [metrics]”
• Q&A about equity (if employees asked you during fundraising)
• Send recap email with key messages

Template: Internal Announcement

Subject: [Company] raised $[X] from [Investors]. Here’s what it means.

Team,

We just closed $[X] in [Round] funding from [Lead Investor] and [Other Investors].

Here’s what’s happening next:

WHAT THIS MEANS FOR YOU

• We now have [X] months of runway
• We’re prioritizing [Top 3 goals for next 12 months]
• We’ll hire [# of roles, breakdown by function]
• Your equity is still vesting and unchanged

WHAT IT DOESN’T MEAN

• We don’t have infinite money (our burn rate is $[X]/month)
• We can’t hire 20 people overnight
• We’re changing the product direction (we’re not)
• Your responsibilities change (they don’t)

THE PLAN

• This month: Board meeting setup, hiring plan finalized
• Next 3 months: Hire [specific roles], ship [specific milestone]
• Next 12 months: Hit [revenue/growth targets] and get ready for Series A

QUESTIONS? I’m doing office hours [day/time]. Bring your thoughts.

[Your name]

Responsible party: CEO

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Day 8: External Announcement

Checklist:

• Write press release (or skip it if you’re pre-product)
• Share with investors for approval 24 hours before sending
• Distribute to: TechCrunch, relevant industry reporters, founder communities
• Post on LinkedIn/Twitter with personal message
• Update website (investors page, company details)
• Update fundraising documents (one-pager, pitch deck) to reflect new capital

Template: Simple Press Release

FOR IMMEDIATE RELEASE

[Company Name] Raises $[X]M [Round] to [Main Use of Funds]

[CITY, STATE] – [DATE] – [Company Name], the [1-line product description], today announced it has raised $[X]M in [Round] funding led by [Lead Investor], with participation from [Other Investors].

The capital will be used to [2-3 main priorities: hiring, product development, market expansion, etc.].

“[Insight about the market / timing / why now from founder],” said [Founder Name], CEO of [Company]. “This capital allows us to [specific outcome].”

“[Thesis from lead investor about why they invested],” said [VC Name], [VC Firm].

[Company] is based in [City] and was founded in [Year]. To learn more, visit [company website].

About [Company] [2-3 sentences about what the company does, for whom, and why it matters.]

Press Contact: [Your name] [Your email] [Your phone]

Responsible party: CEO or communications person

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MONTH 1: Align, Set OKRs, Communicate

Week 2-3: Schedule First Board Meeting

Checklist:

• Send board meeting invite 30 days in advance (Friday template works best)
• Include: date/time, Zoom link, agenda
• Agenda items: traction update, unit economics, hiring plan, key decisions
• Prep materials: current cap table, financial dashboard, key metrics
• Confirm attendance from all board members + observers
• Set up Google Drive folder for board documents (one folder per meeting, organized by month)

Template: Board Meeting Invite

Subject: Board Meeting — [Date], 10am PT

Hi everyone,

First board meeting is [Date], 10am PT. Here’s the plan:

AGENDA (60 minutes)

• Traction update (10 min): revenue, users, key metrics
• Unit economics deep dive (15 min): CAC, LTV, churn, burn
• Hiring plan (10 min): roles, timeline, budget impact
• Key decisions (15 min): [specific decisions that need input]
• Open Q&A (10 min)

MATERIALS

• Cap table: [link to Pulley/Carta]
• Financial dashboard: [link to spreadsheet]
• Metrics dashboard: [link]

See you then.

[Your name]

Responsible party: Chief of Staff or Founder

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Week 3-4: Set OKRs (Objectives & Key Results)

Why OKRs matter: You now have investors watching. They need to know you have a plan. More importantly, you need to know what you’re optimizing for.

OKR Framework:

OBJECTIVE 1: [Ambitious, direction-setting outcome for next 12 months]

• Key Result 1: [Measurable target, 0-100 scale]
• Key Result 2: [Measurable target, 0-100 scale]
• Key Result 3: [Measurable target, 0-100 scale]

OBJECTIVE 2: [Next major outcome]

• Key Result 1: [Measurable target]
• Key Result 2: [Measurable target]

OBJECTIVE 3: [Operational outcome]

• Key Result 1: [Measurable target]

Example: SaaS Company Post-Seed

OBJECTIVE 1: Establish product-market fit in healthcare vertical

• KR1: Hit 100 paying customers in healthcare by Q4
• KR2: Achieve 90%+ NPS among healthcare customers
• KR3: Reduce healthcare customer churn to <2% MRR

OBJECTIVE 2: Build world-class engineering team

• KR1: Hire 3 full-stack engineers
• KR2: Reduce time-to-deploy from 3 weeks to 1 week
• KR3: Achieve 95%+ test coverage on critical paths

OBJECTIVE 3: Establish operational rigor

• KR1: Monthly financial close by day 8 of each month
• KR2: Achieve board meetings on schedule, with materials ready 48 hours in advance
• KR3: Implement weekly all-hands update (attendance >90%)

OKR Setting Session:

• 2-hour working session with co-founders + key operational leads
• Brainstorm: What do we want to accomplish in next 12 months?
• Narrow to: 3 top objectives
• Define: Measurable key results for each
• Align: Do these map to investor expectations? Do they make sense?
• Share: Present to board at first board meeting

Responsible party: CEO + co-founders

Template: OKR Document

[Company Name] OKRs — [Year] (Confirmed at Board Meeting [Date])

OBJECTIVE 1: [Description]

• KR1: [Metric] from [current] to [target] by [date]
• KR2: [Metric] from [current] to [target] by [date]
• KR3: [Metric] from [current] to [target] by [date]

Lead: [Name] Quarterly check-in dates: [dates]

OBJECTIVE 2: [Description]

[Same format]

OBJECTIVE 3: [Description]

[Same format]

Success Criteria: At end of year, we want to hit 75%+ of all KRs. Scoring: Green (90-100%), Yellow (70-89%), Red (<70%)

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Week 4: First Investor Update

Why it matters: Your first investor update sets the tone. Show rigor, not perfection. Show honesty, not spin.

Template: Investor Update (Email)

Subject: [Company Name] — Monthly Update — [Month]

Hi everyone,

Here’s what we accomplished this month:

TRACTION

• Revenue: $[X]K MRR (up [%] from last month)
• Customers: [#] (added [#] this month)
• Key customers: [customer names if applicable]
• Retention: [churn rate]%
• NPS: [score]

TEAM

• Hired: [names, roles]
• In process: [open roles, target hire date]
• Headcount: [current total]

KEY METRICS

• Burn rate: $[X]K/month
• Runway: [X] months
• CAC: $[X] | LTV: $[X] | CAC payback: [X] months
• [Add 1-2 metrics specific to your business]

HIGHLIGHTS

• [Major win: customer, feature shipped, metric]
• [Major win]
• [Major win]

CHALLENGES

• [Real challenge: hiring slowdown, product issue, market headwind]
• [Real challenge]

COMING NEXT MONTH

• [Specific goal: revenue, hiring, product milestone]
• [Specific goal]
• [Specific goal]

ASKS FOR THE BOARD

• [Specific help needed: intro to customer, hiring lead, partnership]

Talk soon.

[Your name]

Key principles for investor updates:

• Send monthly, always on the same day (Friday afternoon preferred)
• Keep it to 1 page (investors are busy)
• Lead with metrics (traction first, narrative second)
• Be honest about challenges (spin kills trust)
• Always ask for help (investors want to be useful)

Responsible party: CEO (with CFO/COO support for metrics)

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Week 4: First Financial Forecast

Checklist:

• Create 24-month financial forecast (Google Sheets is fine)
• Include: revenue forecast, expense forecast, burn rate, runway
• Update monthly (takes 30 minutes once it’s built)
• Share with board at first board meeting
• Identify key assumptions (growth rate, hiring timeline, etc.)
• Stress test: “What if we grow 50% slower than forecast?”

Template: Simple Financial Forecast

Month	Revenue	COGS	Salaries	Rent	Other	Total Burn	Cumulative Cash	Runway (mo)
Current	$50K	$10K	$60K	$5K	$10K	-$35K	$2,000K	57
M+1	$60K	$12K	$65K	$5K	$12K	-$34K	$1,966K	57.8
M+2	$70K	$15K	$70K	$5K	$12K	-$32K	$1,934K	60.4
…	…	…	…	…	…	…	…	…
M+24	$300K	$60K	$150K	$5K	$25K	+$60K	$3,100K	N/A

Key assumptions to document:

• Revenue growth rate (% MoM or expected customers/month)
• Customer churn rate
• Headcount growth (hiring timeline + salaries)
• Salary increases (if any)
• One-time expenses (office expansion, tools, etc.)

Responsible party: CFO or Finance person

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MONTH 2-3: Execute, Hire, Measure

Week 5-6: Hiring Plan Execution

Checklist:

• Define 3-5 critical roles to hire in next 90 days
• Create job descriptions (1 page each)
• Identify recruiting channels: LinkedIn, advisors, recruiters, communities
• Set salary ranges (use Levels.fyi, Payscale, or advisor guidance)
• Assign recruiting owner (founder, COO, or external recruiter)
• Create hiring pipeline tracker (Airtable, Google Sheets, or recruiting tool)
• Post on company careers page
• Ask investors for introductions (they often know people)
• Set hiring timeline: “We want to make 2 offers by [date]”

Template: Hiring Plan Document

[Company] Hiring Plan — Next 90 Days

Roles We’re Hiring For

Role 1: Senior Backend Engineer

• Why we need it: [specific gap in team or roadmap]
• Qualifications: [3-5 key requirements]
• Salary range: $[X]-$[Y]
• Start date: [target month]
• Recruiting channels: LinkedIn, advisor network, [specific communities]
• Owner: [name]

Role 2: [Sales person / Product Manager / etc.]

[Same format]

Hiring Timeline

• Week 1-2: Post jobs, reach out to network
• Week 3-4: Interviews scheduled for 50+ candidates
• Week 5: Make 2-3 offers
• Week 8-12: Candidates start

Success Metrics

• Offers made by [date]: [# target]
• Hires completed by day 90: [# target]
• Total headcount at day 90: [# target]

Budget Impact

• Total salary commitment: $[X]/month
• Impact on burn rate: [current] → [new] per month
• Impact on runway: [current months] → [new months]

Responsible party: CEO or COO

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Week 6-8: Operational Structure & Tools

Checklist:

• Finalize team structure (org chart)
• Assign clear ownership of: product, engineering, sales, customer success, operations
• Set up recurring meetings: weekly all-hands, weekly leadership, 1-on-1s
• Choose communication tools (if not already chosen): Slack, email cadence
• Set up project management (Asana, Linear, Notion, etc.)
• Establish decision-making framework (who decides what?)
• Create company handbook (even 5-page version beats nothing)
• Set up performance review cadence (monthly check-ins initially, quarterly reviews)

Template: Company Handbook (5-Page Version)

[Company Name] Handbook — For New Employees

Our Mission

[1-2 sentences about why we exist]

Core Values

• Value 1: [Definition]
• Value 2: [Definition]
• Value 3: [Definition]

How We Work

• Meeting rhythm: All-hands weekly (Tuesday 10am), leadership daily (5min standup), 1-on-1s biweekly
• Decisions: CEO decides strategy, leads decide on their team, individuals decide on their day-to-day
• Communication: Slack for quick updates, email for important announcements, async document updates when possible
• Working hours: Flexible, but team core hours 10am-4pm PT

Equity & Compensation

• You have [your grant]% equity vesting over 4 years with 1-year cliff
• Vesting starts [your start date]
• If you leave before month 12, you forfeit unvested equity
• If you leave after month 12, you keep vested equity

Time Off

• PTO: Unlimited (expectation: 15+ days/year)
• Holidays: [List company holidays]
• Parental leave: [Details]

Feedback & Growth

• 1-on-1s: Biweekly with your manager
• Feedback: Continuous, direct, specific
• Career development: We invest in your growth (books, courses, conferences)

We’re Hiring For

[List open roles]

Questions?

Direct message [founder name] or [people ops person]

Responsible party: CEO/COO

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Week 8-10: Burn Rate Analysis & Course Correction

Checklist:

• Compare actual spend vs. forecast
• Identify variances (What cost more? What cost less?)
• Determine if course correction is needed
• Share analysis with board
• Decision: Are we on track? Do we need to adjust hiring/spend?

Template: Burn Rate Analysis

Burn Rate Analysis — Month 2 Post-Close

Forecast vs. Actual

Category	Forecast	Actual	Variance	Notes
Revenue	$50K	$45K	-$5K	Sales cycle longer than expected
Salaries	$60K	$65K	+$5K	Hired engineer 2 weeks early
COGS	$10K	$8K	-$2K	Lower hosting costs than forecast
Rent	$5K	$5K	$0	On track
Other	$10K	$12K	+$2K	Tool subscriptions higher
Total Burn	-$35K	-$35K	$0	On track

Key Insights

• Revenue is tracking below forecast by $5K; we should expect 1-month delay in sales cycle
• Hiring 2 weeks early cost us $5K but got us engineering capacity; this is a good trade
• Overall burn rate is on track

12-Month Projection (Updated)

• Original forecast: 24-month runway
• Updated forecast: 23-month runway (1 month impact from hiring)
• Recommendation: Continue as planned; no course correction needed

Next Month’s Focus

• Close 2 deals to get back on revenue track
• Monitor hiring pace to ensure we don’t accelerate beyond forecast

Responsible party: CFO + CEO

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Week 10-12: KPI Dashboard & Second Board Meeting

Checklist:

• Build KPI dashboard (Google Sheets is fine; Mixpanel/Metabase if you have data infrastructure)
• Include: revenue, customers, churn, NPS, burn rate, runway, hiring progress
• Update weekly or biweekly
• Share with board at second board meeting
• Invite board to review dashboard 48 hours before meeting
• Prepare narrative: “Here’s what’s working, here’s what’s not”

Template: KPI Dashboard

[Company Name] — KPI Dashboard (Updated [Date])

Top-Level Metrics

• Revenue: $[X]K MRR (target: $[Y]K)
• Customers: [#] (target: [#])
• Churn: [X]% MRR (target: <2%)
• Burn rate: $[X]K/month (target: $[Y]K)
• Runway: [X] months (target: >12 months)

Detailed Metrics by Function

Product

• NPS: [score] (target: >50)
• Feature adoption: [key feature] used by [%] of customers
• Time-to-value: [days until customer gets ROI]
• Product roadmap on track: Yes/No

Sales

• Pipeline: $[X] total (target: $[Y])
• Average deal size: $[X]
• Sales cycle length: [X] days
• Win rate: [X]%
• New customers: [#]/month (target: [#])

Customer Success

• Active customers: [#]
• NPS: [score]
• Retention: [%] (annualized)
• Churn: [X]% MRR
• CSAT: [%]

Operations

• Team size: [#] (target: [#] by end of Q)
• Open roles: [#]
• Hiring pace: [#]/month
• Cash balance: $[X]
• Burn rate: $[X]K/month
• Runway: [X] months

Status: On Track / At Risk / Off Track

Narrative

[1 paragraph on what’s working and what needs attention]

Responsible party: CEO + data person

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Week 12: Second Board Meeting

Template: Board Meeting Agenda (Day 90)

Board Meeting — [Date]

Agenda (60 minutes)

1. Traction Update (10 min)

• Revenue: $[X]K MRR, up [%] from close date
• Customers: [#], added [#] this quarter
• NPS: [score]
• Key wins: [customer names, milestones]

2. Burn Rate & Financial Health (10 min)

• Burn rate: $[X]K/month
• Runway: [X] months
• Forecast vs. actual: On track / [variance explanation]
• No surprises on cash balance

3. Hiring & Team (10 min)

• Hires completed: [#] / [target]
• Open roles: [list]
• Hiring challenges: [if any]
• Team structure finalized: Yes

4. OKR Progress (15 min)

• OKR 1: [% progress toward KRs]
• OKR 2: [% progress toward KRs]
• OKR 3: [% progress toward KRs]
• On track: Yes / At risk: [details]

5. Key Decisions & Asks (10 min)

• Decision 1: [Seeking board input on …]
• Decision 2: […]
• Asks: [Specific help: intros, recruiting, advice]

6. Q&A (5 min)

Responsible party: CEO + Chief of Staff

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Templates: Ready to Copy

Template: Monthly Financial Close

[Company] Financial Close — [Month] [Year]

Close Date: [Day of month], by [time]

Summary

• Revenue: $[X]K
• Expenses: $[Y]K
• Net burn: $[Z]K
• Cash balance: $[X]K
• Runway: [X] months

Income Statement [Revenue section] [Expense breakdown by category] [Net income / loss]

Balance Sheet [Cash, accounts receivable, fixed assets] [Payables, accrued expenses] [Equity]

Key Variance Explanations [Revenue up/down because…] [Expenses up/down because…]

Notes & Exceptions [Any unusual items this month]

Preparer: [Name] Review: [Name] Approval: [CEO]

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Template: Board Meeting Notes

Board Meeting Notes — [Date]

Attendees: [List]

Traction Update

• Revenue: $[X]K (up [%])
• Customers: [#]
• Key metrics: [list]

Decisions Made

1. [Decision]: [Context] → [Outcome]
2. [Decision]: [Context] → [Outcome]

Feedback from Board

Action Items

Owner	Task	Due Date
[Name]	[Task]	[Date]
[Name]	[Task]	[Date]

Next Board Meeting [Date, time, location]

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Template: First Investor Update (Email)

Subject: [Company] Monthly Update — [Month]

Hi everyone,

Quick update on progress this month:

METRICS

• Revenue: $[X]K (up [%] from [prev month])
• Customers: [#] (added [#] this month)
• Key metric: [X] (target: [Y])
• Burn rate: $[X]K/month
• Runway: [X] months

HIGHLIGHTS [Major win] [Major win] [Major win]

CHALLENGES [Real challenge] [Real challenge]

COMING NEXT [Specific goal] [Specific goal] [Specific goal]

ASKS

• [Specific intro or help needed]

Talk soon. [Your name]

P.S. Board meeting [date]. Quarterly metrics review coming next week.

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Quick Checklist: What Needs to Happen by Day 90

• Bank account opened, wired funds deposited
• Cap table finalized and board-approved
• Board meeting cadence established (monthly or quarterly)
• First board meeting completed (+ all materials prepared 48h in advance)
• OKRs set and board-aligned
• Monthly investor updates on schedule (sent [date] each month)
• Financial close process established (monthly by day [X])
• 2+ hires completed on plan
• KPI dashboard built and board-reviewed
• Company handbook created (even 5-page version)
• Financial forecast updated and on track
• Burn rate analysis completed (actual vs. forecast)
• No surprises with board or investors (everything proactively communicated)

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What Separates Funded Founders from Cautionary Tales

The difference is not the capital amount. It’s the operational discipline.

Successful post-raise founders:

• Have a clear plan (OKRs) and update it monthly
• Communicate with investors proactively (monthly updates, not when there’s bad news)
• Understand their unit economics (CAC, LTV, burn rate, runway)
• Hire intentionally (not just because they have money)
• Make decisions with the board, not in isolation

Cautionary tale founders:

• Raise capital and celebrate for 2 months
• Skip the boring stuff (financial forecasting, board structure)
• Communicate only when there’s bad news (“we’re out of cash in 3 months”)
• Hire 15 people in 90 days, then fire them in month 6
• Spend the first year undoing the mistakes of months 1-3

You get to choose which founder you are. Use this checklist. Do the work. The first 90 days set the tone for the next 3 years.

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Next Steps

1. Print this checklist (or use as a shared Google Doc)
2. Assign owners to each section (CEO, CFO, COO, Chief of Staff)
3. Set deadline dates (Week 1, Month 1, Month 2-3, etc.)
4. Share with your board at your first meeting (“Here’s how we’ll communicate”)
5. Review monthly (update progress, mark items complete)

By day 91, you’ll have investors who want to back your next round, because you look like a founder who can execute.

That’s the whole game.