Template Series A

Series A Readiness Scorecard

For founders deciding if you're ready to raise Series A. 75 questions, parallel structure to the Pre-Seed Readiness Scorecard, used by investors to evaluate Series A companies.

By Lech Kaniuk February 2026 24 min

For founders deciding if you’re ready to raise Series A. 75 questions, parallel structure to the Pre-Seed Readiness Scorecard, used by investors to evaluate Series A companies.

Overview

This scorecard reflects what Series A investors look for. It’s more rigorous than pre-seed because by Series A:

You have proven unit economics
You have real revenue and customer validation
You have a complete team
You have operational systems in place

Scoring: Each question is 0-2 points.

0 = Not ready 1 = Partially ready (working on it, some proof) 2 = Ready (evidence is clear, repeatable, verified)

Total possible score: 150 points

Target for Series A: 100-120 points If you score <80: Wait 6-12 months; work on the gaps If you score 80-100: You’re close; address yellow flags If you score 100+: You’re ready to pitch to Series A investors

How to Use This Scorecard

Go through each question honestly. (Not how you wish things were; how they actually are.)
Write evidence for each point (screenshot, customer quote, metric, contract).
Score each question 0-2.
Sum the total.
Look at weakest sections. These are your focus areas.
Share with your co-founder. Do you agree on the scoring?
Repeat quarterly (track progress).

SECTION 1: Revenue + Unit Economics (15 questions)

Revenue Questions

Do you have >€100k ARR?

0 = No revenue or <€50k ARR
1 = €50k-€100k ARR
2 = >€100k ARR

Why it matters: Series A investors want to see real traction. €100k ARR is a floor; most Series A companies are €200k-€1M ARR.

Evidence: Monthly revenue report, customer contracts, payment receipts

Is your ARR growing >20% MoM (or 20%+ MoM average over last 3 months)?

0 = Flat or declining revenue
1 = 5-15% MoM growth (slowing)
2 = 20%+ MoM growth

Why it matters: Growth rate matters more than absolute revenue at Series A. 20% MoM compounds to 10x+ annual growth. Investors need to see traction accelerating, not slowing.

Evidence: Monthly revenue chart, 3-month trend, growth forecast

Do you have >10 paying customers (or >50 if SMB/self-serve)?

0 = <5 customers
1 = 5-10 customers
2 = >10 enterprise customers OR >50 SMB customers

Why it matters: Customer concentration risk. If 50% of revenue is one customer, you’re too dependent. Series A investors want diversification.

Evidence: Customer list, revenue per customer, concentration ratio

Is your customer concentration safe (no single customer = >30% of revenue)?

0 = >50% revenue from one customer
1 = 30-50% from one customer
2 = No customer exceeds 30% revenue

Why it matters: If one customer leaves, you don’t collapse. Healthy Series A companies have <15% per customer.

Evidence: Revenue breakdown by customer (can anonymize)

Unit Economics Questions

Do you know your CAC (Customer Acquisition Cost) precisely?

0 = No idea / haven’t calculated
1 = Rough estimate (€500 ± 50%)
2 = Precise, tracked by channel (€400-600, know breakdown)

Why it matters: Investors want to see you’re efficient. CAC is a core metric; if you don’t know it, you’re not ready.

Evidence: CAC calculation spreadsheet, sales spend breakdown, customer source tracking

Is your CAC < half your ACV (or payback < 12 months)?

0 = CAC > ACV (you lose money per customer)
1 = CAC is 50-75% of ACV (payback 12-18 months)
2 = CAC < 50% of ACV (payback < 12 months)

Why it matters: At Series A, you should be making money per customer within a year. If payback is >18 months, you burn cash faster than you can scale.

Evidence: CAC payback period calculation

Do you know your LTV (Lifetime Value) and track it monthly?

0 = No LTV calculation
1 = Rough LTV (±50% confidence)
2 = Precise LTV with monthly tracking

Why it matters: LTV tells you if the business model works long-term. Without tracking, you’re flying blind.

Evidence: LTV calculation, historical data, churn assumptions

Is your LTV:CAC ratio > 3:1?

0 = LTV:CAC < 2:1 (unit economics broken)
1 = LTV:CAC 2-3:1 (borderline)
2 = LTV:CAC > 3:1 (healthy)

Why it matters: This is the magic ratio. If LTV is 3x CAC or more, you can scale profitably. Series A investors look for this before writing checks.

Evidence: LTV:CAC ratio calculation with assumptions

What is your monthly churn rate, and is it <5%?

0 = >10% monthly churn (or unknown)
1 = 5-10% monthly churn
2 = <5% monthly churn

Why it matters: Churn is silent killer. If you churn 10% monthly, you’re hemorrhaging customers. Healthy Series A companies churn <3%.

Evidence: Cohort analysis, retention curve, monthly churn calculation

Do you have clear proof that retention is improving?

0 = Retention is flat or declining
1 = Retention is stable (consistent cohorts)
2 = Retention is improving (cohorts getting stickier)

Why it matters: If recent customers stay longer than old customers, you’re getting better at onboarding and product. This is a positive signal for Series A.

Evidence: Cohort retention chart (plot monthly cohorts over time)

Do you have multiple sales channels, or are you 90%+ dependent on founder sales?

0 = 100% founder sales (doesn’t scale)
1 = 80%+ founder sales, some channel emerging
2 = <50% founder sales; repeatable channels proven (inbound, partnerships, sales team)

Why it matters: If you’re the only salesperson, Series A becomes nearly impossible. Investors want to see you can hire salespeople and they’ll be productive.

Evidence: Customer source breakdown, new salesperson close rate, inbound pipeline

Are you tracking CAC by channel, and do you know your unit economics per channel?

0 = No channel breakdown
1 = Rough breakdown (2 main channels, imprecise CAC)
2 = Precise CAC per channel; know which is most efficient

Why it matters: Some channels are 10x more efficient than others. Knowing this lets you scale smartly (more of good channels, less of bad ones).

Evidence: CAC spreadsheet by channel (ad source, sales team, referral, etc.)

What is your gross margin, and is it >50%?

0 = <40% gross margin (or unknown)
1 = 40-60% gross margin
2 = >60% gross margin

Why it matters: Gross margin shows if the business model works. If you’re spending 80 cents to earn a dollar, you can’t scale. Series A SaaS should be 60%+.

Evidence: Gross profit calculation, COGS breakdown

Are you on a path to unit economics profitability (gross profit > CAC)?

0 = No; would take 5+ years
1 = Maybe; would take 2-4 years
2 = Clear path; will be profitable within 12-24 months

Why it matters: Even if you’re not profitable company-wide, unit economics should work. This means each customer you acquire makes money.

Evidence: Profitability timeline, gross profit per customer chart

Can you articulate exactly how you’ll double revenue in the next 18 months?

0 = No clear plan
1 = Rough plan (hire more salespeople, hope for inbound)
2 = Specific plan (add product feature + hire in region X, expand channel Y)

Why it matters: Series A investors want to know what $2M will do. If you don’t have a clear plan, you’ll waste the money.

Evidence: 18-month plan with hiring, product roadmap, market expansion detail

SECTION 2: Market Position (12 questions)

Market & Competition Questions

Do you have a clearly defined target customer (persona + company size)?

0 = “We serve anyone”
1 = “We serve mid-market companies” (too broad)
2 = “We serve €2M-€50M revenue manufacturing companies in DACH region”

Why it matters: Focused customers = efficient sales. If you’re chasing everyone, you’re efficient at nobody. Series A companies have a specific customer archetype.

Evidence: Customer persona doc, customer interview data, ICP (Ideal Customer Profile)

Is your target market growing (TAM expanding)?

0 = Market is flat or declining
1 = Market growing 5-10% annually
2 = Market growing >15% annually

Why it matters: Even if you execute perfectly, a shrinking market limits upside. Series A investors want to ride a wave, not paddle upstream.

Evidence: Market research data, analyst reports (Gartner, IDC, etc.)

Do you have defensible competitive advantages (not just “we’re better”)?

0 = No competitive advantage (product/price is only difference)
1 = Weak advantage (first-mover, or small network effect)
2 = Strong advantage (network effect, data moat, regulatory barrier, switching costs)

Why it matters: Competitors can copy your product in 6 months. Real advantages take years to replicate. Series A investors look for defensibility.

Evidence: Competitive analysis, switching cost discussion, why you can’t be easily copied

What is your market position relative to competitors (leader, strong #2, niche)?

0 = Small player; competitors are winning
1 = Tied with competitors; no clear leader yet
2 = Clear leader in your segment

Why it matters: Market leaders command premium pricing and customer loyalty. If you’re losing to competitors, investors want to know why.

Evidence: Competitive win/loss analysis, customer perception survey, market share estimate

Are you winning deals against specific competitors (proof of competitive wins)?

0 = Losing most competitive deals
1 = Winning 30-50% of competitive opportunities
2 = Winning 60%+ of competitive opportunities

Why it matters: Real proof is when customers choose you over a named alternative. This is better than “we’re better” claims.

Evidence: Sales team feedback on competitive win rate, customer testimonials on why they chose you

Do you have partnerships or integrations that improve defensibility?

0 = No partnerships; standalone product
1 = 1-2 partnerships (integrations with common tools)
2 = 3+ partnerships; becoming platform or ecosystem player

Why it matters: Integrations create stickiness. If you integrate with the tools customers already use, you’re harder to leave.

Evidence: List of integrations, partnership agreements

Are you mentioned in analyst coverage (Gartner, IDC, Forrester, etc.)?

0 = No analyst coverage
1 = Mentioned in one analyst report
2 = Tracked by multiple analysts; have clear industry position

Why it matters: Analyst recognition validates that you’re a real player, not a flash in the pan.

Evidence: Analyst reports (Gartner Magic Quadrant, etc.), mention in industry surveys

Do you have organic/inbound demand (not all founder-driven)?

0 = 100% of pipeline is founder outreach
1 = 50% inbound, 50% founder
2 = 60%+ inbound; product is pulling in customers

Why it matters: Inbound demand proves product-market fit. If customers are looking for you, you’ve won.

Evidence: Inbound lead source data, customer who found you organically, search volume for your problem space

Do customers perceive you as a leader (NPS >50, unbiased reviews, media mentions)?

0 = NPS <40 or mixed perception
1 = NPS 40-50, some positive mentions
2 = NPS >50, clear reputation as leader

Why it matters: Reputation is harder to fake than metrics. If customers and media love you, you’ve got something real.

Evidence: NPS data, G2/Capterra reviews (4.5+ stars), media mentions, case studies

Do you have evidence of a competitive moat building over time?

0 = No defensibility; any competitor can copy
1 = Some defensibility; would take 12 months to copy
2 = Strong moat; would take 24+ months to replicate

Why it matters: In 5 years, a big competitor will enter your market. Your moat is what lets you survive that.

Evidence: Technical moat explanation, network effects data, switching cost analysis, customer switching patterns

Are you in a segment where consolidation is likely (not a crowded field)?

0 = 50+ competitors; fragmented market
1 = 10-20 competitors; some consolidation possible
2 = 3-5 real competitors; winner-take-most dynamics

Why it matters: Series A investors back companies in markets where 2-3 winners emerge. If there are 50 competitors, most will fail.

Evidence: Competitive market map, analyst data on market fragmentation

Do you have a clear narrative for “why now” (regulatory, technology, behavior change)?

0 = No clear story; timing seems arbitrary
1 = Weak story; general market growth
2 = Strong story; specific shift that created opportunity

Why it matters: “Why did this not get built until now?” is a great Series A question. If you have a compelling answer, investors believe in your timing.

Evidence: Market shift timeline, regulatory change data, technology enablement explanation

SECTION 3: Product (12 questions)

Product-Market Fit & Execution Questions

Do you have clear evidence of product-market fit (not just assumptions)?

0 = Unclear; customers might leave
1 = Emerging; some customers love it, some churn
2 = Clear; customers request new features, refer others, high NPS

Why it matters: Series A is scale; pre-seed is product-market fit. By Series A, you should have crossed this threshold.

Evidence: NPS >50, customer retention >80%, inbound demand, word-of-mouth growth rate

Is your product roadmap aligned with customer needs (not founder vision)?

0 = Roadmap is disconnected from customer feedback
1 = Some customer input; mostly founder-driven
2 = 100% customer-driven roadmap; validated by customer interviews

Why it matters: If you’re building features customers don’t want, you’ll waste capital. Series A investors want to see customer-driven product development.

Evidence: Roadmap document, customer interview notes tied to features, customer vote on features

Do you have a multi-year product roadmap, not just next quarter?

0 = No roadmap; making it up as you go
1 = 6-month roadmap; fuzzy beyond that
2 = 12-24 month roadmap with clear milestones

Why it matters: Series A capital needs a vision. If you don’t know where you’re going in 18 months, investors don’t either.

Evidence: Roadmap document, quarterly milestones, product strategy narrative

Have you achieved technical scalability (can you scale to 10x users without major refactor)?

0 = Would need major architecture rewrite to scale
1 = Could scale with significant engineering effort
2 = Architecture can handle 10x growth; scalability designed in

Why it matters: Series A means growth. Your tech debt needs to be manageable.

Evidence: Engineering architecture doc, load testing results, database scalability plan

Do you have adequate data security + compliance for your customer segment?

0 = Security/compliance is an afterthought
1 = Basic security; working on compliance (SOC 2, GDPR)
2 = Full security/compliance in place (SOC 2 cert, GDPR ready, security audits)

Why it matters: Enterprise customers won’t buy unless you’re secure. If you’re selling to regulated industries (healthcare, finance), compliance is non-negotiable.

Evidence: Security audit, SOC 2 certificate, GDPR documentation, security policy

Do you have metrics showing consistent improvement in core usage metrics?

0 = Usage metrics flat or declining
1 = Usage growing, but inconsistent month-to-month
2 = Usage growing consistently; clear trend upward

Why it matters: Usage metrics (daily active users, feature adoption, engagement) show if your product is getting better.

Evidence: Usage dashboard, monthly usage trends, feature adoption data

Is your feature set sufficient for your target customer (not missing must-haves)?

0 = Major feature gaps; customers asking for critical features
1 = Core features complete; some gaps in advanced features
2 = Feature-complete for target customer; advanced features roadmapped

Why it matters: If you’re missing core features, customers will churn. Series A products should be feature-complete for their target market.

Evidence: Feature comparison with competitors, customer feedback on gaps, feature request backlog

Do you have a clear onboarding path that gets customers to value quickly?

0 = Onboarding is unclear; users churn in first week
1 = Onboarding exists; 50% of users reach key milestone
2 = Clear onboarding; 80%+ of users reach key milestone within 7 days

Why it matters: First-week experience determines lifetime value. If you can’t get users to value quickly, you’ll have high churn.

Evidence: Onboarding flow documentation, user funnel data, time-to-first-value metric

Is there a clear product differentiation that customers understand (not just “better”)?

0 = Customers can’t explain why they use you vs. competitors
1 = Some understanding of difference; messaging is unclear
2 = Customers can clearly articulate why you’re different

Why it matters: If customers can’t explain your value prop, neither can investors. Clear differentiation is Series A requirement.

Evidence: Customer quote explaining why they use you, value prop statement, competitive positioning

Do you have a customer advisory board or regular customer feedback loop?

0 = Random customer conversations; no structure
1 = Quarterly customer feedback; some advisory participation
2 = Monthly CAB meetings; structured feedback loop

Why it matters: At Series A, you need to hear from your best customers regularly. This drives product strategy and keeps you customer-focused.

Evidence: CAB member list, meeting notes, feedback themes documented

Is your product vision sustainable (not dependent on unrealistic AI/moonshot tech)?

0 = Roadmap requires breakthroughs we don’t have
1 = Some roadmap items are ambitious; mostly achievable
2 = Roadmap is achievable with current or near-term tech

Why it matters: Series A investors want to see a path to execution. If your roadmap requires AI breakthroughs, you’re asking for trouble.

Evidence: Product roadmap, technology assessment, engineering feasibility analysis

Do you have a clear plan for how to expand product for new customer segments (product use)?

0 = Built only for one customer type; expansion unclear
1 = Could expand to adjacent segment; some architectural changes needed
2 = Architected for multi-segment expansion; clear roadmap

Why it matters: Series A companies don’t just scale; they expand. Can you take your product to new customer types?

Evidence: Product expansion roadmap, architectural flexibility docs, adjacent segment analysis

SECTION 4: Team (12 questions)

Team & Leadership Questions

Do you have a full-time founding team of at least 2-3 people?

0 = Solo founder
1 = 2 co-founders, one is part-time
2 = 2-3 full-time co-founders

Why it matters: Solo founders have 3x failure rate. At Series A, investors want diversified founding team (product, business, technical skills).

Evidence: Founder commitments, cap table, co-founder agreements

Does your team have relevant industry/domain experience?

0 = Team is new to industry
1 = One founder has some relevant experience
2 = Multiple founders have 5+ years relevant experience

Why it matters: Domain expertise is an unfair advantage. If your team built payroll software before, you’ll move 3x faster than newcomers.

Evidence: Resume/LinkedIn profiles, previous role relevance, customer relationships built on expertise

Do your founders have startup experience (launched a company before)?

0 = First-time founders
1 = One founder has startup experience
2 = Multiple founders have launched companies

Why it matters: Startup experience matters. Founders who’ve done it before know what they don’t know.

Evidence: Previous startup experience, exits, failures, learning articulation

Do you have a VP of Sales (hired, not contractor)?

0 = No sales leader; founder is selling
1 = Sales contractor or part-time sales help
2 = Full-time VP Sales or equivalent with proven track record

Why it matters: At Series A, you can’t grow without sales leadership. A great sales leader is worth 10x a mediocre founder.

Evidence: VP Sales hire, compensation plan, sales background/track record

Have you hired your first engineer (if you’re technical founder + engineer)?

0 = No engineers on team (for product-led companies, critical gap)
1 = 1 part-time or junior engineer
2 = 1+ full-time engineer with relevant technical skills

Why it matters: You need engineering capacity to scale. If founders are writing code 80% of their time, you’re not building company.

Evidence: Engineering hires, technical skill assessment, code contribution metrics

Do you have a VP of Product/Product Manager?

0 = No product leader; founder is doing all product
1 = Product contractor or part-time PM
2 = Full-time VP Product with prior PM experience

Why it matters: Product strategy matters. Without a dedicated PM, you’ll build scattered features instead of cohesive product.

Evidence: PM hire, product background/experience, product roadmap ownership

Is your team composition balanced (not 100% engineering)?

0 = 90%+ engineers, almost no business/sales/ops
1 = 60% engineers, 40% business/operations/sales
2 = 50-50 engineering to business split (or appropriate for your model)

Why it matters: Great product doesn’t sell itself. At Series A, you need sales, marketing, operations, not just engineering.

Evidence: Team composition breakdown, hiring plan for next 6 months

Do your team members have executive experience (led teams of 10+)?

0 = All individual contributors
1 = Some management experience; mostly junior leads
2 = At least one founder + one hire have built and led teams of 10+

Why it matters: Series A growth requires experienced leaders. If no one has managed teams, you’ll struggle with scaling.

Evidence: Resume/LinkedIn showing leadership experience, team size managed, results achieved

Is your founding team stable (no departures in last 12 months)?

0 = Founder departed or multiple departures
1 = Stable for 12 months, but history of turmoil
2 = Founding team committed, stable, communicating well

Why it matters: Founder turnover signals problems. Investors want founders who commit and work through hard times together.

Evidence: Cap table history, co-founder agreements in place, communication patterns

Do your team members have publicly demonstrated credibility (LinkedIn, press, speaking)?

0 = No public profile or presence
1 = Some LinkedIn activity or industry networking
2 = Visible expertise (speaking at events, media mentions, thought leadership)

Why it matters: Personal brand helps recruiting and credibility. Investors Google team members; if they find nothing, that’s a signal.

Evidence: LinkedIn profiles, speaking history, media mentions, published articles

Is there clear role definition and lack of conflict on the team?

0 = Roles unclear; people stepping on each other
1 = Roles defined, but occasional conflicts
2 = Clear roles; team dynamic is healthy and collaborative

Why it matters: Internal conflict kills companies. Series A investors assess team cohesion carefully.

Evidence: Org chart, role descriptions, co-founder communication patterns, board perspective

Do you have advisors with meaningful equity and involvement (not just names)?

0 = No advisors or advisor-in-name-only
1 = 1-2 advisors with 0.1-0.25% equity; some involvement
2 = 3+ advisors with 0.25-0.5% equity; involved monthly

Why it matters: Good advisors unlock customer introductions, capital, and strategy. Their equity is small but their use is huge.

Evidence: Advisor list with equity grants, monthly advisor meeting cadence, introductions made

SECTION 5: Operations (12 questions)

Financial & Legal Operations Questions

Do you have audited or reviewed financial statements for the last 12 months?

0 = No formal financials; spreadsheet records
1 = Unaudited financials; prepared internally
2 = Reviewed or audited financials by external accounting firm

Why it matters: Series A investors need to trust your numbers. If you don’t have clean financials, they’ll hire an accounting firm at your cost to verify everything.

Evidence: Financial statements, audit/review report from CPA, monthly P&L tracking

Is your cap table clear and fully documented (no phantom equity)?

0 = Cap table is vague; undocumented equity
1 = Cap table exists but some options/sweat equity unclear
2 = Clean, documented cap table with all equity accounted for

Why it matters: Series A due diligence will scrutinize cap table. If you can’t explain every share/option, it’s a red flag.

Evidence: Cap table spreadsheet, equity grant documents, option pool documentation

Do you have proper incorporation and legal documents in place?

0 = Loose legal structure; handshake agreements
1 = Incorporated; some agreements in place
2 = Proper incorporation, founder agreements, investor agreements, employee agreements

Why it matters: Without legal infrastructure, Series A closing is expensive and risky. Get this right early.

Evidence: Articles of incorporation, co-founder agreement, standard SAFE/equity documents

Is your IP (intellectual property) clear and owned by the company?

0 = Unclear who owns the IP
1 = Company owns most IP; some ambiguity
2 = Clear IP assignment; company owns all material IP

Why it matters: Series A investors buy your company’s IP. If it’s not clearly yours, the deal falls apart.

Evidence: IP assignment agreements from founders, employee IP agreements, trademark/patent filings

Do you have documented financial controls (budgeting, approval processes)?

0 = No financial controls; spending is ad-hoc
1 = Basic budgeting; some approval process
2 = Documented financial controls; monthly budget review; approval thresholds

Why it matters: As you scale, financial controls prevent fraud and waste. Investors want to see this before they give you millions.

Evidence: Budget document, approval process documentation, monthly financial review process

Do you have an external CPA or CFO (not just an accountant)?

0 = No external accounting support
1 = Part-time bookkeeper or accountant
2 = CPA or CFO (full-time or significant part-time)

Why it matters: You need someone who understands startup accounting and tax implications. This saves money long-term.

Evidence: CPA engagement letter, CFO hire announcement, financial reporting quality

Is your data secure and do you have regular backups?

0 = No backup system; data loss is possible
1 = Manual backups; inconsistent
2 = Automated backups to multiple locations; tested recovery

Why it matters: Data loss kills companies. Series A investors want to see you take this seriously.

Evidence: Backup policy documentation, disaster recovery plan, backup test results

Do you track metrics and have a dashboard that updates automatically?

0 = Manual tracking; no consistent metrics
1 = Some metrics tracked; mostly manual updates
2 = Automated dashboard; metrics update daily; accessible to team

Why it matters: You can’t manage what you don’t measure. Series A companies live by dashboards.

Evidence: Metrics dashboard (screenshot), metrics definitions, update frequency, team access

Do you have documented processes for key workflows (hiring, customer onboarding, sales)?

0 = No documentation; all tribal knowledge
1 = Partial documentation; some processes written down
2 = Fully documented processes; available to new team members

Why it matters: Processes scale. If everything depends on founder knowledge, you can’t grow.

Evidence: Process documentation (SOPs), new hire onboarding docs, customer onboarding checklist

Do you have a board of directors (formal or advisory)?

0 = No board
1 = Informal board; no regular meetings
2 = Formal board with 3-5 people; monthly meetings

Why it matters: A good board accelerates decision-making and provides accountability. Series A investors often join the board.

Evidence: Board composition list, board meeting minutes, governance documentation

Do you have regular financial forecasting (12-month plan updated monthly)?

0 = No forecast; making it up as you go
1 = Annual budget created once per year
2 = Monthly rolling 12-month forecast; updated monthly

Why it matters: Forecasting shows you understand your business model and can predict the future (with uncertainty ranges).

Evidence: Monthly forecast spreadsheet, variances tracked (actual vs. forecast), forecast accuracy over time

Is your data room ready for Series A due diligence?

0 = No data room; documents scattered
1 = Partial data room; some documents organized
2 = Complete data room with all core documents organized and categorized

Why it matters: Series A due diligence requires access to hundreds of documents. If they’re scattered, the process becomes painful (and investors doubt your competence).

Evidence: Data room structure (VirtualData, Box, etc.), document checklist, completeness

SECTION 6: Investor Readiness (12 questions)

Fundraising Preparation Questions

Do you have a compelling pitch deck (12-15 slides)?

0 = No pitch deck
1 = Pitch deck exists but feels weak
2 = Compelling pitch deck; tells clear story; investors understand in 10 minutes

Why it matters: Your pitch deck is your first impression. It needs to make investors WANT to talk to you.

Evidence: Pitch deck review, investor feedback, deck engagement metrics

Do you have a 3-year financial model with realistic assumptions?

0 = No financial model
1 = 1-year model or unrealistic assumptions
2 = 3-year detailed model; assumptions are reasonable and explained

Why it matters: Series A investors need to see you’ve thought through the economics. A bad model tanks the conversation.

Evidence: Financial model spreadsheet, assumption documentation, investor feedback on assumptions

Have you identified 20-30 warm introductions to Series A investors?

0 = <5 warm intros; mostly cold outreach
1 = 10-15 warm intros; some cold
2 = 20-30 warm intros; strong network

Why it matters: 90% of Series A funding comes from warm introductions. Cold emails rarely convert.

Evidence: Investor target list with intro sources, warm intro pipeline

Do you have lead investor interest (not committed, but seriously interested)?

0 = No investors seriously interested
1 = 1-2 investors showing interest; early stage conversation
2 = Clear lead investor(s) interested; in advanced discussion

Why it matters: Series A typically closes with a lead investor setting the terms. Without a lead, it’s hard to close.

Evidence: Lead investor name, stage of conversation, timeline expectations

Do you have customer references ready for investor calls?

0 = No references willing to speak
1 = 1-2 references; not all strong
2 = 3-4 happy references willing to discuss publicly or with investors

Why it matters: Investors want to hear from customers, not you. Customer references are critical validation.

Evidence: Customer reference list, customer quotes, NPS data

Have you conducted a “mock Series A” conversation with experienced founder/investor?

0 = Never pitched to an investor
1 = Pitched once; got feedback; haven’t iterated
2 = Multiple pitches; refined based on feedback; comfortable with questions

Why it matters: First time pitching to real investor is stressful. Mock pitches remove surprises.

Evidence: Investor feedback notes, pitch refinement history, confidence level

Do you know your ask (exactly how much capital, what you’ll do with it)?

0 = Vague on amount (“we’re raising series A”)
1 = Rough number (€1-3M range)
2 = Specific ask (€2M for 12-month plan with clear milestones)

Why it matters: Vague asks signal lack of planning. Specific asks show you’ve thought it through.

Evidence: Fundraising plan document, use of funds breakdown, raise target

Are you clear on valuation expectations (pre-money valuation you’d accept)?

0 = No idea on valuation
1 = Rough sense (1-2x previous valuation)
2 = Clear valuation range based on benchmarks and investor expectations

Why it matters: Valuation affects founder equity dilution. Know your acceptable range before conversations.

Evidence: Valuation analysis, comparable company analysis, investor expectation research

Do you have media/PR strategy to build credibility during raise?

0 = No PR; no media mentions
1 = Some PR interest; occasional mentions
2 = Active PR campaign; media training for founder; monthly mentions target

Why it matters: Media mentions accelerate fundraising. By the time you’re raising, you want to be visible.

Evidence: PR plan, media list, mentions to date, PR agency engagement (optional)

Have you prepared for hard investor questions (weaknesses, risks, competition)?

0 = Haven’t thought about hard questions
1 = Thought about some; answers are defensive
2 = Prepared strong answers that acknowledge risks but show path forward

Why it matters: Investors will ask hard questions. How you answer separates founders from dabblers.

Evidence: Prep notes on key questions, advisor feedback on answers, confidence on difficult topics

Do you have a timeline for Series A close (not just “we’re looking”)?

0 = No timeline
1 = Vague (next 6-12 months)
2 = Specific timeline (close by X month; milestones trigger next stage)

Why it matters: Series A should take 3-6 months from first investor meeting to close. If you’re “just exploring,” investors will move on.

Evidence: Fundraising timeline document, milestones to hit before close, lead investor alignment

Do you have a commitment to transparency with investors (monthly updates, honest communication)?

0 = Haven’t thought about investor communication
1 = Will send updates; not fully committed
2 = Committed to monthly investor updates; monthly board meetings; honest about challenges

Why it matters: Post-close, you’ll update investors. Starting now shows professionalism and builds trust.

Evidence: Investor update template, communication cadence planned, governance structure

Scoring Summary

Tally Your Scores

Section 1 (Revenue + Unit Economics): _____ / 30
Section 2 (Market Position): _____ / 24
Section 3 (Product): _____ / 24
Section 4 (Team): _____ / 24
Section 5 (Operations): _____ / 24
Section 6 (Investor Readiness): _____ / 24

TOTAL SCORE: _____ / 150

Interpretation

Score	Status	Next Steps
<80	Not ready	Wait 6-12 months; focus on revenue, product-market fit
80-100	Close, but gaps	Address yellow flags in weakest 2 sections; 3-month plan
100-120	Ready	Start warm introductions; refine pitch deck
120-140	Very ready	Aggressively raise; close in 3-4 months
140+	Exceptional	Highly sought; negotiate from strength

Red Flags (Even If Your Total Score Is High)

If you score <1 on ANY of these, you have a blocker:

Revenue + Unit Economics: Q1 (ARR), Q6 (CAC < ACV), Q9 (Churn), Q15 (Path to 2x revenue)

Market: Q16 (Defined customer), Q18 (Competitive advantage)

Product: Q28 (Product-market fit), Q34 (Feature completeness)

Team: Q40 (2-3 co-founders), Q43 (VP Sales), Q50 (Team stability)

Operations: Q52 (Clean financials), Q55 (IP ownership)

Investor: Q64 (Pitch deck), Q66 (20+ warm intros)

If you have multiple <1 scores, you’re not ready yet. Fix these before raising.

Action Plan

For Founders Scoring 80-100

Month 1: Identify your 3 weakest sections

Month 2: Run specific experiments to improve each (e.g., hire VP Sales, improve retention, close 5 warm intros)

Month 3: Re-score and prepare to raise

Example focus areas:

Improve churn from 5% to 3% (product improvements + onboarding)
Hire VP Sales (first non-founder sales leader)
Refine pitch deck with investor feedback
Identify 10 more warm intros

For Founders Scoring 100-120

Immediately: Schedule warm intro meetings with Series A investors

Week 1-2: Refine pitch deck based on investor feedback

Week 3-4: Prepare customer references and financial models

Month 2-3: Run pitch meetings; address investor questions

Month 4-5: Close with lead investor; negotiate terms

Month 6: Close Series A

For Founders Scoring 120+

Week 1: Set meeting with top 5 target lead investors

Week 2-3: Run diligence process simultaneously

Month 1: Negotiate and sign term sheet

Month 2-3: Complete Series A close

Final Thought

This scorecard is not about winning points. It’s about honest assessment. If you score 150/150, you’re lying.

The purpose is to:

Identify your weak points so you can fix them
Understand what investors are looking for so you know what to build
Track progress over time so you can see when you’re ready

Rerun this quarterly. As you improve, re-score. The goal is not to score 150; it’s to improve every quarter until you’re ready to raise.

Last updated: January 2025

Template by: Lech Kaniuk, based on Series A investor conversations and evaluation criteria from 50+ invested companies.

Share with: Your co-founder, board, advisors — get multiple perspectives on scoring.

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