# Fundraising Tracker: [Company name], [Round name]

> A working tracker for a startup funding round: round parameters, the
> investor pipeline by stage, terms offered, commitments against the
> target, next steps with owners and dates, and the closing and
> securities-law checklist. Structure follows common venture
> fundraising practice. Replace every `[bracketed]` value and every row
> marked *Example*. Investors and figures in the example are fictional.
> This is a tracking format, not legal, investment or securities advice;
> offering rules differ by country, so check the current official
> guidance and a qualified lawyer before you contact investors.

<!-- Guidance: How to use this template
- Fill section 1 before the first meeting: amount, instrument, use of
  funds and the date you will stop raising. A round without a deadline
  drifts.
- Update the pipeline after every investor interaction, the same day.
  The "next step" column must always name an action, an owner and a
  date.
- Run investors in parallel and in batches, so term sheets arrive close
  together.
- The example company Verrowind (fictional) raises a 2,000,000 USD seed
  round on a post-money SAFE, sized from `startup/financial-projections`.
-->

## Document control

<!-- Guidance: The tracker holds personal contact data of investors; keep it in a restricted location and limit what you store to what the round needs. -->

| Field | Value |
|---|---|
| Document ID | [RAISE-NNN] |
| Version | [0.1] |
| Status | [Preparing / Live / Closed] |
| Owner | [@ceo] |
| Reviewers | [@co-founder], [@counsel] |
| Last updated | YYYY-MM-DD |
| Classification | Confidential, founders and counsel |
| Round | [Pre-seed / Seed / Series A] |

### Revision history

| Version | Date | Author | Change |
|---|---|---|---|
| 0.1 | YYYY-MM-DD | [@ceo] | *Example:* Round parameters agreed |
| 0.5 | YYYY-MM-DD | [@ceo] | *Example:* Lead investor term sheet received |

## 1. Round parameters

<!-- Guidance: Decide these before you pitch. Investors ask for the amount, the instrument and the use of funds in the first meeting. Derive the amount from the projection's lowest cash point plus a buffer. -->

| Parameter | Value |
|---|---|
| Target amount | *Example:* 2,000,000 USD (minimum close 1,500,000 USD) |
| Instrument | *Example:* Post-money SAFE with valuation cap (Y Combinator standard form) |
| Valuation cap or pre-money valuation | *Example:* 14,000,000 USD post-money cap |
| Discount, pro rata, other rights | *Example:* No discount; pro rata side letter for the lead only |
| Use of funds and runway | *Example:* 36 months of runway in the base case, see `startup/financial-projections` |
| Milestones the round funds | *Example:* About 1.0 million USD ARR run rate by month 24 to 30 |
| Target close date | *Example:* 2027-01-31 |
| Materials | Deck (`startup/pitch-outline`), data room (`startup/data-room-index`), projection |

Ownership arithmetic for a post-money SAFE (simplified, before any
later option pool change): investor ownership at conversion is about
the amount invested divided by the post-money valuation cap. At a
14,000,000 USD cap, 2,000,000 USD converts to about 14.29%. Check the
exact mechanics in the signed form and the SAFE user guide.

## 2. Pipeline stages

<!-- Guidance: Define stages so two founders mean the same thing by "warm". Move an investor only when the exit criterion is met. -->

| Stage | Exit criterion |
|---|---|
| S0 Target | Fits stage, sector and cheque size; a warm introduction path is known |
| S1 Contacted | Introduction made or email sent |
| S2 First meeting | Meeting held; investor asked for follow-up |
| S3 Diligence | Data room access, partner or team meetings |
| S4 Term sheet | Written terms received |
| S5 Committed | Signed instrument or signed commitment |
| S6 Funded | Money received in the company account |
| X Passed | Investor declined; reason recorded |

```mermaid
flowchart LR
    S0["S0 Target"] --> S1["S1 Contacted"]
    S1 --> S2["S2 First meeting"]
    S2 --> S3["S3 Diligence"]
    S3 --> S4["S4 Term sheet"]
    S4 --> S5["S5 Committed"]
    S5 --> S6["S6 Funded"]
    S1 --> X["X Passed"]
    S2 --> X
    S3 --> X
```

## 3. Investor pipeline

<!-- Guidance: One row per investor. Record who introduced you, the partner, the cheque size and the next step. Keep notes factual. A pitfall is chasing investors who never lead at your stage; check their recent deals first. -->

Status as of: *Example:* 2026-12-15.

| ID | Investor | Type | Partner | Intro by | Stage | Ask (USD) | Next step | Owner | Due |
|---|---|---|---|---|---|---|---|---|---|
| INV-001 *(Example)* | Fund A | Seed fund, leads | [Partner] | Pre-seed angel | S5 Committed | 1,000,000 | Sign SAFE and side letter | [@ceo] | 2027-01-10 |
| INV-002 *(Example)* | Fund B | Seed fund, follows | [Partner] | Fund A | S5 Committed | 400,000 | Send wire instructions | [@ceo] | 2027-01-15 |
| INV-003 *(Example)* | Angel syndicate C | Syndicate | [Lead angel] | Founder network | S5 Committed | 300,000 | Syndicate documents | [@ceo] | 2027-01-20 |
| INV-004 *(Example)* | Angel investor D | Individual | n/a | Customer | S5 Committed | 100,000 | Sign SAFE | [@cto] | 2027-01-10 |
| INV-005 *(Example)* | Angel investor E | Individual | n/a | Advisor | S5 Committed | 100,000 | Sign SAFE | [@ceo] | 2027-01-10 |
| INV-006 *(Example)* | Fund F | Seed fund | [Partner] | Cold, then event | S3 Diligence | 250,000 | Partner meeting | [@ceo] | 2026-12-18 |
| INV-007 *(Example)* | Fund G | Seed fund | [Partner] | Accelerator | X Passed | n/a | Ask to keep in touch for Series A | [@ceo] | 2027-06-30 |

Pass reasons are as useful as commitments: record them (for example
*Example:* "Fund G: market size for independent shops too small") and
look for patterns.

## 4. Commitments against target

<!-- Guidance: Count only signed commitments (S5 or S6). Soft interest is not money. Show the percentage each investor will own on the stated basis so the founders see dilution early. -->

| ID | Committed (USD) | Approximate ownership at a 14,000,000 USD post-money cap |
|---|---|---|
| INV-001 *(Example)* | 1,000,000 | 7.14% |
| INV-002 *(Example)* | 400,000 | 2.86% |
| INV-003 *(Example)* | 300,000 | 2.14% |
| INV-004 *(Example)* | 100,000 | 0.71% |
| INV-005 *(Example)* | 100,000 | 0.71% |
| **Total committed** | **1,900,000** | **13.57%** |
| Target | 2,000,000 | 14.29% |
| Remaining | 100,000 | INV-006 asks 250,000: decide whether to allow 2,150,000 or cut its allocation |

Funnel *(Example)*: 60 investors contacted, 24 first meetings (40%),
8 in diligence (33% of meetings), 1 term sheet from a lead, 5 commitments.

## 5. Terms comparison

<!-- Guidance: Put competing term sheets side by side. Compare economics and control, not only valuation. Use `finance/term-sheet` or `mba/mba-term-sheet-card` for a priced round. -->

| Term | Investor [ID] | Investor [ID] |
|---|---|---|
| Amount | [ ] | [ ] |
| Instrument | [ ] | [ ] |
| Valuation or cap | [ ] | [ ] |
| Discount | [ ] | [ ] |
| Pro rata or information rights | [ ] | [ ] |
| Board seat or observer | [ ] | [ ] |
| Conditions | [ ] | [ ] |
| Value beyond money | [ ] | [ ] |

## 6. Closing and compliance checklist

<!-- Guidance: Offering securities is regulated almost everywhere. Ask counsel which exemption or regime applies before the first pitch, because it can limit who you may approach and how. The rows are dated examples for the US and UK only. -->

| ID | Item | Status |
|---|---|---|
| CL-01 | Board and shareholder approvals for the issue | [ ] |
| CL-02 | Instrument signed by company and each investor | [ ] |
| CL-03 | Funds received and reconciled to the commitments table | [ ] |
| CL-04 | Cap table updated, see `mba/mba-venture-finance-cap-table-card` | [ ] |
| CL-05 | US example: if relying on Regulation D, Rule 506(b) bars general solicitation, while Rule 506(c) permits it but requires all purchasers to be accredited and reasonable steps to verify that; a Form D notice is filed within 15 days after the first sale (SEC pages checked 2026-10-30: https://www.sec.gov/resources-small-businesses/exempt-offerings) | [ ] |
| CL-06 | UK example: for SEIS or EIS, HMRC can give advance assurance on whether a proposed investment is likely to qualify; it is not a guarantee, and a compliance statement follows the issue (GOV.UK page updated 18 December 2024, checked 2026-10-30: https://www.gov.uk/guidance/venture-capital-schemes-apply-for-advance-assurance) | [ ] |
| CL-07 | Other countries: [offering rules and filings confirmed by counsel] | [ ] |
| CL-08 | Investor update cadence agreed, see `startup/investor-update` | [ ] |

## 7. Lessons and follow-ups

<!-- Guidance: After closing, write down what worked, which objections recurred, and which passed investors to update. This is the starting list for the next round. -->

| Item | Note | Owner |
|---|---|---|
| Recurring objection *(Example)* | Market size for independent shops | [@ceo] |
| Keep warm for next round *(Example)* | Fund G, Fund F | [@ceo] |

## Standard and licence note

Based on common venture fundraising practice, with dated US and UK
examples from the SEC and GOV.UK pages cited and the Y Combinator
post-money SAFE named as an instrument (forms and user guide:
https://www.ycombinator.com/documents). All wording, the example
company, investors and figures are original and fictional. Securities
and tax rules change: check the current official guidance and a
qualified lawyer. This is a tracking format, not legal, investment or
securities advice. Template licence: MIT.