During this phase, we'll get to know enough about you, your co-founders, and your company to determine if you are likely to meet our criteria. And you'll get to know enough about us to determine if both the amount we can afford to invest and our general investment model fit your current needs.

Usually, the Engagement phase begins with an introduction from an incubator, accelerator, or someone from the startup ecology whom we trust. We'll have a short chat in person or on the phone and then review the following categories information:

  • Basic. Includes your investor pitch deck, founder biographies, and data on employees/contractors.
  • Financial. Includes a summary of the company's equity and debt structure, historical financial statements, and 1-year budget projections.
  • Product. Includes current product status, any relevant metrics, and expected development schedule.

Based on our review of this information and our capital availability relative to your capital needs, we will either offer you a "slot" in our investment pipeline or not. If we offer you a slot, you'll enter our structured due diligence process, starting with the Pre-Term Sheet phase. If not, we'll wish you the best, but give you a firm "no".

In either case, we'll try to make the decision within a week of receiving all your materials. Back when we were founders, we appreciated quick answers, be they positive or negative. We hope you do too. Similarly, we'll greatly appreciate a quick response from you on whether you feel working together makes sense.

Semi-structured Phase

While we have an explicit checklist of steps in this phase, we'll rely on regular email and document sharing to gather the information we need for an initial evaluation.