Startups & Venture
150 terms · English and Spanish
This is the language of the room where money changes hands: a term sheet read line by line, a runway counted in months, a fund arguing about one company.
The terms keep their English form in every market, and the side that knows what each one costs is the side that wrote it.
BootstrappedPre-seedSeed roundSeries ASeries BAngel investorAngel syndicateAcceleratorPriced roundBridge roundExtension roundInside roundUp roundFlat roundDown roundSAFEPost-money SAFEPre-money SAFEConvertible noteValuation capDiscount (conversion discount)MFN clauseQualified financingPreferred stockCommon stockLiquidation preferenceParticipating preferredNon-participating preferredParticipation capPreference stackWarrantVenture debtCap tablePre-money valuationPost-money valuationUnicornFully dilutedDilutionOption poolOption pool shuffleStock optionStrike price409A valuationVestingCliffReverse vestingSingle-trigger accelerationDouble-trigger accelerationEarly exercise83(b) electionAnti-dilution protectionFull ratchetBroad-based weighted averagePro rata rightsSuper pro rataLiquidation waterfallRecapitalizationCram downTerm sheetDue diligenceData roomDefinitive agreementsNo-shop clauseBoard of directorsBoard seatBoard observerProtective provisionsDrag-along rightTag-along rightRight of first refusal (ROFR)Co-sale rightInformation rightsRedemption rightsPay-to-playSide letterReps and warrantiesLimited partner (LP)General partner (GP)Committed capitalCapital callDry powderManagement feeCarried interestHurdle rateFund vintageReservesFollow-on investmentOwnership targetPower lawIRRMOICDPITVPIJ-curveMarkupSPVScoutLead investorCorporate venture capital (CVC)MRRARRRun-rate revenueACV (Annual Contract Value)BookingsNet revenue retention (NRR)Gross revenue retention (GRR)ChurnLogo churnCohort analysisGross marginContribution marginUnit economicsCACLTVCAC payback periodBurn rateBurn multipleNet burnDefault aliveRunwayRule of 40TAMSAMSOMPitch deckWarm introDeal flowInvestment thesisPartner meetingInvestment committee (IC)MVPProduct-market fitPivotTractionSoft circleOversubscribedAllocationSignaling riskRevenue multipleExitLiquidity eventLetter of intent (LOI)Acqui-hireEarnoutEscrow (holdback)Secondary saleTender offerIPOLock-up periodWind-down
Deal terms
Liquidation preferencePreferencia de liquidación
The amount preferred holders take out of a sale before common holders get anything, usually a multiple of what they invested.
There is a 2x preference sitting ahead of everyone from the last round.
Participating preferredPreferentes participativas
Preferred shares that are paid their preference first and then also share the remaining proceeds alongside common.
It is participating preferred, so they take the $10M off the top and still get their 20% of what is left.
Non-participating preferredPreferentes no participativas
Preferred shares whose holder must choose between taking the preference amount or converting to common, not both.
Standard non-participating 1x, so they take whichever side is bigger.
Participation capTope de participación
A ceiling on how much participating preferred can collect in total before it stops sharing in the remaining proceeds.
Participation is capped at 3x, and past that they'd rather convert to common.
Option pool shuffle
Creating or enlarging the option pool inside the pre-money, so existing holders rather than the new investor absorb that dilution.
They asked for a 12% pool pre-money, which quietly lowers our real price.
Reverse vestingVesting inverso
Founders hold their shares from day one, but the company can repurchase the unvested part if they leave early.
Investors put both founders on four-year reverse vesting.
Anti-dilution protectionProtección antidilución
A preferred-share right that adjusts the conversion price if the company later issues shares at a lower price.
Anti-dilution is broad-based weighted average, which is what we expected.
Full ratchet
The harshest anti-dilution form, repricing earlier preferred all the way down to the new lower price however few cheap shares were issued.
Full ratchet in a down round would flatten the common holders.
Broad-based weighted averageWeighted average broad-based
The common anti-dilution formula: the old conversion price moves only partly, in proportion to how many cheap new shares were issued.
It is broad-based weighted average, so the adjustment is small.
Pro rata rightsDerecho de pro rata
An existing investor's right to buy enough of a future round to keep the percentage they already hold.
The seed fund is taking its full pro rata in the A.
Super pro rata
A right to buy more of a future round than the investor's current percentage would allow.
They asked for super pro rata up to 20% and we said no.
Cram down
A financing on terms severe enough that holders who cannot or will not participate end up with almost nothing.
That structure is a cram down of everyone who came in before us.
Term sheet
A short document setting out the main terms of an investment, mostly non-binding, signed ahead of full legal documents.
We have a term sheet from them and it expires Friday.
No-shop clauseCláusula de no-shop
A binding promise not to negotiate with other investors or buyers for a defined period after signing.
The no-shop runs 30 days from signature.
Board seatPuesto en el consejo
A voting position on the board, usually granted to the lead investor of a priced round.
They want one board seat and one observer.
Board observerObservador del consejo
Someone who attends board meetings and receives the materials but holds no vote.
The seed fund kept an observer seat after the A.
Protective provisionsCláusulas de protección
A list of actions the company cannot take without the consent of the preferred holders.
Selling the company is a protective provision, so they hold a veto.
Drag-along rightDrag-along
A right that forces minority shareholders to join a sale once a defined majority has approved it.
The drag-along means the small holders come along whether they want to or not.
Tag-along rightTag-along
A right letting minority holders sell their shares on the same terms when a major holder sells theirs.
Tag-along is what protects the angels if the founders sell out.
Right of first refusal (ROFR)ROFR (adquisición preferente)
The company's or the investors' right to buy shares before an existing holder may sell them to an outsider.
Any founder sale has to go through the ROFR first.
Co-sale rightDerecho de co-sale
An investor's right to sell a proportional part of their own shares alongside a founder who is selling.
ROFR and co-sale live in the same agreement.
Information rightsDerechos de información
An investor's contractual right to receive financial statements and updates on a set schedule.
Their information rights are quarterly financials and an annual budget.
Redemption rightsDerecho de rescate
A right allowing preferred holders to require the company to repurchase their shares after a set period.
Redemption rights are rare now and we took them out of the draft.
Pay-to-play
A clause converting an investor's preferred shares into common if they do not take their share of a later round.
The bridge has pay-to-play, so anyone sitting it out loses their preference.
Side letter
A separate agreement giving one investor rights that do not appear in the main deal documents.
The big fund has a side letter with MFN and extra reporting.
When the company is sold
Preference stackStack de preferencias
The total of all liquidation preferences across every round that must be paid before common holders see any money.
The preference stack is $180M, so a $150M sale returns nothing to common.
Single-trigger accelerationAceleración single-trigger
A clause where unvested equity vests on one event, normally the sale of the company.
The CFO negotiated single-trigger on half his unvested shares.
Double-trigger accelerationAceleración double-trigger
A clause where unvested equity vests only if the company is sold and the holder loses their job afterwards.
Everyone on the leadership team is on double-trigger.
Liquidation waterfallCascada de liquidación
The order in which the proceeds of a sale are paid out across debt, each preferred class and finally common.
Run the waterfall at $200M and tell me what common actually receives.
Exit
The event where shareholders turn their stake into cash or publicly traded shares, normally a sale or a listing.
The fund needs an exit inside four years for the fund to work.
Liquidity eventEvento de liquidez
Any transaction that lets shareholders convert shares into cash, such as a sale, a listing or a tender offer.
Employees here have never had a liquidity event.
Letter of intent (LOI)LOI (carta de intenciones)
A mostly non-binding document setting out the main terms of a proposed acquisition before full contracts are drafted.
We signed an LOI at $120M and went into confirmatory diligence.
Acqui-hire
An acquisition made mainly to obtain the team, where the product is usually shut down afterwards.
It was an acqui-hire, the app went dark within a month.
Earnout
Part of an acquisition price paid later, and only if the acquired business hits agreed targets.
Half the price is an earnout spread over two years.
Escrow (holdback)Escrow (retención)
A portion of the sale price held back for a period to cover claims if the seller's statements turn out to be wrong.
Ten percent sits in escrow for eighteen months.
Secondary saleSecondary
A sale of existing shares from one holder to another, where the money goes to the seller rather than to the company.
The founders took $2M off the table in a secondary alongside the round.
Tender offer
An organised offer to buy shares from many existing holders at a single price, often used to give employees liquidity.
They ran a tender offer so anyone past their cliff could sell a fifth of their vested shares.
IPO
An initial public offering: the first sale of a company's shares to public investors on an exchange.
The IPO window has been shut for two years.
Lock-up periodLock-up
The period after a listing during which insiders are barred from selling their shares.
The lock-up expires in November and everyone is watching the date.
Wind-downLiquidación ordenada
The orderly process of closing a company, settling what it owes and returning anything left to shareholders.
They announced a wind-down and returned about thirty cents on the dollar.
Revenue, costs and market
ARR
Annual recurring revenue: the yearly value of subscription contracts currently in force.
We crossed $4M ARR in June.
Run-rate revenueRun-rate
A yearly figure produced by multiplying up a recent period's revenue, including one-off sales that will not repeat.
That is run-rate, not ARR, and half of it was a single consulting project.
ACV (Annual Contract Value)ACV
The revenue one customer contract produces per year, averaged over the term of the deal.
Enterprise ACV is $80k and self-serve is $600.
Bookings
The total value of contracts signed in a period, regardless of when the money is invoiced or received.
Bookings were strong in Q4 but most of it invoices next year.
Net revenue retention (NRR)NRR
What a cohort of existing customers pays a year later, counting upgrades, downgrades and churn together.
NRR is 118%, so the base grows even with no new logos.
Gross revenue retention (GRR)GRR
The same cohort measure as NRR but with expansion excluded, so it can never exceed 100%.
GRR is 85%, so we lose fifteen points of the base every year.
Logo churn
The share of customer accounts lost in a period, counted by number of customers rather than by revenue.
Logo churn is high but it is all small accounts.
Gross marginMargen bruto
The share of revenue left after the direct costs of delivering the product.
Gross margin is 61%, which is low for software because of the inference bill.
Contribution marginMargen de contribución
What a single unit, order or customer leaves behind after every cost that varies with it, including delivery and support.
Contribution margin per order goes negative once you count the courier.
Unit economics
The revenue and costs attached to one customer or one order, used to see whether growth adds or destroys value.
Show me unit economics per city, not the blended number.
CAC payback periodPayback del CAC
How many months of gross profit from a customer it takes to earn back what it cost to acquire them.
CAC payback is fourteen months in the enterprise segment.
Burn multiple
Net cash burned in a period divided by the net new recurring revenue added in the same period.
A burn multiple of 3.5 is what they got stuck on in the partner meeting.
Net burnBurn neto
Cash out minus cash in: the amount by which the bank balance actually falls each month.
Net burn dropped to $300k after the price increase.
Default alive
A description of a company whose current growth and spending would reach profitability before its cash runs out.
On this plan we are default alive by Q3.
Rule of 40Regla del 40
A rough software benchmark in which revenue growth rate plus profit margin add up to 40 or more.
They are at 25% growth and minus 30% margin, so nowhere near the Rule of 40.
TAM
Total addressable market: all the revenue that would exist if every possible buyer bought the product.
Their TAM slide said $40 billion and nobody in the room believed it.
SAM
Serviceable addressable market: the part of the TAM that the company's product, segment and geography can actually serve.
SAM is English-speaking mid-market only, so call it $2 billion.
SOM
Serviceable obtainable market: the share of the SAM a company could realistically win in the near term.
SOM was the only number in that deck built from the bottom up.
TractionTracción
Evidence that customers actually want the product, in the form of usage, revenue or growth an investor can verify.
The traction slide is three months of flat usage.
Revenue multipleMúltiplo sobre ingresos
A valuation expressed as a number of times annual revenue, used to compare companies against each other.
They are asking 30x ARR and comparable public companies trade at 6x.
How a fund works
Limited partner (LP)LP
An investor in a venture fund: the pension, endowment, family or individual whose money the fund invests.
Their LPs are mostly university endowments.
General partner (GP)GP
A partner who runs the fund, makes the investment decisions and carries responsibility for its performance.
Two GPs, and both have to sign off before a cheque goes out.
Committed capitalCapital comprometido
The total amount LPs have promised to a fund, drawn down over the fund's life rather than paid in up front.
It is a $200M fund on committed capital and about a third has been called.
Capital call
A request from a fund to its LPs to transfer part of the money they have committed.
The wire is slow because they had to run a capital call first.
Dry powder
Committed money a fund has not yet invested and can still deploy.
There is a lot of dry powder in the market and not much of it moving.
Management feeComisión de gestión
An annual fee, often around 2% of the fund, paid to the firm to cover salaries and operations.
The fee runs on committed capital for the first five years.
Carried interestCarry
The share of a fund's profits, usually around 20%, that goes to the partners after LPs have their capital back.
Nobody on that team has seen carry in eight years.
Hurdle rateHurdle
A minimum return the fund must deliver to LPs before the partners take any carry.
There is an 8% hurdle in that fund.
Fund vintageVintage del fondo
The year a fund began investing, used to compare it against other funds that started in the same period.
It is a 2021 vintage, so the early marks looked spectacular.
ReservesReservas del fondo
Money a fund holds back from its first cheques to support existing portfolio companies in later rounds.
They reserve about a dollar for every dollar of first cheque.
Follow-on investmentFollow-on
An additional investment by an existing investor in a later round of the same company.
They did the follow-on in the B but skipped the C.
Ownership targetPorcentaje objetivo
The percentage of a company a fund aims to end up with, which drives how large its cheque has to be.
Their model needs 12% ownership, so the cheque has to grow.
Power lawLey de potencias
The pattern where a very small number of investments produce almost all of a venture fund's returns.
Power law: one company returns the fund and the rest are rounding.
IRRTIR (IRR)
The annualised rate of return on an investment, taking into account when money went in and when it came back.
The IRR looks great because the markup landed in year two.
MOIC
Multiple on invested capital: what the money invested is now worth as a multiple of itself, on paper or in cash, ignoring time.
3x MOIC, but it took nine years to get there.
DPI
Distributions to paid-in capital: how much cash a fund has actually returned relative to what LPs put in.
The marks are pretty but DPI is still under 0.5.
TVPI
Total value to paid-in capital: realised cash plus current paper value, measured against what LPs put in.
TVPI of 2.4x, and most of that is still unrealised.
J-curveCurva J
The pattern where a fund reports losses early because of fees and write-offs, with returns arriving only later.
We are still in the J-curve, which is why year three looks bad.
SPV
A special purpose vehicle set up to pool several investors into one line on the cap table for one specific deal.
He is raising an SPV to take the $2M allocation.
Raising a round
Pre-seed
The earliest outside round, usually small and raised before the product has meaningful revenue.
We raised a $600k pre-seed off a prototype and two design partners.
Seed roundRonda semilla
The first sizeable round, typically raised to finish the product and find the first paying customers.
Their seed was $3M, led by a fund that only writes first cheques.
Series ASerie A
The round after seed, usually priced and led by a fund that takes a board seat, sized to scale a model that already works.
They are going out for a Series A in January on about $2M of ARR.
Series BSerie B
The round after Series A, raised to scale a business whose demand is already proven.
The Series B was mostly about hiring sales, not building product.
Angel syndicateSindicato de business angels
A group of individuals who pool money behind one lead so they appear as a single line on the cap table.
Her syndicate pulled together $400k in nine days.
Priced roundRonda con valoración
A financing where a share price and a valuation are agreed now and investors receive shares immediately.
We would rather do a priced round than stack another two SAFEs on top.
Bridge roundRonda puente
A round raised between two larger rounds to fund the company until the next financing.
The bridge gives us six more months to get the metrics up.
Extension roundExtensión de ronda
Additional money raised on the same terms as the previous round, usually to add time or add an investor.
They did a seed extension at the same cap instead of pricing an A.
Inside roundRonda interna
A round funded by the company's existing investors rather than a new outside lead.
It was an inside round, the two seed funds covered it between them.
SAFE
A short agreement where an investor pays now for shares issued later, normally at the next priced round.
We took $250k on a SAFE with a $10M cap.
Convertible noteNota convertible
A loan that converts into shares at a later round instead of being repaid, usually carrying interest and a maturity date.
The note matures in March, so it either converts or we renegotiate.
Venture debt
A loan made to a venture-backed company, repaid with interest and usually accompanied by warrants.
We layered venture debt on top of the Series B to stretch the plan.
Lead investorInversor lead
The investor who sets the terms, runs the main diligence and usually takes the largest part of a round.
We have $1.5M soft-circled and still no lead.
Pitch deck
The slide deck founders use to present the company to investors.
Send the deck first and we will book a call after.
Warm intro
An introduction to an investor made by someone that investor already knows and trusts.
She got a warm intro to the partner through one of their portfolio founders.
Soft circle
A verbal commitment from an investor to take part in a round, given before anything is signed.
We have $2M soft-circled and not one signed document.
OversubscribedSobresuscrita
A round in which investors want to put in more money than the company is raising.
The round was oversubscribed, so they cut everyone's allocation.
AllocationAsignación
The amount of a round an individual investor is permitted to take.
Our allocation got cut from $1M to $400k.
Signaling riskRiesgo de señal
The risk that a well-known existing investor declining to follow on will tell the market that something is wrong.
If they pass on the A, the signaling risk follows us to everyone else.
Papers and share classes
MFN clauseCláusula MFN
A clause letting an investor adopt the better terms given to any later investor in the same kind of instrument.
They signed a bare MFN SAFE with no cap and no discount.
Qualified financingRonda cualificada
A round large enough to clear the threshold set in a convertible note or an older SAFE, so that paper converts into shares automatically.
Anything over $2M counts as a qualified financing and the notes convert.
Preferred stockAcciones preferentes
The share class investors buy, carrying rights that common shares do not, such as a liquidation preference.
Everything in this round is Series A preferred.
Common stockAcciones ordinarias
The basic share class held by founders and employees, paid last in a sale after preferred holders are satisfied.
Founders and the option pool are all common.
Warrant
A right to buy shares later at a fixed price, often attached to venture debt or added as a sweetener to a deal.
The lender took warrants for 1% on top of the interest.
409A valuationValoración 409A
An independent valuation of a US company's common stock, used to set option strike prices for tax purposes.
We cannot issue grants until the new 409A comes back.
RecapitalizationRecapitalización
Restructuring the share classes and ownership, often converting preferred into common and resetting the cap table.
The rescue money came with a full recap.
Definitive agreementsContratos definitivos
The binding contracts signed after the term sheet that actually complete the investment or the sale.
The term sheet was quick, the definitive agreements took six weeks.
Reps and warrantiesManifestaciones y garantías
Statements about the company's condition that the founders or the company formally stand behind in the documents.
The IP reps are the ones the lawyers spent all week on.
Everyday words
BootstrappedBootstrapping
Grown on revenue and the founders' own money, with no priced round and no outside investor on the cap table.
They were bootstrapped for six years, so the seed was the first outside line on the cap table.
UnicornUnicornio
A private company that a funding round has priced at a billion dollars or more, a mark set by investors rather than by a market.
The extension took them to unicorn on paper while revenue stayed where it was.
MRR
Monthly recurring revenue: the base figure ARR is annualised from, and the one diligence asks to see month by month.
Their MRR chart was flat for four months and the deck still opened with the word growth.
Churn
Customers or revenue leaving over a period, the line that decides whether a base compounds or gets refilled every month.
Growth looked fine until you netted churn out of it.
Cohort analysisAnálisis de cohortes
Splitting customers by the month they arrived, so retention and payback can be read group by group instead of as one average.
The cohort analysis showed that only the first two months ever paid back.
CAC
Customer acquisition cost: sales and marketing spend divided by the customers it won, the denominator under payback and the LTV ratio.
Diligence rebuilt CAC with salaries included and the number doubled.
LTV
The gross profit a customer is expected to bring over the whole relationship, the assumption argued over hardest in diligence.
Their LTV assumed a seven-year life and the cohorts only went back eleven months.
Burn rate
The monthly rate at which a company consumes cash, quoted gross or net depending on who is asking for it.
Diligence wanted burn rate month by month for the last eighteen months.
Runway
How many months of cash are left at the current burn, the number a round's timing is planned around.
They came in with five months of runway, which is why the term sheet moved fast.
MVP
The smallest working version a company raises and sells on, often the only product a pre-seed round has to look at.
The pre-seed went in on an MVP that two design partners were already paying for.
Product-market fitPMF (product-market fit)
The state a Series A is usually priced on: demand pulling the product out faster than the team can push it.
The partner meeting turned on whether the retention curve showed product-market fit.
PivotPivote
A change of product or market made on money already raised, which the board normally hears about before anyone else.
They pivoted twice on the seed and the Series A pitch never mentioned the first one.
Everything else
Angel investorBusiness angel
An individual who invests personal money into early companies, usually in small cheques.
Two angels out of the payments world came in for $50k each.
AcceleratorAceleradora
A fixed-length program giving small funding, mentoring and a demo day in exchange for equity.
They did an accelerator batch and closed the round two weeks after.
Up round
A financing done at a higher share price than the previous round.
It was a clean up round, roughly double the last valuation.
Flat round
A financing done at the same share price as the previous round.
They closed a flat round at exactly the Series A price.
Down round
A financing done at a lower share price than the previous round, which dilutes existing holders more heavily.
The down round reset the valuation from $400M to $150M.
Post-money SAFESAFE post-money
A SAFE whose cap counts all SAFEs as already converted, so the holder's percentage is fixed at signing and later SAFEs dilute the founders.
On a post-money SAFE their 5% does not move however many more SAFEs we sign.
Pre-money SAFESAFE pre-money
The older SAFE form whose cap is set before other SAFEs convert, so each new SAFE dilutes the earlier holders as well as the founders.
These are pre-money SAFEs from 2018, so the ownership math shifts with every note we added.
Valuation capCap (techo de valoración)
The maximum valuation at which a SAFE or note converts, setting the best price the early investor can get.
They wanted an $8M cap and we came back at $12M.
Discount (conversion discount)Descuento de conversión
A percentage off the next round's share price given to SAFE or note holders when their money converts.
It is a 20% discount and no cap at all.
Cap table
The record of who owns what in the company: shares, options and convertibles, broken out by holder and class.
Send the cap table as a spreadsheet, not a PDF.
Pre-money valuationValoración pre-money
The agreed value of the company before the new investment is added.
Pre-money is $20M and they are putting in $5M.
Post-money valuationValoración post-money
The pre-money valuation plus the new investment, and the number the investor's percentage is calculated against.
$25M post, so their $5M is exactly 20%.
Fully diluted
A share count that includes options, warrants and convertibles as though all of them had already been exercised.
Quote me the ownership fully diluted, not on shares outstanding.
DilutionDilución
The fall in an existing holder's percentage when the company issues new shares.
Founders took about 22% dilution across the round and the pool top-up.
Option poolPool de opciones
Shares set aside for employee equity, sitting on the cap table before they have been granted to anyone.
We have 4% left in the pool and three senior hires to make.
Stock optionOpción sobre acciones
The right to buy company shares at a fixed price once the grant has vested.
She has options over 40,000 shares at nine cents.
Strike pricePrecio de ejercicio
The fixed price at which an option holder can buy each share.
His strike is $1.20 and the last round priced common at $4.
Vesting
Earning equity gradually over time or against milestones rather than receiving all of it at once.
Standard four-year vesting, monthly after the first year.
Cliff
An initial period during which nothing vests, with the first block landing in one piece at the end of it.
He left at month ten, before the one-year cliff, so he kept nothing.
Early exerciseEjercicio anticipado
Buying option shares before they have vested, with the company keeping a right to repurchase the unvested part.
She early exercised the whole grant on her second day.
83(b) electionElección 83(b)
A US tax filing made within 30 days of receiving unvested shares, so they are taxed at grant rather than as they vest.
Did you file your 83(b)? The window closes Friday.
Due diligence
The investor's or buyer's examination of the company's finances, legal position, technology and customers before closing.
Diligence turned up two contractors who never signed IP assignment.
Data room
The organised set of company documents shared with investors or buyers during diligence.
Everything is in the data room and they have access until close.
Board of directorsConsejo de administración
The group elected by shareholders that oversees the company and approves major decisions.
That hire needs board approval, not just yours.
Markup
An increase in the reported value of an investment, usually triggered by a later round done at a higher price.
That is a paper markup, nobody has sold a single share.
Scout
An individual given a fund's money to make small early investments and to route deals back to the firm.
The first cheque came from a scout, not from the fund itself.
Corporate venture capital (CVC)CVC
A venture arm run by a large corporation, investing for strategic reasons as well as for financial return.
The CVC wanted a commercial agreement bundled with the investment.
Deal flow
The stream of investment opportunities a fund sees, and how good and plentiful that stream is.
Their deal flow at seed is the best in the city.
Investment thesisTesis de inversión
The stated logic behind what a fund invests in, or the argument for one specific deal.
It is outside their thesis, they only do infrastructure.
Partner meetingReunión de socios
The regular meeting where a fund's partners hear deals and decide which ones move forward.
You are on the agenda for Monday's partner meeting.
Investment committee (IC)Comité de inversión
The formal body inside a fund or institution that approves or rejects an investment.
The partner is a yes, but it still has to clear IC.
Conversations from this deck
Monday morning, on the other side of the table
Deal flowInvestment thesisPartner meeting
Deck: Startups & Venture
The month when someone counts the money out loud
Burn rateNet burnRunway
Deck: Startups & Venture
Reading the term sheet with your lawyer
Term sheetPost-money valuationLiquidation preference
Deck: Startups & Venture
In the app, these cards come as the day’s set — already made.
