Investment Due Diligence

Check List
1. Market & Competition
a. Estimated size of the market
b. Key market insights and trends
c. Analysis of competitive landscape (direct and indirect) – local, regional and international
d. What markets are you targeting now / future?
e. What is your competitive advantage? What is your unfair advantage?
2. Funding and Valuation
a. Previous Rounds – funding to date across the various stages with relevant valuations, investors,
timing, structure, amounts, etc.
b. Current Round – structure, key leads, valuation expectations, commitments thus far, supporting
material (i.e. comps + multiples), etc.
c. Detailed cap table including any non-direct equity agreements such as convertibles, loans, etc.
d. Use of Proceeds
3. Financial & Metrics
a. Historical financial statements
b. Financial Projections / model with explanation of key drivers and assumptions with a section on
margins as relevant
c. Key KPIs and Unit economics (past and projected) with explanations.
d. Any other relevant information such as debt, notes, etc.
4. Team
a. Management team profiles and CV’; including founders
b. Key employees
c. Planned key hires
d. Existing and future ESOP
e. Key recent departures
f. Organizational Chart including all subseries, branches, etc. Please showcase geographies if there
are multiple locations.
5. Commercial
a. Pitch Deck & Business Plan
b. Company
i. Detailed overview of the business
ii. Launch date
iii. What is your value proposition? What problems are you solving?
iv. Business model? Has that changed over time?
v. Monetization stage
vi. Product/Service offering
vii. Key value / growth drivers
viii. How do you measure success?
ix. Sales and Marketing Plan
x. Geographical Expansion of Business
xi. Sales and marketing strategies
xii. Sales cycle if
c. Product
 i. What are the product(s)/service’s core features? Application functionality – features and
capabilities
ii. What are the product and/or technology road map initiatives in the next 12-18 months?
iii. Has any portion of the Company technology been developed by an outside contractor?
If so, what type of usage license does the Company have on this portion?
d. Customers (or relevant stakeholders)
i. Top 10 customer list with relevant supporting metrics – e.g. contract size, duration, etc.
ii. Customer Feedback
iii. Customer Pipeline
e. Expansion and growth strategy
f. Prospect Exit thoughts
6. Legal (Full Detailed request at a later stage)
a. Details on any key litigations or legal issues
b. Share all company relevant legal documentation – SHA, SPA, Convertibles, AOA, etc.
c. Share all key material contacts with vendors, suppliers, clients, etc.
7. Risks
a. List top key 5 risks and mitigants

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