Back to Venture BuildingFree Resource · Checklist
Series A Readiness Checklist
A practitioner-built checklist used by Nirji's venture-building partners to pressure-test companies preparing for a Series A round. Run through it quarterly — every "no" is something to fix before you open the data room.
Free Checklist · Emailed instantly
Get the Series A Readiness Checklist
Tell us where to send it. We'll email you the link and a printable PDF version — no spam, unsubscribe any time.
1. Metrics & Business Performance
- ARR ≥ USD 1M with 3× YoY growth (or strong leading indicators if pre-revenue product-led)
- Net dollar retention ≥ 110% (SaaS) or repeat-rate evidence (transactional / marketplace)
- Gross margin ≥ 60% (software) / ≥ 25% (services or marketplace)
- Payback period < 18 months on a fully-loaded CAC basis
- Burn multiple < 2.0× (net new ARR ÷ net burn)
- Cohort retention chart for the last 12+ months
- Magic number / sales efficiency calculated and trending the right way
2. Narrative & Market
- Crisp problem statement — one sentence, no jargon
- Why-now thesis tied to a specific market shift (regulation, tech, behaviour)
- Bottoms-up TAM / SAM / SOM with named customer segments
- Wedge → expansion roadmap (initial ICP, then adjacent segments)
- Competitive map showing positioning, not just a feature comparison
- 12-slide deck: problem · solution · market · traction · model · team · ask
3. Data Room
- Cap table (current + post-round pro-forma)
- Audited or reviewed financials, last 24 months
- Three-statement model with monthly granularity for next 24 months
- KPI workbook with raw exports — investors will check your numbers
- Customer references list (5–10) with introduction context
- Material contracts: top 10 customers, key vendors, IP assignments
- Cybersecurity, data-protection, and key compliance certifications
- All board minutes and prior round documents
4. Governance & Cap Table
- Founders' shares fully vested or on a clear remaining schedule
- Option pool sized for next 18 months of hiring (typically 10–15%)
- All ex-employees / advisors with equity properly documented
- No ambiguous SAFEs or convertibles — caps and discounts modelled
- Existing investor consents lined up before launching the process
- Board structure plan — typical Series A: 2 founder · 1 lead · 2 independent
5. Team
- Founder time-allocation that visibly supports the next 24 months
- VP-level hires identified for the top two gaps post-round
- Org chart showing current state vs. 12-month plan
- References available for each founder (3+ deep relationships each)
6. Process & Materials
- Target investor list segmented into lead, co-lead, follow-on
- Warm intro path mapped for at least 80% of the list
- Practice partner meeting completed (mock with experienced operator)
- Term-sheet redlines and preferred deal terms pre-agreed internally
- Communication plan for employees, customers, and existing investors
Red Flags That Will Stall Your Round
- — Founder ownership below 30% before the round
- — More than 25% of revenue concentrated in a single customer
- — Unresolved IP, employment, or co-founder disputes
- — Burn rate increasing without a corresponding ARR or pipeline ramp
- — Optimistic projections without underlying funnel math
Run this checklist with a Nirji partner
Book a 30-minute Series A readiness call. We'll pressure-test your metrics, narrative, and data room before you open the round.
Book a Series A readiness call