Rounds do not slip because of investors. They slip because the company spends the first month of diligence finding documents it should have had ready. This is the list we send every client the day they tell us they are raising.

1. A clean cap table

Every share, option and convertible note on one sheet, agreeing with the company register. If a former co-founder still holds shares nobody has mentioned, now is the time to say so.

2. Signed founder and employee documents

Employment contracts, IP assignments and option agreements, all signed and dated. Investors will ask for every one of them. Missing signatures are the single most common cause of delay we see.

3. Your material contracts

The ten agreements that matter most: biggest customers, key suppliers, the lease, any loans. Know which ones have change-of-control clauses that a fundraise could trigger.

4. Accounts and tax filings up to date

Management accounts for the last twelve months, filed statutory accounts, and confirmation that tax returns are current. Investors forgive small numbers. They do not forgive missing ones.

5. A data room that is ready before it is asked for

Put all of the above in one folder with a sensible index. A tidy data room signals a tidy company and shortens diligence by weeks.

We run fundraises on a fixed fee agreed before the term sheet is signed, and we turn documents round the same day.