📜Investment Memo

Company Overview

  • What does the company do? Why is this a compelling opportunity?

  • What is your hypothesis of the future, and how does this opportunity fit within it?

Mission / Vision

  • Why was the company formed?

  • What was the pain point being addressed?

  • Where did this pain point originate from?


Target Market / Customer

  • Who is the company selling to?

  • What types of firms?

  • Who within the organization specifically?

  • Does this person have the authority to guide purchase decisions?

Problem / Need

  • What problem is being addressed?

  • How severe is this problem?

  • How has the problem been validated?


Product & Wedge

  • Describe the product in detail.

  • How does this address the problem stated above?


  • What is defensible?

  • What is not defensible?

  • What has to happen in order for defensibility to become real?


  • What is the GTM strategy?

  • How feasible is it?

  • What all has to happen in order for this product to become adopted?


  • How does the company plan to make money over time?

  • What is the pricing model?

  • Is the pricing model tiered?

  • How are different tiers categorized?


  • What trends support the adoption of this type of technology?

  • What have been the outcomes of previous teams that have tried to do this in the past?

  • If they failed, why did they fail?

Market Size

  • Clearly define the market.

  • Does a market exist or does it need to be created?

  • Is this an expanding or contracting market opportunity?

  • Quantify the total size of the opportunity then work backwards to estimate what percentage of the total market is obtainable.


  • Who is the direct and indirect competition?

  • Who are potential competitors?

  • How aware are the founding team of their competition?

  • This should never be left blank.


  • Why is this company better than the rest of the field?

  • What is their unique advantage?

  • How sustainable is this advantage?

Competitor Analysis Template: Link



  • What has been built and shipped?

  • What is still in production?

  • What is the product roadmap and timeline?


  • What quantitative metrics are being tracked?

  • What progress has been made so far?

  • The more data points, the better.

Saas Metrics Dashboard: Link


Founding Team

  • Who is the founding team?

  • What are their backgrounds?

  • How did they meet?

Core Team

  • Who else is on the core team?

  • What are their different roles?

  • What are their backgrounds?

  • Why did they leave their previous roles to join this company?


  • What is truly unique about the team?

  • Why are they better than other teams you have passed on?

  • What are their collective insights towards the problem they are solving?

Core Traits


Round Dynamics

  • What are the proposed terms for the fundraise (amount seeking, pre/post-money valuation if priced, valuation cap/discount/interest if convertible)?

  • What are the uses of funds?

  • How long will this extend runway?

  • How much has been committed towards the round?

  • Who has committed to the round?

  • Did previous investors follow on?

Roadmap & Milestones

  • What are the business and product milestones?

  • How will this fundraise yield these milestones?

  • What is the hiring plan?

Waterfall Analysis

Waterfall Analysis - 1X Liquidation Preference**:** Link****

Decision Check

Basic Questions

Key Risks

  • What are the risks you need to get comfortable with if you are to invest into this opportunity?

  • Do the risks justify the upside rewards?

Pitch Notes

  • What did you like/dislike?

  • What did the partners think of the opportunity at first glance?

  • What are concerns coming out of the meeting?

  • Can answers to these concerns lead to a "yes" from the partners, or are there any dealbreakers?

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