Startup due diligence for investors

Where we save an investor’s time

There are many applications and decks and little partner time.

The aim is not to review more projects but to separate investable cases from ones that look strong and are weak underneath — faster.

We do not compete with the fund or investor or make decisions for them; we strengthen their process where a financial review and a decision document are needed.

What we check

1. Consistency of the materials: do the numbers in the deck, model and description match.
2. Red flags and overstatements.
3. Hidden assumptions in revenue, timing and costs.
4. Use of funds and the milestones the money has to cover.
5. Questions worth asking the founder.

Working formats

1. One-off project review: an assessment and investment memo on a specific deal.
2. An ongoing filter for your deal flow: criteria aligned with your investment thesis, a single intake questionnaire, initial screening and “review / reject” statuses.
3. Structuring deal terms on the investor’s side: instrument, valuation, milestones, rights.
4. After the decision — monitoring project delivery and financial strengthening of the portfolio company.
5. An independent second opinion for a board or investment committee before a deal.

Deal terms on the investor’s side

An investor’s costliest mistakes are not in choosing the project but in the terms: the money goes out in one sum, control is not written down, repayment is not defined.

We set up the mechanism of interaction between the investor and the project initiator before signing.

1. The investor’s role and control mechanisms: what information they receive and when, which decisions need their consent, when they can step in.
2. A repayment mechanism for different scenarios — from plan to delays and exit.
3. Tranches tied to milestones, reporting and covenants.
4. The commercial terms of the partnership agreement: rights and obligations, repayment terms and timing, dispute resolution. The legal drafting is done by a lawyer.

Monitoring project delivery

After the deal, investors are often left without information until the first crisis. Monitoring is ongoing oversight of project delivery on the investor’s behalf.

1. Representing the investor’s interests in key decisions during delivery.
2. Tracking the schedule and the team’s diligence: progress, deadlines, deviations — seen early, not after the fact.
3. Tracking costs and revenue: budget execution, use of funds for their intended purpose, project returns.
4. Regular reporting to the investor: what has been done, where there are delays, the risks and what we recommend.

Second opinion on someone else’s numbers

We review a financial model, business plan or valuation prepared by others — the project team, an adviser or an AI tool — before a deal, an investment committee or a bank.

Getting to grips with someone else’s calculations is often harder than building them from scratch, so the format is strict: a written report on the errors found and how they affect the conclusions.

Discussions with the authors of the calculations are separate and billed by the hour.