Venture Financing Timeline

  • Cleanup
  • Term Sheet
  • Kickoff
  • Diligence
  • Pre-Closing
  • Closing
  • Post-Closing

  • Pre-Term Sheet

    • Prior to negotiations with investors over term sheets, Fourscore conducts a review of your corporate documents and prepares any documents necessary to put you in the best position possible while you begin the financing process

  • Term Sheet

    increase of 57%
    • You provide Fourscore with the term sheet (if you have already identified the lead investor), or Fourscore helps you prepare a draft term sheet so you have something to share after a pitch
    • You confirm the current cap chart for Fourscore
    • Fourscore builds the financing’s pro forma cap chart
    • The lead investor and you sign the term sheet

  • Kickoff

    increase of 57%
    • Fourscore solidifies the deal team and builds the transaction checklist
    • Fourscore holds a kickoff call with you to review timeline, process, and expectations
    • Fourscore schedules a kickoff call with investor counsel
    • Fourscore prepares minority investor communication including quick introduction to Fourscore, basic expectations and very general timeline
    • You complete Fourscore’s investment questionnaire
    • Fourscore prepares the first drafts of the financing documents

  • Diligence and Negotiations

    • Fourscore assists you in building a diligence room file structure in accordance with the investor’s due diligence request format
    • Fourscore holds the “reps and warranties” call with you
    • Fourscore helps you in building the initial draft of the disclosure schedule
    • Fourscore provides the pro forma cap chart and first drafts of investment documents to investor counsel
    • Investor counsel provides markups of the documents, to be reviewed by Fourscore (expect more than one iteration)

  • Closing Communications

    • Set target closing date with investor
    • Fourscore communicates with investors regarding signature blocks (after your approval)
    • Fourscore prepares signature pages for all parties
    • The parties provide a final confirmation of the pro forma cap chart
    • The parties confirm the closing date

  • Closing

    • If you do not already have EDGAR Codes, Fourscore initiates the Form ID process with the SEC
    • Fourscore sends signature page packets to investors by eversign
    • Fourscore sends communications to investors with wire instructions and exact/final investment amount (after your approval)
    • You confirm receipt of funds to Fourscore and we assist you in following up with investors whose wires have not been received

  • Post-Closing

    • Fourscore submits Form D and Blue sky filings (after your approval)
    • Fourscore provides you with the closing invoice
    • Fourscore assists in issuing stock certificates (preferably through Carta or another electronic capitalization records system)
    • Fourscore finalizes the capitalization chart, stock ledger and option ledger
    • Fourscore creates a closing binder and share it with you (and with investors upon request and after your approval)
    • Fourscore assists in determining whether a 409A Valuation is recommended