Venture Financing Timeline
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Cleanup
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Term Sheet
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Kickoff
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Diligence
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Pre-Closing
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Closing
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Post-Closing
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- 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
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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
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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
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- 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)
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- 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
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- 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
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- 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
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