Angel rounds, SAFEs, valuations, term sheets and the paperwork in between. Written for founders who want to raise on sensible terms.
409A valuation explained: what it is, why US startups need one, how it differs from funding round valuations, methods, cost, how often to update it, safe harbor, and what employees should know about strike prices.
What a bridge round is, the difference between a bridge to somewhere and a bridge to nowhere, typical structures (notes, SAFEs, extensions) and how to pitch existing investors.
A plain-English guide to down rounds: how they're priced, anti-dilution and pay-to-play clauses, what happens to founders and employees, alternatives, and real Canadian examples.
How startup employee option pools work: typical sizes, the option pool shuffle, vesting and cliffs, how to size grants by role, refreshes, and Canada-specific points to check.
Typical seed-stage dilution, how to work out what to sell based on runway and milestones, and how to protect founder ownership across pre-seed, seed and Series A.
A step-by-step method for building a targeted investor list: where to find names, which fields to track, how to score fit and how to prioritise outreach before a raise.
Where angel investors actually come from, how to build a list of the right ones, and how to approach them so they reply. A practical playbook for first-time founders.
A practical guide to startup funding in Canada: angels, VCs, accelerators, government programs, SR&ED and IRAP, securities exemptions, and how to sequence it all.
Learn how to read a startup cap table: shares vs fully diluted ownership, option pools, SAFEs, preferred stock and how a new round changes everyone's percentage.
What to check before you pitch a venture capital firm: fund size and timing, the right partner, portfolio conflicts, decision process and founder references.
How employees, founders and early investors can sell private company shares: tender offers, company-approved sales, secondary platforms, ROFR, pricing, tax and pitfalls.
A simple investor update email template with examples: what to include, how often to send it, how to share bad news and how to turn updates into introductions and your next round.
How the IPO process works step by step: choosing banks, confidential filing, the S-1 or prospectus, SEC review, roadshow, pricing, lock-ups and listing day, plus direct listings, SPACs, costs and what IPOs mean for employees and investors.
The largest bootstrapped and capital-efficient tech companies: Surge AI, Midjourney, Zapier, Zerodha, Calendly and others that grew to huge scale with little or no venture capital, how bootstrapping works and its pros and cons.
How liquidation preferences work: 1x non-participating vs participating, multiples, seniority and stacking, with worked examples showing who gets paid what in an exit.
The main types of non-dilutive funding for startups compared: grants, R&D tax credits, government loans, revenue-based financing, venture debt, prizes, customer funding and more.
Post-money valuation = pre-money + new investment. Learn the formula, how to work out investor ownership and price per share, and how option pools and SAFEs change the result.
How to value a pre-revenue startup: comparable rounds, scorecard, Berkus, risk factor summation, VC method and cost-to-duplicate, with 2026 Carta data on SAFE valuation caps and how to defend your number.
Pre-seed and seed rounds differ in who invests, what they expect to see, typical round sizes and how the money is used. Here is how to tell which one you are raising.
What pro rata rights are, how to calculate an investor's pro rata allocation, super pro rata, major investor thresholds, and how founders manage pro rata when rounds get crowded.
A clear comparison of SAFEs and convertible notes: interest, maturity, valuation caps, discounts, conversion maths, and when each one makes sense for founders and investors.
Series A vs Series B compared: what each round funds, the metrics investors expect, typical investors, dilution, board changes and how to know when you're ready for Series B.
How Canada's SR&ED program works for startups: eligible work, qualifying costs, the enhanced refundable credit for CCPCs, documentation, deadlines and common mistakes.
Startup dilution explained with worked examples: how funding rounds, option pools, SAFEs, convertible notes and down rounds reduce ownership, typical dilution per round, anti-dilution protection and how founders limit it.
The documents and questions to prepare before investor due diligence at seed: corporate records, cap table, IP, contracts, finances, team and product. Build a clean data room early.
Startup valuation by stage in 2026: typical pre-seed SAFE caps, seed, Series A and Series B valuations, how much is raised and how much dilution to expect, why AI companies command premiums, and how investors set the price at each round.
A founder's walk-through of VC term sheet clauses: valuation, option pool, liquidation preference, anti-dilution, board seats, protective provisions, vesting and more.
A founder's guide to Toronto's venture capital scene: active VC firms by stage, angel groups, accelerators, pension-backed investors and how to get a meeting with the right one.
One email a week. The notable rounds and deals, which companies just got money to spend, and one practical tip. Unsubscribe any time.