Key points in 30 seconds
- A fundraising file includes a short pitch deck, a strategic plan and a financial model.
- Investors look first at the market, traction and the team.
- The use-of-funds plan should tie each amount to a measurable objective.
- Prepare the data room before meetings: it speeds up due diligence.
The seven parts of the file
- Problem and solution: which problem, for whom, and why now.
- Market: size, priority segments, momentum.
- Business model: who pays, how much, how often, at what margin.
- Traction: customers, revenue, growth, signed contracts, partnerships.
- Competition and positioning: the real alternatives and what sets you apart.
- Team: key skills and those still to hire.
- Funding need: amount, use of funds and target milestones.
The use-of-funds plan
This is often the weakest part. "Business development: 40%" says nothing. Tie each item to a result: hiring two salespeople to open a market, a revenue target at 18 months.
| Item | Amount | Target milestone |
|---|---|---|
| Sales team | To be costed | Number of new customers at 12 months |
| Product | To be costed | Version delivered, date |
| Marketing | To be costed | Target customer acquisition cost |
| Working capital | To be costed | Months of cash covered |
What destroys confidence
- A market size given only as a global figure, with no reachable segment.
- Growth projections without detailed assumptions.
- "We have no competitors."
- Figures that differ between the deck, the plan and the financial model.
The data room
Before meetings, gather the articles of association, cap table, accounts, key contracts, intellectual property and monthly indicators. A complete data room shortens due diligence and shows the company is well run.
The pitch deck in twelve slides
- The problem, with a concrete example.
- The solution and what it changes for the client.
- The market and the first segment targeted.
- The product or offer, with a demo or screenshots.
- The business model.
- Traction: key figures and clients.
- The go-to-market strategy.
- Competition and positioning.
- The team.
- Summary financial projections.
- The funding need and use of funds.
- Milestones for the next 18 months.
Each slide carries a single message, readable in a few seconds.
The financial model
The financial model translates the plan into figures over three to five years: revenue, margin, costs, hiring, cash. Investors look mostly at the assumptions: clients per month, average deal size, conversion rate, acquisition cost, retention rate. Present a base case and a cautious case. Each assumption should be linked to an observed fact: history, signed contract, market benchmark.
The data room
| Section | Documents |
|---|---|
| Legal | Articles of association, cap table, shareholder agreements, major contracts |
| Finance | Accounts, forecast, financial model, cash position |
| Sales | Client list, contracts, pipeline, retention metrics |
| Product | Roadmap, documentation, intellectual property |
| Team | Organisation chart, key contracts, hiring plan |
A complete, well-organised data room saves weeks during due diligence.
Choosing your investors
Not every investor suits every project. Check the stage they invest at, their usual ticket size, and the sectors and regions they cover. In Tunisia, the ecosystem includes business angels, seed funds and sector funds; in the Gulf, regional funds and public programmes support innovation. Talk to founders they have already backed: their experience says a lot about the real support provided.
A typical timeline
- Months 1 to 2: strategic plan, financial model, pitch deck, data room.
- Months 2 to 3: list of targeted investors and first meetings.
- Months 3 to 5: follow-up meetings, term sheets received.
- Months 5 to 7: due diligence, negotiation, legal documentation, closing.
Have at least six months of cash when you start the round: negotiating under pressure weakens your position.
Questions investors ask
- Why this market, and why now?
- How much does it cost to acquire a client, and how much do they bring in over their lifetime?
- What stops a better-funded competitor from copying you?
- What will you do if the round takes twice as long as planned?
- What are the project's three main risks?
Prepare short answers with figures. Acknowledging a risk and explaining how you manage it builds trust.
Getting support
An outside view helps structure the story, test the model's assumptions and prepare for difficult questions. The strategic plan is the basis of the file: see our guide business plan or strategic plan. Our business consulting engagement supports the full preparation of the file.
After the round
Raising funds is not an end point: it creates commitments. Set up quarterly reporting for investors, using the same indicators presented in the file, and a review of milestones. Regular, transparent communication, including about difficulties, makes the next round easier.
Frequently asked questions
What should a fundraising file contain?
A pitch deck of around fifteen pages, a consistent strategic plan and financial model, covering the market, business model, traction, competition, team and use of funds.
How long does it take to prepare a raise?
Usually several weeks for the file, then several months of meetings and due diligence. Preparing the data room early saves time.
Is a detailed business plan needed?
Investors mainly expect a clear deck and a financial model with explicit assumptions. The detailed strategic plan is used to answer due diligence questions.
How long does a fundraising round take?
Usually four to seven months between preparing the file and receiving the funds, depending on the amount and number of investors.
How much should you raise?
The amount needed to reach the next significant milestones, usually 18 to 24 months of activity, with a safety margin.