Key takeaways
- It starts when terms are agreed and ends when funds arrive and the cap table is updated.
- The items change with the instrument: a SAFE round is lighter than a priced round.
- Each item needs an owner and a date.
- A closing update to investors is the last item, not an afterthought.
What goes on a closing checklist
- Terms agreed with the lead or the first cheque.
- Board approval, and shareholder approval where the company's documents or the law require it.
- Investor eligibility confirmed for every cheque, as the jurisdiction requires.
- Round documents ready for each investor.
- Side letters and pro rata rights recorded.
- Bank account and wire instructions verified, ideally by phone, to avoid payment fraud.
- Signatures collected from every committed investor.
- Funds received and matched to each investor.
- Cap table updated with every new instrument.
- Any filing that applies after closing, and a closing update to investors.
How the instrument changes the closing checklist
A round on SAFEs usually needs one SAFE per investor and board approval, with no new shares issued until conversion. A convertible note round adds note and subscription documents. A priced round adds a share purchase agreement, amended articles and shareholder approvals, which is why it usually takes longer to close. Ask your lawyer which items apply in your jurisdiction.
Keeping one as a founder
Put an owner and a date on every item, and review the list with your lawyer each week until closing. Delsivo plans Raise HQ, part of its fundraising CRM for founders after the first release, with a closing checklist that follows the instrument. It tracks steps; it doesn't draft documents or give legal advice.