# Closing checklist (funding round)

> A closing checklist is the list of steps a startup and its investors must complete between agreeing terms and the money arriving: approvals, investor checks, the round documents, side letters, signatures, bank details, funds received and an updated cap table. Lawyers usually keep the formal one. Founders keep their own so nothing waits on them, and so they can tell investors exactly where the round stands.

Source: https://delsivo.com/glossary/closing-checklist · Updated 2026-11-06

## 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](https://delsivo.com/glossary/safe-note) usually needs one SAFE per investor and board approval, with no new shares issued until conversion. A [convertible note](https://delsivo.com/glossary/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](https://delsivo.com/fundraising-crm) after the first release, with a closing checklist that follows the instrument. It tracks steps; it doesn't draft documents or give legal advice.

## Frequently asked questions

### Who owns the closing checklist in a funding round?

Usually the company's lawyer keeps the formal checklist. Founders benefit from keeping their own view of what is waiting on them and on each investor.

### Is the cap table update part of closing?

Yes. The round isn't really finished until the cap table shows every new instrument and holder.

### Why does a priced round take longer to close than a SAFE round?

It has more documents and approvals: a share purchase agreement, amended articles and usually shareholder consent, all negotiated with a lead investor.

## Related pages

- [How to run a seed round closing checklist](https://delsivo.com/how-to-run-a-seed-round-closing-checklist)
- [Term sheet](https://delsivo.com/glossary/term-sheet)
- [Cap table](https://delsivo.com/glossary/cap-table)
- [Fundraising pipeline](https://delsivo.com/glossary/fundraising-pipeline)
- [Fundraising CRM for founders](https://delsivo.com/fundraising-crm)