# Rounds and the closing checklist

> Create a round with its terms and stages, follow committed against target and your weighted pipeline, and close it with a checklist for your instrument.

Source: https://delsivo.com/help/fundraising/rounds-and-the-closing-checklist · Updated 2026-11-07

## Key takeaways

- A round holds your terms (instrument, target, valuation cap or pre-money, minimum cheque, close date) and its own pipeline of investors.
- When you create a round you pick a set of stages, Standard, Angels and SAFEs, or Priced round with a lead.
- The round's Overview shows committed against target, money received, the weighted pipeline, conversion by stage and expected closes.
- The round's steps follow your pipeline, and you can set the step yourself with Change step.
- The closing checklist changes with the instrument; tick items, set due dates, and two items tick themselves from your pipeline.

A round is one raise: its terms, its investors and its closing. Create one in **Rounds** with **New round**. Each round has four tabs: **Overview**, **Pipeline**, **Closing** and **Terms**.

## Create a round

1. Go to **Rounds** and tap **New round**.
2. Enter the round name, then choose the **Round** (pre-seed to Series B, bridge or other), the **Instrument** (SAFE, convertible note, priced equity or other) and the **Currency**. Any currency works: type its code or name to find it.
3. Add your **Target**, the **Valuation cap** (SAFE or note) or **Pre-money valuation** (priced equity), the **Minimum cheque** and a **Target close date** if you have them.
4. Under **Pipeline stages**, pick a set:

| Stages | Best for |
|---|---|
| **Standard** | Most seed and Series A rounds: Prospecting, Contacted, Engaged, In due diligence, Term sheet, Committed, Closed, Passed |
| **Angels and SAFEs** | A round of angels and small cheques on one SAFE |
| **Priced round with a lead** | Adds the partner meeting, investment committee and confirmatory diligence a lead fund runs |

5. Tap **Create round**. You land on the round's pipeline.

Change any term later in the **Terms** tab. A SAFE or note also has **Discount** and **Most favoured nation (MFN)**. One round uses one currency.

## Read the Overview

| Number | How it's worked out |
|---|---|
| **Committed** | Every commitment you recorded on an investor that hasn't passed, plus investors in your closed stage |
| **Received** | Investors in your closed stage |
| **Weighted pipeline** | For open investors without a commitment: cheque size times probability (the investor's own, or the stage's default) |
| **Left to raise** | Target minus committed |

The bar shows committed as a share of your target. **Conversion by stage** shows how many of your investors reached each stage or a later one. **Expected closes** lists open investors by expected close date, with overdue ones marked.

## The round's steps

The Overview shows where the round is: **Prepare**, **Target list**, **Outreach**, **Meetings**, **Lead and terms**, **Diligence** and **Close**. The step follows your pipeline; the line under the steps says what finishes the current one. For example, Target list is done with five investors in the round.

If the step is wrong for your round, tap **Change step** and pick one; it shows **Set by you**. Choose **Follow my pipeline** to go back. Each change has **Undo**.

## The closing checklist

Open **Closing**. The items change with the instrument; a SAFE round asks for a SAFE for each investor, a priced round for the term sheet, subscription agreement and amended articles.

- Tick an item when it's done. A message confirms it, with **Undo**.
- Set a due date beside any item. Items past their date show **Overdue**, and dates due soon show on Home.
- **Terms agreed with the lead or first cheque** ticks itself when you name a lead or record a commitment. **Funds received** ticks itself when an investor reaches your closed stage.

The checklist is process guidance, not legal advice. Your counsel decides what your round needs.

## Close or delete a round

Open **Round** at the top right of a round. **Close the round** marks it closed and shows every step as done; **Reopen the round** undoes it. **Delete round** removes the round with every investor, note, meeting and contact in it, after you confirm. Funds you applied to keep what you sent them.

## Frequently asked questions

### Can I have more than one round?
Yes. Home shows your newest open round. Applications you send on Delsivo join that round.

### Why is my committed number lower than I expected?
Committed counts only commitments you recorded on an investor (the **Commitment** field) and investors in your closed stage. A cheque size alone counts toward the weighted pipeline instead.