Key takeaways
- Send priorities and dates, not one long undated list.
- Give a reason for every request; founders answer faster when they know why.
- Say what you don't need, so founders don't overshare personal data.
- Accept "this doesn't exist yet" as an answer.
Diligence information request list to copy
The three priorities let founders send the essentials quickly. Priority 3 waits until the fund is close to a decision.
Subject: [Fund name] next steps: information request for [Company] Hi [founder name], Thanks for the time on [date]. We'd like to look further at [Company]. Below is what we need for the next stage, why we ask for each item, and when it would help to have it. If something doesn't exist yet, just say so; that is a useful answer too. Please share files in [your data room or a link we send you]. We'll treat everything as confidential and use it only to assess this investment. PRIORITY 1: by [date] 1. Definitions of the metrics in your deck (revenue, customers, retention): what counts, and for which period. Why: so we compare the right numbers. 2. Billing export or invoice list for [months], customer names optional. Why: to reconcile the revenue on slide [number]. 3. Fully diluted cap table, and copies of every SAFE, note or warrant. Why: to understand ownership before and after this round. 4. Current cash, monthly net burn and how this round will be used. Why: to see what the round needs to achieve. PRIORITY 2: by [date] 5. Names and contact details for two or three customers we may call, and your permission to contact them. Why: to hear how customers use and value the product. 6. IP assignment agreements from founders and anyone who wrote code. Why: to confirm the company owns its product. 7. Certificate of incorporation and constitutional documents. Why: standard legal checks. PRIORITY 3: only if we move to final diligence 8. [Material contracts / management accounts / security policies, as relevant]. What we don't need: personal records of employees, customers' personal data or passwords. Please redact these from anything you share. Questions are welcome at any point. We aim to give you an answer by [date]. [Your name] [Fund name]
When to send it
After the team agrees a deal is worth diligence, usually after a first meeting. Build it from your internal VC due diligence checklist: the checklist says what you will check, the request list asks for only the documents you need to check it.
What to change
- Point item 2 at the exact slide or figure you want to reconcile.
- If you are following another fund's lead, ask whether the founders can share what they already sent the lead.
- For pre-seed companies, many items won't exist. Shorten Priority 1 to definitions, cap table and cash.
- Set dates with the founders, not for them, when they are also running a raise.
What to leave out
- Anything you can find yourself, such as company registry filings.
- Documents for later stages "just in case". Ask when you need them.
- Employee personal records, customer personal data and passwords. Ask for summaries or redacted copies.
- Exclusivity or deal terms. Those belong in a separate conversation.
Sending requests with or without Delsivo
Email works. Delsivo's founder requests, planned for the Pilot release, are designed around form templates (revenue quality, product, security, customers, cap table, legal), scoped file requests, request states from Draft to Complete, and reminders only for outstanding items. A person approves every message to a founder. See data rooms and requests.