# VC due diligence checklist by stage > This VC due diligence checklist covers seven areas a venture fund checks before investing: team, customers and revenue, product and technology, market, financials, legal and cap table, and the decision record. Each item is marked as usually needed at pre-seed and seed, or added from Series A, so a small fund doesn't ask a two-person startup for a Series A data room. Copy it and strike what doesn't apply. Source: https://delsivo.com/templates/vc-due-diligence-checklist ยท Updated 2026-11-06 ## Key takeaways - Scale diligence to the stage and cheque; not every item applies at seed. - Write down each metric's definition before checking the number. - Pick at least one customer and one reference yourself. - Finish with a decision record: every key claim labelled and every open item owned. ## VC due diligence checklist to copy (S) marks items most funds need at pre-seed and seed; (A) marks items usually added from Series A. Mark each item Done, Not needed at this stage, or Open. Due diligence checklist (plain text): ```text VC DUE DILIGENCE CHECKLIST Company: [ ] Round: [ ] Deal lead: [ ] Started: [date] Mark each item: Done / Not needed at this stage / Open. Note who checked it and where the evidence is. (S) = usually needed at pre-seed and seed. (A) = usually added from Series A. TEAM [ ] (S) Founder interviews completed, notes filed [ ] (S) Roles and time commitment of each founder confirmed [ ] (S) Two or more references per founder, including at least one the founder did not suggest (tell founders you do this) [ ] (A) Key hires and open roles reviewed against the plan CUSTOMERS AND REVENUE [ ] (S) Definition of each traction metric written down (paid, pilot, free; monthly or annual) [ ] (S) Revenue figures reconciled to a billing export or invoices [ ] (S) Calls with two to five customers, including at least one chosen by us [ ] (S) Customer concentration: share of revenue from the top three customers [ ] (A) Cohort retention and net revenue retention recalculated from customer-level data [ ] (A) Pipeline reviewed: stage definitions and conversion history PRODUCT AND TECHNOLOGY [ ] (S) Product demo, including the parts customers use most [ ] (S) Who wrote the code, and whether IP was assigned to the company [ ] (A) Architecture, security practices and third-party dependencies reviewed [ ] (A) Open-source licence review where it matters to the product MARKET AND COMPETITION [ ] (S) Bottom-up market size with assumptions checked [ ] (S) Competitors listed, with why customers choose this company [ ] (A) Pricing compared with alternatives customers actually consider FINANCIALS [ ] (S) Current cash, monthly net burn and runway [ ] (S) Use of funds for this round and the milestones it should reach [ ] (A) Management accounts for the last 12 to 24 months [ ] (A) Financial model reviewed: key assumptions tested LEGAL AND CAP TABLE [ ] (S) Certificate of incorporation and constitutional documents [ ] (S) Fully diluted cap table, reconciled to share issues and board approvals [ ] (S) All SAFEs, convertible notes, warrants and option grants, with terms [ ] (S) Founder IP assignment and employment or contractor agreements [ ] (A) Material contracts: customers, suppliers, partners [ ] (A) Litigation, regulatory licences and compliance relevant to the sector [ ] (A) Data protection: what personal data the company holds and on what basis DECISION RECORD [ ] Every key claim in the memo marked Founder reported, Corroborated, Disputed or Unresolved [ ] Open items listed with owner and date [ ] Checklist filed with the memo ``` ## When to use the checklist Open it after a strong first meeting, when the team decides a deal is worth real time. Use it internally to plan who checks what. The founder-facing version, phrased as requests with reasons and deadlines, is the [diligence information request list](https://delsivo.com/templates/diligence-information-request-list). ## How to scale it by stage - Pre-seed: team, problem, early customers, cap table and IP. Many items will be Not needed. - Seed: add revenue reconciliation, customer calls and all convertible instruments. - Series A and later: add cohort data, management accounts, material contracts and a technical review. - Following another fund's lead: still check the claims your own memo relies on. ## What to leave out - Requests for documents you will not read. Each one costs founders time. - Founders' personal financial records or background checks, unless you have a clear need, a lawful basis and their knowledge. - Employee-level personal data. An anonymised payroll summary usually answers the question. - Customer personal data. Ask for redacted contracts or aggregated exports. ## Running the checklist with or without software A shared document or spreadsheet is enough to run this checklist. If you want each item tied to a request and a file, Delsivo's [founder requests and data rooms](https://delsivo.com/data-rooms) are designed for that: basic request forms and scoped file requests are planned for the Pilot release, and full data rooms with guest access and activity logs for the first release. ## Frequently asked questions ### What should a VC due diligence checklist include? Team, customers and revenue, product and technology, market, financials, legal and cap table, and a record of which claims were checked. Scale the depth to the stage. ### How long does seed-stage diligence take? Often a few weeks, depending on how organised the company is and how quickly customers and references respond. ### Should founders see the checklist? Send them a request list built from it instead, with reasons and deadlines. The internal checklist includes notes they don't need. ## Related pages - [VC due diligence process](https://delsivo.com/vc-due-diligence-process) - [Due diligence](https://delsivo.com/glossary/due-diligence) - [Diligence information request list](https://delsivo.com/templates/diligence-information-request-list) - [VC due diligence software](https://delsivo.com/vc-due-diligence-software)