Sound familiar?
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Three funds are in diligence and each wants a different subset of documents.
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Requests arrive in five threads and nothing tracks what you already answered.
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The cap table is sitting in an email attachment somewhere.
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You cannot tell whether the associate or the partner is doing the reading.
What changes at Series A.
01
Structure over speed
Sections in the order the memo gets written, so nobody has to ask where anything is.
02
Permissions per fund
Lead sees the contracts. The rest see the deck and metrics until you decide otherwise.
03
A record of the process
Who saw which version and when, kept for the round and after it.