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    Pitch & Process
    Mid
    Global · Global

    Closing

    Also called: Round closing, Close

    TL;DR

    The legal completion of a financing round, signed documents, wired funds, updated cap table, all conditions satisfied.

    Closing is the moment a round becomes real. Definitive documents are signed, funds are wired, the cap table updates, share certificates issue (or are recorded electronically), and any closing conditions (third-party consents, legal opinions) are satisfied. Most rounds close in a single event; some have multiple closings as later investors join.

    Founders often underestimate how long closing takes after the term sheet. Two to four weeks is typical for early-stage SAFEs and notes; six to twelve weeks is normal for priced rounds with multiple investors.

    Worked example

    A $15M Series A closes 7 weeks after term-sheet signing: 3 weeks of legal drafting, 2 weeks of diligence overlap, 1 week of signature collection, then wire transfer on a Friday afternoon. The cap table updates Monday morning.

    Common pitfalls

    • •Spending the money before the close has actually happened.
    • •Failing to coordinate closing timing across multiple investors.
    • •Underestimating the legal cost of multiple closings.

    When this shows up in a pitch deck

    Closing is what makes the deck-driven process real; the deck doesn't talk about it directly.

    Related terms

    Term Sheet

    A non-binding document outlining the principal terms of a proposed financing, used to align investor and founder before legal documents are drafted.

    Data Room

    A secure shared folder with every document an investor needs for due diligence, financials, contracts, cap table, team info, and customer references.

    Due Diligence

    The investigation an investor performs to verify the claims in the pitch and assess all material risks before signing a term sheet or wiring funds.

    Lead Investor

    The investor who sets the terms of a round, takes the largest check, and typically takes a board seat or significant governance role.

    Preferred Stock

    The equity class issued to investors, carrying special rights such as liquidation preference, anti-dilution protection, and protective covenants.

    Use Closing in your next pitch deck

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