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Field Manual › Raise

Raise

Treat a raise as a governance change, not a transaction. You are selling a share of control and information rights, not just equity — so the work is knowing your terms, choosing the right investors, and running the round on your timeline. These playbooks cover the raise end to end, every claim sourced.

Fundraising is the moment a founder trades autonomy for capital, and most do it with less preparation than they'd put into hiring a junior employee. A priced round adds a board seat, information rights, and protective provisions that outlast the money — venture holding periods routinely stretch past eight years, per the NVCA Yearbook. That is a long marriage to enter on a handshake. The guides here treat the raise as an operating decision: what "market" terms look like (benchmarked against the Y Combinator standard deal), how to tell which investors are actually writing checks, and how to keep leverage on your side of the table. The goal is a founder who signs a term sheet understanding exactly what changed — because the terms shape your worst day as much as your valuation does.

Raise — the playbooks

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