How VCs Build Investment Memos
Learn how VCs build investment memos and what founders should prepare: thesis, market, traction, risks, terms, diligence, and partner objections.
- What is a VC investment memo? A VC investment memo is an internal document investors use to evaluate and argue for or against investing in a startup.
- What sections are in a VC investment memo? Common sections include thesis, team, market, product, traction, GTM, competition, financials, risks, diligence, terms, and return potential.
- Do founders see the investment memo? Usually no. The memo is internal to the fund, but founders can make it easier to write by presenting a clear investment case with strong evidence.
- How does a VC audit relate to investment memos? A VC audit gives founders a preview of how the company may read inside an investor memo: strengths, objections, proof gaps, investor fit, and next fixes.