What investors ask for in the first diligence call

Priya Nair

Oct 14, 2026

7 min

Diligence is mostly pattern matching. Investors want to see that the numbers in the deck tie to the numbers in the bank.

The six documents

Cap table, monthly P and L for 24 months, cohort retention, a contracts list, headcount plan, and the current forecast. Keep the same definitions across all six.

Rehearse the questions

Run a mock Q and A with someone who has not seen the model. Every question they ask twice is a gap in the data room.

The takeaway

Build the data room before you need it. It takes two weeks, and the deal will not wait.

Next step / 20 minutes, no deck

Seeyourrunway.

Bring last month's bank balance. We'll send back the date the cash runs out and one decision to change it.

Book a cash review

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