A studio service
Seed rounds, explained.
A seed round is usually a startup's first priced or substantial outside investment, raised to prove the product and the market before a Series A. Here is how it works and what you need ready.
N° 01Where seed fits
Where seed fits
Pre-seed: money to build a first version, often from founders, friends and family or angels.
Seed: money to find product-market fit, typically from angels, seed funds and accelerators.
Series A: money to scale something that is already working.
N° 02How seed rounds are structured
How seed rounds are structured
Seed rounds are often raised on convertible instruments such as SAFEs or convertible notes, or as a priced equity round. Which one fits depends on your country, investors and lawyer; get legal advice before signing.
N° 03What investors want to see
What investors want to see
A clear problem and who has it.
Early evidence people want the product: users, pilots, revenue or strong engagement.
Why this team can win.
How much you are raising and what it buys.
N° 04What to prepare
What to prepare
A pitch deck of 12 to 20 slides, a one-page summary you can send ahead, a simple financial plan and a list of target investors. The deck is where most first impressions happen.
N° 05In more detail
What to get right
01
Priced or unpriced
In a priced round you and the investors agree a valuation, which sets a price per share, and the investors receive shares now. In an unpriced round the investor pays now and receives shares later, when a priced round happens.
02
How a SAFE works
A SAFE is an agreement to give the investor shares in a future priced round in return for money today. It is not a loan, so it carries no interest and usually no repayment date.
03
How a convertible note works
A convertible note is a loan that is meant to turn into shares at the next priced round. It carries interest and a maturity date, and if it has not converted by that date the investor can ask for repayment or new terms.
04
Cap and discount
A valuation cap sets the highest valuation at which the investment converts into shares. A discount lets the early investor convert at a lower price per share than the new investors pay. Where an instrument has both, it usually converts on whichever gives the investor the lower price.
05
Every instrument changes ownership
Each SAFE, note or share sale reduces the share of the company the founders hold once it converts. Keep a cap table that shows what the ownership looks like after conversion, and have your lawyer check it before you sign anything.
N° 06What goes wrong
Common mistakes, and how to avoid them.
01
Mixing up pre-money and post-money
The same figure means a different ownership split depending on which one it is. State which you mean on the slide and in every conversation, and ask your lawyer to confirm the wording in the documents.
02
A vague use of funds
A slide that says the money is for growth tells an investor nothing. List what the money pays for and what the company will have proved when it is spent.
03
Signing different terms with each investor
A stack of instruments with different caps and discounts is hard to track and can surprise you at conversion. Keep the terms consistent where you can and record each one in the cap table.
04
A deck that only works out loud
Most seed decks are read alone before any meeting. Write headlines that make the point without you, and keep the detail for the conversation.
N° 07Terms
The words, in plain English.
01
Cap table
A table that lists everyone who owns part of the company and how much each holds.
02
Valuation cap
The highest company valuation at which a SAFE or convertible note turns into shares.
03
Dilution
The fall in the share of the company you own when new shares are issued to someone else.
04
Post-money valuation
The value of the company straight after the investment: the pre-money valuation plus the new money.
N° 08Your brief
What to send us to get started.
You do not need all of it. Send what you have and we will ask in writing for anything missing.
• Your current deck or notes, in any format
• The amount you are raising and what it will pay for
• The evidence you have so far: users, pilots, revenue or engagement, with the source data
• Team names, roles and one line of relevant background each
• Logo, brand colours, fonts and any product screenshots
• The date of your first investor meeting
N° 09Investment
When you're ready, we'll design it.
Deck Design
From $1,500
You have the content; we make it look investor-ready. 5–7 business days.
- 12–15 slides
- Your brand applied throughout
- Custom charts for market and traction
- One revision round
- Editable PowerPoint and PDF
Deck + Story
From $3,000
We shape the story from your notes, then design it. 7–10 business days.
- 15–20 slides
- Narrative built from your inputs
- Full custom chart set
- One-page teaser to match
- Two revision rounds
- Editable PowerPoint and PDF
Raise Kit
From $5,625
Everything for a detailed raise or sales process. 2–3 weeks.
- 25–40 slides including appendix
- Condensed send-ahead version
- Teaser and executive summary layout
- Three revision rounds
- 30-minute call before we start
- All source files
Before you choose
What you get
- A fixed price for the scope listed
- Sketches or a first draft to approve before anything is final
- Print-ready and editable files, yours to keep
What we don’t do
- Financial modelling or valuation
- Investor introductions or fundraising advice
- Legal or securities review
- Market research
Extra pages, slides or revision rounds are quoted before we start them.
N° 10Questions
The answers we give most often.
- How much is a typical seed round?
- It varies widely by country, sector and year, so we don't quote a figure. Look at recent rounds in your sector and region.
- Do I need a deck for a seed round?
- Almost always. Most investors ask for one before a first meeting.
- Is a SAFE the same as a convertible note?
- No. A convertible note is debt with interest and a maturity date. A SAFE is not debt and normally has neither. Your lawyer decides which suits your company and country.
- Should the deck state the valuation or the cap?
- Practice varies. Many founders leave the terms for the conversation and state only the amount and the instrument. Ask your adviser, because we do not give fundraising advice.
- Can you build our financial plan for the deck?
- No. Financial modelling and valuation are excluded from every package. Send us your figures and we turn them into clear charts.
Start your book
Need the deck designed?
Tell us what you're making. You'll get a fixed price and a schedule within two business days.