Practice 04 · GROWTH : Capital Formation

Be ready before investors start looking.

Most raises don't fail in the pitch. They lose time, leverage, and valuation in diligence, when the structure, the numbers, and the story don't line up. We make sure they do before the first meeting.

Where raises lose value

Diligence is where leverage goes to die.

Most founders assume the hard part of a raise is getting the meeting. The expensive part comes after the term sheet. Every unanswered question in diligence costs time, and every surprise costs leverage. Close the gaps before anyone else finds them.

Document by document
Designed as a system
The structure surprises them
A clean entity map that answers ownership and control up front
The numbers don't reconcile
Model, data room, and deck that tell the same story
The instrument doesn't fit the business
The right instrument for this round and the next
When people call

Usually it's one of these.

01

You're raising in the next six months.

Early enough to fix the structure. Late enough that it can't wait.

02

You have a term sheet and questions.

The headline number looks good. You want to understand what the rest of the terms mean for the business and the next round.

03

Your raise involves a token.

Equity investors, token holders, and possibly a token side letter, all needing to fit together without contradicting each other.

04

A previous raise left a mess.

Stacked SAFEs, side letters nobody tracks, or a cap table that takes an hour to explain.

Deliverables

Three things investors check. All ready before they ask.

01 /

Capital architecture

What it is

The right instrument for this round and the next: equity, SAFE, debt, token, or a combination, modeled against your cap table and the structure behind it.

What it prevents

An instrument that solves this round and complicates the next two.

02 /

Diligence readiness

What it is

A data room organized around the questions investors actually ask, with the model, the deck, and the documents telling the same story.

What it prevents

Weeks lost to follow-up requests, and trust lost to inconsistencies.

03 /

Term analysis

What it is

A plain-language read of every term sheet: what each provision means for control, dilution, and future rounds, coordinated with your counsel through close.

What it prevents

Signing terms whose consequences show up two rounds later.

Delivery

Clarity at every gate.

You see every finding before an investor does, and nothing goes into the data room without your approval.

01

Assess

We review the structure, cap table, financials, and materials the way an investor's diligence team would, and rank what needs fixing.

Approval gateYou approve the readiness plan.
02

Prepare

We fix the structure, choose the instrument, and build the model, data room, and materials so they reconcile.

Approval gateYou and your counsel approve the instrument and the disclosures.
03

Support

As term sheets arrive, we analyze them, answer diligence questions, and coordinate with counsel through close.

Approval gateEvery term is your decision, made with a clear read of the consequences.

Guardrails, built in.

Offering restrictions and investor eligibility reviewed by qualified securities counsel. Financial assumptions checked against source data. Every disclosure consistent across every document, with access controlled and logged.

Work

We structure raises we'd be willing to sit across the table from.

Capital Formation · AI Automation

Proofable (formerly NEUS Network)

A repositioning from the ground up: a new name and brand, new product descriptions, and a rebuilt data room, all pointing to one clear use case. Relaunched as Proofable in September 2026.

Book a call

30 minutes to establish whether there's a fit. No pitch.

If you're stuck where strategy, AI, and regulation collide, the call is free and short. If we're not the right partner, we'll tell you and point you somewhere better.

Backlit mechanical keyboard on a desk, representing the tools of legal engineering work