Screen structural risk before the term sheet.

Board seats that don't reflect real control

A board seat and standard protective provisions can look like control on the term sheet, until the round closes and you learn who actually holds the company chop. In a fast-moving process, that gap rarely surfaces before the wire goes out.

VIE structures outside counsel rarely stress-tests

VIE enforceability rarely gets stress-tested during a competitive process, so funds often build a return case on top of a structural assumption that's never actually been tested in a dispute, until a later round or exit forces the question.

Data rooms curated for outside investors

In a fast-moving raise, the data room is built to get you to a signed term sheet, curated for exactly the questions a lead investor is expected to ask, in the order they're expected to ask them.

Founder incentives that diverge after the raise

Capital that behaves differently once it's policy-enabled rather than market-driven can distort the growth curve your thesis and follow-on decisions are built on, often before the subsidy cycle actually ends.