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Checklist · Expense Management

Expense Management fundraising checklist — Step by Step 2026

Successfully fundraising for your expense management startup requires careful planning and execution. This checklist provides a step-by-step guide to help you navigate the process, address common investor concerns, and highlight your unique value proposition in the competitive expense management landscape. Focus on demonstrating your solution's integration capabilities, scalability, and cost-effectiveness.

50 checklist items Updated from migrated LaunchTry SEO content

Phase 01

Preparation & Positioning

10 tasks
  • 1.1
    high1 week

    Define your Target Investor Profile

    Identify investors who understand the expense management market and have a track record of investing in similar solutions. Research firms that focus on SaaS, fintech, or enterprise software.

  • 1.2
    critical2 weeks

    Refine your Expense Management Value Proposition

    Clearly articulate how your solution addresses pain points like integration, scalability, and cost for startups. Highlight your unique features and competitive advantages over solutions like Leader A and Leader B.

  • 1.3
    critical3 weeks

    Develop a compelling Pitch Deck

    Create a visually appealing and data-driven pitch deck that showcases your market opportunity, product roadmap, team expertise, and financial projections. Include metrics on customer adoption and engagement.

  • 1.4
    high2 weeks

    Prepare a detailed Financial Model

    Build a comprehensive financial model that projects revenue, expenses, and cash flow for the next 3-5 years. Include key assumptions and sensitivity analyses to demonstrate the robustness of your projections.

  • 1.5
    medium1 week

    Research the Competitive Landscape

    Thoroughly analyze your competitors, including Leader C and Incumbent. Understand their strengths and weaknesses, pricing models, and market positioning. Identify your differentiation factors.

  • 1.6
    high1 week

    Set realistic Fundraising Goals

    Determine the amount of funding you need to achieve your key milestones and runway requirements. Consider the dilution impact and negotiate favorable terms with investors.

  • 1.7
    medium1 week

    Establish a Data Room

    Organize all relevant company documents, including financial statements, legal agreements, and customer contracts, in a secure data room for due diligence purposes.

  • 1.8
    medium2 weeks

    Develop a Go-to-Market Strategy

    Outline your plan for acquiring and retaining customers. Specify your target market segments, marketing channels, and sales strategies. Highlight your plans for leveraging platforms like Product Hunt and G2.

  • 1.9
    low4 weeks

    Build your Advisory Board

    Recruit experienced advisors from the expense management industry or related fields to provide guidance and support. Leverage their network to connect with potential investors.

  • 1.10
    high1 week

    Practice your Pitch

    Rehearse your pitch deck multiple times to ensure a smooth and confident delivery. Anticipate potential questions from investors and prepare thoughtful answers.

Phase 02

Investor Outreach & Engagement

10 tasks
  • 2.1
    high1 week

    Create a Target Investor List

    Compile a list of potential investors who align with your company's stage, industry, and investment focus. Utilize databases like Crunchbase and PitchBook to identify relevant investors.

  • 2.2
    medium1 week

    Craft personalized Outreach Emails

    Tailor your outreach emails to each investor, highlighting their specific interests and explaining why your expense management solution is a good fit for their portfolio. Reference relevant news or articles about their firm.

  • 2.3
    highOngoing

    Leverage your Network for Introductions

    Ask your advisors, mentors, and other contacts for introductions to potential investors. Warm introductions are more effective than cold emails.

  • 2.4
    mediumOngoing

    Attend Industry Events and Conferences

    Network with investors and other industry professionals at relevant events like fintech conferences and SaaS meetups. Showcase your expense management solution at booths or presentations.

  • 2.5
    mediumOngoing

    Track your Investor Interactions

    Use a CRM system or spreadsheet to track your interactions with each investor. Record notes from meetings, follow-up dates, and key takeaways.

  • 2.6
    highOngoing

    Follow up Promptly

    Send thank-you notes after meetings and follow up with investors in a timely manner. Provide updates on your progress and address any questions they may have.

  • 2.7
    high1 week

    Be prepared to answer Tough Questions

    Anticipate challenging questions about your business model, competition, and financial projections. Practice your responses to ensure you can address them confidently and effectively.

  • 2.8
    highOngoing

    Highlight your Traction

    Showcase your customer growth, revenue, and key metrics to demonstrate the market demand for your expense management solution. Emphasize your solution's impact on user efficiency and cost savings.

  • 2.9
    medium1 week

    Address Integration Concerns

    Clearly articulate how your expense management solution integrates with other popular business systems, such as accounting software and HR platforms. Provide examples of successful integrations.

  • 2.10
    mediumOngoing

    Be persistent and Patient

    Fundraising can be a long and challenging process. Don't get discouraged by rejections. Learn from your experiences and continue to refine your pitch and strategy.

Phase 03

Due Diligence

10 tasks
  • 3.1
    high2 weeks

    Prepare for Legal Due Diligence

    Ensure all your legal documents are in order, including incorporation papers, cap table, and intellectual property agreements. Consult with a lawyer to address any potential legal issues.

  • 3.2
    criticalOngoing

    Provide access to your Data Room

    Grant investors access to your data room and promptly respond to their requests for information. Be transparent and forthcoming with your answers.

  • 3.3
    high2 weeks

    Be prepared for Financial Audits

    Investors may conduct a financial audit of your company to verify your financial statements and projections. Cooperate fully with the audit process.

  • 3.4
    medium1 week

    Address Customer Diligence Questions

    Investors may contact your customers to gather feedback on your expense management solution. Prepare your customers for these calls and provide them with talking points.

  • 3.5
    high1 week

    Clearly explain Monetization Strategy

    Articulate your monetization strategy, whether it's subscription, usage-based, enterprise, freemium, or API-driven. Provide data to support your pricing model and revenue projections.

  • 3.6
    medium1 week

    Demonstrate Compliance Adherence

    Show that your expense management solution complies with relevant regulations, such as GDPR and CCPA. Highlight your data security measures and privacy policies.

  • 3.7
    medium1 week

    Address Scalability Concerns

    Explain how your expense management solution can scale to accommodate the growing needs of your customers. Highlight your infrastructure and technology investments.

  • 3.8
    medium1 week

    Showcase Analytics Capabilities

    Demonstrate the analytics capabilities of your expense management solution. Highlight how your solution helps customers track spending, identify trends, and optimize their budgets.

  • 3.9
    medium1 week

    Highlight Automation Features

    Showcase the automation features of your expense management solution, such as automated expense reporting and invoice processing. Highlight how these features save time and reduce errors.

  • 3.10
    medium1 week

    Address Support Infrastructure

    Clearly define your customer support infrastructure and service level agreements. Investors will want assurances that customers will have access to timely and effective support.

Phase 04

Term Sheet Negotiation

10 tasks
  • 4.1
    high1 week

    Understand Key Term Sheet Provisions

    Familiarize yourself with the key provisions of a term sheet, such as valuation, liquidation preference, control, and anti-dilution protection. Consult with a lawyer to understand the implications of each provision.

  • 4.2
    critical1 week

    Negotiate Valuation

    Negotiate a fair valuation for your company based on your market opportunity, traction, and competitive landscape. Consider comparable transactions and industry benchmarks.

  • 4.3
    high1 week

    Consider Liquidation Preferences

    Understand the liquidation preference provision, which determines the order in which investors and founders receive proceeds in the event of a sale or liquidation. Negotiate a reasonable liquidation preference that aligns with your interests.

  • 4.4
    high1 week

    Address Control and Governance

    Negotiate the control and governance provisions, which determine the board composition and voting rights. Ensure that you retain sufficient control over your company's strategic direction.

  • 4.5
    medium1 week

    Negotiate Anti-Dilution Protection

    Negotiate anti-dilution protection to protect your ownership stake in the event of future down rounds. Consider different types of anti-dilution protection, such as full ratchet or weighted average.

  • 4.6
    criticalOngoing

    Seek legal Counsel

    Engage a lawyer to review the term sheet and advise you on the legal implications of each provision. Ensure that the term sheet is fair and protects your interests.

  • 4.7
    medium1 week

    Evaluate Investor Reputation

    Research the investor's reputation and track record. Speak to other founders who have worked with the investor to get their feedback.

  • 4.8
    medium1 week

    Consider Investor Fit

    Assess whether the investor is a good fit for your company's culture and long-term vision. Choose an investor who shares your values and can provide strategic guidance.

  • 4.9
    mediumN/A

    Be Prepared to Walk Away

    If you are not comfortable with the terms of the term sheet, be prepared to walk away. Don't be afraid to negotiate or seek alternative funding sources.

  • 4.10
    high1 week

    Finalize the Term Sheet

    Once you have agreed on the terms, finalize the term sheet and have it signed by all parties. The term sheet is a non-binding agreement that outlines the key terms of the investment.

Phase 05

Closing & Post-Investment

10 tasks
  • 5.1
    critical2 weeks

    Execute Definitive Agreements

    Work with your lawyer to draft and execute the definitive agreements, which are the legally binding documents that govern the investment. Ensure that the definitive agreements are consistent with the term sheet.

  • 5.2
    critical1 week

    Complete the Funding Transaction

    Complete the funding transaction by transferring the funds to your company's bank account. Ensure that all legal and regulatory requirements are met.

  • 5.3
    high1 week

    Communicate with Stakeholders

    Communicate with your employees, customers, and other stakeholders about the funding transaction. Share your plans for the future and how the funding will help you achieve your goals.

  • 5.4
    medium1 week

    Onboard New Board Members

    Onboard any new board members and provide them with the information they need to be effective directors. Schedule regular board meetings to discuss your company's progress and strategic direction.

  • 5.5
    highOngoing

    Manage Investor Relations

    Maintain regular communication with your investors and provide them with updates on your company's performance. Be transparent and responsive to their questions and concerns.

  • 5.6
    criticalOngoing

    Execute your Growth Plan

    Use the funding to execute your growth plan and achieve your key milestones. Focus on acquiring new customers, expanding your product offerings, and scaling your operations.

  • 5.7
    highOngoing

    Track Key Metrics

    Track your key metrics, such as customer acquisition cost, churn rate, and revenue per customer. Use these metrics to monitor your progress and make data-driven decisions.

  • 5.8
    mediumOngoing

    Prepare for Future Fundraising Rounds

    Start preparing for future fundraising rounds well in advance. Build relationships with potential investors and track your company's progress to demonstrate your value.

  • 5.9
    highOngoing

    Focus on Customer Success

    Prioritize customer success and retention. Happy customers are your best advocates and can help you attract new customers and investors.

  • 5.10
    lowN/A

    Celebrate your Successes

    Take time to celebrate your successes and recognize the contributions of your team. Building a successful startup is a challenging journey, so it's important to acknowledge your achievements along the way.

Pro tips

  • Focus on demonstrating a clear ROI for your expense management solution. Investors want to see how your product saves customers money or improves their bottom line.
  • Highlight your solution's ability to integrate with existing accounting and financial systems. Seamless integration is crucial for adoption and customer satisfaction.
  • Showcase your team's expertise in the expense management space. Investors want to see that you have the knowledge and experience to execute your vision.
  • Be prepared to address concerns about data security and privacy. Investors want to know that you are taking steps to protect customer data and comply with regulations.
  • Clearly articulate your plans for scaling your business. Investors want to see that you have a roadmap for growth and can handle increasing demand.