Blog

Notes on fundraising and product

Field notes on the reality of raising, how rounds are structured, the scenarios founders face, and how the product fits in.

Founder Scenarios

8 July 2026 · 8 min read

Everyone Wants a Slice

The equity that leaves your cap table before your first investor arrives, what it costs you at exit, and why most founders only see the damage when it is too late to fix it.

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Founder Scenarios

17 June 2026 · 9 min read

What Kiran's Exit Actually Paid Out

An exit waterfall, built from scratch, showing exactly where the money goes when everything you have read about in this series hits at once.

Round Structure Thinking

10 June 2026 · 11 min read

SAFE, Convertible Note, or ASA: Which One Are You Actually Signing?

Three instruments, two outcomes, and one distinction that matters more than most UK founders realise.

Founder Scenarios

3 June 2026 · 8 min read

What You Would Do Differently the Second Time

The structural decisions first-time founders rarely make, and why the UK market makes getting them wrong more expensive than almost anywhere else.

Round Structure Thinking

27 May 2026 · 8 min read

The Clause That Rewrites Your Cap Table

What anti-dilution provisions actually do when a down round hits, and why the difference between two versions of the same term can cost a founder millions.

Round Structure Thinking

20 May 2026 · 11 min read

The Term Sheet Decoded

Six clauses that appear in almost every UK seed round, what they mean financially, and what a founder who has done the thinking looks like in the room.

Fundraising Reality

13 May 2026 · 9 min read

Three Questions You Should Be Able to Answer Before You Talk to a Single Investor

Most founders can't. Here is what a good answer actually looks like.

Round Structure Thinking

6 May 2026 · 7 min read

The Term You Signed Without Modelling

What a liquidation preference actually means for your exit proceeds, and why the difference between two versions of the same term can cost you seven figures.

Fundraising Reality

29 April 2026 · 5 min read

Is the Pre-Seed Round Dead?

Not exactly. But for most first-time founders, it might as well be.

Fundraising Reality

22 April 2026 · 10 min read

What Investors See When They Open Your Cap Table

Four signals that form a working view before the meeting starts