If you’re following along with our series of posts on the venture capital fundraising process, the next step in the process is closing the deal!
This is the fun part. After all documents have been finalized and signed, maintain close contact with your bank to ensure that the funds have arrived. The deal is never over until the money has hit the bank. A closing dinner to celebrate getting things across the finish line is customary with the investors, management team, bankers and attorneys. (For inside rounds—rounds led and completely financed by current investors—a closing dinner is generally not done.)
Pat yourself on the back and realize that your work is only beginning. Now you have to execute on the plan that was outlined in your business plan and turn the money received into tangible value. The measure of whether or not the financing was successful is if the value created is greater than the money that was spent.