Startup due diligence for VCs and business angels

Last updated: 28 September 2026

Before you invest, we review the finance side of the startup: numbers, plan, unit economics and finance organisation. You get an independent view of which assumptions hold and where the risk sits – before the term sheet is signed.

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Experience from 350 projects.

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What a startup due diligence covers

With startups it is rarely about adjusted EBITDA. What matters is burn rate, runway, revenue quality and whether the business plan is derived from actuals or from the pitch deck. That is where we start.

  • Numbers and revenue quality:
    ‍
    Do management accounts, bank statements and the pitch deck metrics reconcile? How recurring is revenue really, and how high are churn and customer concentration?
  • Plan and unit economics:
    ‍
    We recalculate burn rate, runway, CAC, customer lifetime value and gross margin and test whether the growth assumptions in the plan are achievable with the capital being raised.
  • Finance organisation and catch-up work:
    ‍
    Bookkeeping, reporting, cap table, tax and grants – and what needs to be built after closing so that your investor reporting works.
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Reviewed from a CFO perspective

We do not review startups from an auditor's point of view but from that of a CFO who has built such finance functions. That is why we see early where a plan does not hold and what set-up work lies ahead after the investment.

+350
projects since 2019
12+
interim CFO mandates since 2019
24 h
to the first CV
96%
repeat engagement rate
7
months average engagement length

Investment under review?

30 minutes with Sebastian Janus: target company, review scope and cost. No obligation.
Book an intro call
Or call us directly: +49 234 47995220
100% free & non-binding

Our Partners & Collaborations

Carefully selected to create synergies that provide real added value to our customers. We work hand in hand with leading experts and organizations to ensure innovative solutions and exceptional service.

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How the startup due diligence works

01

Scoping and data request

We agree stage, ticket size and the critical questions for the round with you and request the documents we need: annual accounts, management accounts, plan, cap table and KPI reporting.

02

Analysis and founder conversation

We reconcile actuals, plan and pitch deck, recalculate runway and unit economics and clarify open points directly with the founders or their finance lead.

03

Report with red flags and recommendations

You receive a compact report with red flags, planning risks and points for the term sheet and investment agreement, such as information rights and reporting obligations after closing.

FAQ

Got questions?

We have answers. Our FAQ section gives you comprehensive information and guidance on the most common questions, so you quickly and easily get the support you need.

What is a startup due diligence?
How does it differ from a classic financial due diligence?
How long does a startup due diligence take?
Which documents do you need from the startup?
What are typical red flags?
Who commissions the review: investor or startup?
What does a startup due diligence cost?
What happens after the investment?

Investment under review?

30 minutes with Sebastian Janus: target company, review scope and cost. No obligation.
Book an intro call
Or call us directly: +49 234 47995220