How much detail do VCs want to see in a biz plan for a Series Seed/A round? I’ve seen projections that show these costs as a % of revenue and also as detailed as six Excel pages for OpEx.

(This was my response to a question on Quora.)


It depends on what stage of the discussion you are with investors. If it is the first meeting, they are not interested in the details. At that stage they are keen to understand the team, the business overview, your aspirations and plans to meet those aspirations, the market potential, your view of the opportunity, the business traction so far – including quality of product/service, marketing program, sales program, people management, business case at a broad numbers level, etc.

If all of the above seems positive, and if they are keen to pursue this further then they would be keen to understand in detail the numbers behind your plans.

Even in the first meeting, while they may not want to see the numbers in the presentation, the post-presentation conversation will be to assess how well you understand the business case around your concept. Hence, even if you do not present it, you do not have a choice of not preparing it and knowing it well to discuss about it.

Author: Prajakt Raut

Prajakt Raut is the founder of, and author of the book for startups - ‘Starting Up & Fund Raising’ Prajakt personal goal in life is to encourage and assist a 100,000 people to become entrepreneurs. _____________ Prajakt is the founder of Applyifi - an online platform that provides startups a 36-point scorecard and assessment report on the venture's investment readiness [], and helps them improve their odds of getting funded. Prajakt is also the founding partner of The Growth Labs, a platform where growth-stage companies get sharp, incisive advice from senior professionals and experienced entrepreneurs. [] Before starting Applyifi, Prajakt was the head of operations at IAN, founding member of a leading incubator, and the Asia-Director for TiE (2004 - 2007). Previously Prajakt had co-founded Orange Cross, a healthcare services company, and was part of the founding team member of Idealake Technologies. While in college Prajakt had founded a printing business and has spent over 10 years working in leading advertising agencies. Prajakt’s book, ‘Starting Up & Fund Raising’, helps startups understand an investor’s perspective, and helps them improve their odds of getting funded. The book also helps entrepreneurs understand the building blocks of a business.

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