Complete 409A Document Checklist
Category 1: Cap Table (Required)
- Fully diluted capitalization table showing all share classes
- Number of common shares outstanding (by founder)
- All preferred share classes with: shares outstanding, original issue price, liquidation preference, participation rights, conversion ratio
- Outstanding stock options: total pool size, granted, vested, exercised, cancelled
- Outstanding warrants: number, exercise price, expiry
- Outstanding SAFEs: principal amount, valuation cap, discount rate, MFN status
- Outstanding convertible notes: principal, interest rate, maturity, valuation cap, discount
Category 2: Funding History (Required)
- Most recent funding round: amount raised, close date, pre-money valuation, post-money valuation, lead investor
- All prior funding rounds with the same details
- Any acquisition offers received (term sheets, LOIs)
- Any secondary share transactions
Category 3: Financial Statements (Required)
- P&L / Income Statement: last 12 months, and prior 12 months if available
- Balance Sheet: most recent month-end
- Cash flow statement (if available)
- Current cash and cash equivalents
- Monthly burn rate
Connect Xero or QuickBooks to auto-provide all financial data in seconds.
Category 4: Industry Metrics (Required — varies by industry)
| Industry | Key Metrics Needed |
|---|---|
| SaaS | ARR, MRR, NRR, gross churn rate, customer count, ACV |
| FinTech | TPV, take rate, loan portfolio (if lending) |
| E-Commerce | GMV, repeat purchase rate, AOV |
| Marketplace | GMV, take rate, active buyers, active sellers |
| HealthTech | Covered lives, FDA status, reimbursement model |
| BioTech | Pipeline stage, therapeutic area, cash runway months |
Category 5: Company Information (Helpful)
- Year of incorporation
- Number of full-time employees
- Primary business description (2–3 sentences)
- Key risks and competitive factors
- Financial projections or board-approved plan (if available)
- Any IP, patents, or proprietary technology
What Happens If You Are Missing Something?
Our platform will flag any missing required fields before you submit. For optional items, the analyst will note where assumptions were made due to missing data. Providing more complete information always results in a more defensible valuation.