The Raise

What this pack runs.

A raise is the sale of a share of the company for cash, and the cash is spent at a monthly rate, so what is actually being bought is a number of months. The room argues in percent: twenty feels like a lot and fifteen feels disciplined. That is the wrong unit, and it produces the wrong round in a predictable direction, because the deck divides the amount by today's run-rate while the plan the money funds spends at nearly twice that, and the milestone the money is for was dated against the plan. This pack turns the round into arithmetic. The amount over what a month will cost on the plan is the months the round buys; months to the milestone plus the months a close takes is the months the milestone needs; the difference is the break-even slip, how many months the milestone can land late before this round stops reaching it, read beside the company's own record of how its last three milestones landed. The plan's monthly cost over the post-money is the price of a month, and the same month from a bridge after the cash is gone costs about twice that, which is why the dilution-averse round is usually the expensive one. Nine sourced raises hold the frame: five for months and four for something else, two that failed on the money rather than the price, and two that refused to dilute and held. It stops on two halts: no one has written down what a month will cost on the plan the money funds, and no one has named the milestone the money is for with the price it earns.

The casebooks these cases come from.

The pack reads nine sourced decisions through the framework. They are drawn from these casebooks, each one a set of verified records on a single decision type.

A verified record has passed a mechanical claim-versus-source check, a second model's read, and human approval. The count is what exists today, not a target.