One of the most common questions that entrepreneurs ask themselves when considering raising an investment round is: how long can the process take?
In this article, we explain typical times, influencing factors and good practices to optimize each stage.
Raising capital is one of the most decisive, and demanding, milestones for a growing startup. The money that comes in makes it possible to accelerate the product, strengthen the team and open up new markets; however, the search process requires discipline, method and a very well-tuned narrative.
Before launching the round, the question is inevitable: How long will it really take? There is no universal answer, although our experience reveals clear patterns that should be known.
What do we mean by “investment round”?
An investment round is not limited to receiving a check: it is the formalization of a strategic alliance between the startup and future investors. During the process, expectations, rights, obligations and medium-term value creation plans are defined.
The funds generally come from business angels, venture capital funds or family offices. Each type provides not only capital but, above all, a network of contacts, credibility and sector experience. For this reason, Choosing the right partners is as important as the number raised.
The round is usually linked to key milestones: validating an MVP, scaling up a proven model or consolidating international expansion. Determining the optimal time to open it is essential to optimize times and maximize valuation.
Average duration: three to nine months
The usual range is between three and nine months. The interval varies depending on the company's maturity, the strength of its metrics, the network of contacts and the market situation.
In times of abundant liquidity (such as in 2021) many deals closed in less than four months; in more cautious contexts (2024-2025), investors are asking for more proof of profitability and the duration is longer.
According to data from Crunchbase Insights (2024), the average number of meetings needed to close a seed round ranges from 20 and 30 meetings with investors. In addition, the 70% of founders underestimate the time needed to raise capital, leading to processes that are longer than expected.
The four critical phases and their real times
Although each investment round has its nuances, the process is usually divided into four distinct phases. Each of them involves specific tasks, estimated times and particular challenges that can make the difference between closing the round successfully or seeing interest dilute. Below, we break down each phase with the real times that we usually observe in technological startups.
Strategic preparation (1-2 months).
At this stage, the message is built, the deck is polished, the assessment is modeled and the data room is structured. Thorough preparation saves countless clarification emails and reinforces investor confidence right from the start.
Roadshow with investors (4-12 weeks).
The ping-pong of emails, calls and meetings begins. Speed depends on previous segmentation: if you contact backgrounds aligned with your vertical and stadium, conversations move fast; if you “shoot in the air”, valuable weeks are lost.
Due diligence (6-8 weeks).
When a strong investor expresses interest, it activates a legal, fiscal, financial and technological audit. An orderly data room—contracts, cap tables, KPIs—minimizes friction. Each pending document introduces days (sometimes weeks) of delay.
Closing and disbursement (2-4 weeks).
Once the term sheet has been signed, the shareholder agreement is negotiated and the capital increase is formalized before a notary. Coordinating agendas of lawyers, founders and lead investors is crucial to avoid running aground in the final stretch.
Key process accelerators vs. errors that trigger deadlines
Traction is the most convincing factor: consistent monthly growth and low churn drastically reduce the perception of risk. If, in addition, a Reputed lead investor Sign first, the round picks up cruise speed; its validation drags on the rest and shortens deadlines.
It also speeds up having a clear communication schedule: biweekly updates keep interest alive and prevent investors from “cooling off”. Finally, having a specialized advisor simplifies negotiations and provides external credibility.
On the other hand, the most common stumbling block is to set an exorbitant valuation without supporting metrics. This forces us to renegotiate halfway and, at times, to lose the interested investor.
Another classic mistake is to underestimate the documentary burden: inconsistent financial plans, unregulated employment contracts or unclear intellectual property add weeks of doubts and verification.
Finally, internal misalignment can be lethal. If the founders present different messages about control or dilution, the inverter detects a lack of cohesion and brakes in its tracks.
How does the stadium of La Ronda influence
In Pre-Seed vision and chemistry prevail with the team; some transactions are signed in a couple of months, although tickets are usually small.
In Seed, the minimum traction (active users, first admissions) already weighs. Investors demand data, but the process remains agile if the market and the team convince.
In Series A and later, the bar is rising: cohorts, retention, spending efficiency and corporate governance are analyzed. Startups must show a credible path to profitability, and deadlines are stretched to nine months or more.
The power of the lead investor
The lead investor doesn't just sign the biggest ticket: he defines the valuation, conditions and governance, acting as a seal of quality against other funds. Choosing a lead that is not aligned with the vision can block strategic decisions for years; choosing the right one accelerates closing and provides instant credibility.
When selecting him, he analyzes his history of follow-ons, his weight on boards of directors and his cultural affinity with the team. A good lead is, first and foremost, a long-term partner.
The founder's essential folder
Un Pitch Deck of 10-12 slides focused on problem, solution, market and traction opens doors. And, a financial plan that connects the income statement, balance sheet and cash flow avoids uncomfortable questions. In addition, a Cap table Clean shows transparency and professionalism.
Complete the data room with statutes, agreements, key contracts and updated monthly metrics. Startups often underestimate the time it takes to compile these documents; gathering them before starting can save weeks in due diligence.
In fact, more than 60% of successful closures analyzed by Crunchbase occur when the CEO dedicates at least 50% of his time exclusively to fundraising during the process. This shows the importance of the founding team being fully engaged in the round to convey security, focus and commitment to potential investors.
An investment round is more like a relay race than a sprint: each phase depends on the previous one and a failure to pass the baton can cost weeks. The key is in plan with margin, align the team, prepare all the documentation and rely on expert partners.
Ready to accelerate your round?
From our external CFO service we will support your company in attracting private investment, preparing the financial materials for the investment round, the list of potential investors or venture capital funds most suitable for the project and we will accompany you at all meetings to defend the financial side.
And beyond all the help at the time of the investment round, we offer entrepreneurs a trustworthy person who gives them visibility of the company's financial situation at all times, controls the inflow and outflow of capital, the cash flow, to be able to make much more precise decisions and predict capital needs in good time.
What does our Strategic CFO service include?
- Preparation of the financial model and materials for investors. Development of a 5-year financial model and refinement of a detailed deck
- Personalized list of investors and venture capital funds depending on the business, sector and project status
- Accompaniment during negotiations with investors
- Communication support of the company's financial situation and plans to potential investors, public institutions and/or banks
- Advice on issues such as pre-money valuation, possible ratchets, the partnership agreement from a business perspective and any other economic-financial and accounting aspect
- Supervision and preparation of the documentation of reporting to investors
