Episode Summary
“It’s not a fit.” “You’re too early.” “Let’s have one more meeting.” “We’re still building conviction.” If you’ve ever walked out of an investor meeting wondering what the hell any of that actually meant, this episode is for you.
In this episode of First Cheque, Cheryl and Maxine decode the language of venture capital — from fundraising and negotiations to what happens once an investor is on your cap table. They unpack what investors might really mean when they say you’re too early (or somehow too far along), why “one more meeting” can be a sign they’re sitting on the fence, and when “keep us in the loop” is actually just a polite no.
They also get into the weird world of VC jargon — including “conviction”, “due dilly”, “foundies”, “bridgie” and the ever-popular “let the lawyers sort it out”.
Once the cheque has landed, they unpack what it really means when investors ask for an update, start asking about runway and burn, want to see revenue hit a certain milestone, or suddenly ask, “How’s it going with X?” They also talk about why regular communication matters, even when things aren’t going well.
The big lesson? Founders shouldn’t have to speak fluent VC — and investors could probably do a much better job of explaining themselves.
Time Stamps
00:00 – Intro: Welcome to VC Gibberish
01:20 – “It’s not a fit for us”: what does that actually mean?
03:05 – Is it the company, the stage… or the founder?
05:00 – The value of asking for honest feedback
06:03 – Investors could be clearer too
07:09 – “You’re too early”: is it really a no?
08:45 – What “too far along” actually means
11:05 – “Let’s have one more meeting”
11:59 – Why investors ghost
13:23 – Sitting on the fence and waiting for FOMO
15:00 – “We’re discussing internally” and what happens inside a VC
16:41 – When a slow process means you’re not a priority
17:08 – Why the “momentum raise” is dead
18:35 – The dangers of a June 30 deadline
20:16 – What investors mean by “conviction”
23:17 – “Keep us in the loop”: the polite no
24:59 – When investors want to stay close for the next round
25:28 – “Let us know when you have a lead”
26:16 – When investors simply don’t have the capital
27:16 – Negotiating the deal: welcome to the jargon
28:23 – “Val”, “do dilly” and other questionable VC vocabulary
30:03 – Information rights vs. investor updates
32:01 – Foundies, Cindy and Bridgie
32:47 – ESIC, ESVCLP and other acronyms
33:40 – “Let the lawyers sort it out”
35:50 – The strange two-week period when founders and investors aren’t on the same side
36:38 – Once they’re on the cap table
36:45 – “Can we get an update?”
38:09 – What investors really mean when they ask about runway
39:05 – Why you should update investors when things aren’t going well
41:26 – When investors don’t want to lead or follow your next round
42:40 – “Get to this revenue number and then we’ll talk”
43:37 – The moving goalposts of investor benchmarks
44:21 – How to benchmark against the best companies instead
45:15 – “How’s it going with X?”
46:23 – Ask why before you answer
47:03 – Please send us your VC gibberish
47:50 – Outro
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Mentioned in this episode:
Deel x FC_Script 01 - Sep 2026
Pear Tree
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