VC Investment Memo Template

Act as a venture capital analyst. Write a complete investment memo framework for evaluating a [industry] startup.

## Deal Overview
- Company: [name]
- Stage: [Pre-seed / Seed / A / B]
- Ask: $[amount] at $[valuation]
- Our check size: $[amount]

## Market Analysis Framework
- TAM / SAM / SOM calculation methodology
- Market growth rate and catalysts
- Market timing question: "Why now?"
- Disruption dynamics: what's changing that creates the opportunity

## Business Model Assessment
- Revenue model clarity (1-5 score with notes)
- Unit economics viability (LTV:CAC, payback period)
- Gross margin structure and trajectory
- Path to profitability

## Product & Technology
- Core product defensibility (1-5 score)
- Technology risk assessment
- Competitive moat: network effects / data / switching costs / brand

## Team Evaluation Criteria
- Founder-market fit assessment
- Technical depth vs. commercial strength balance
- Missing key hires
- Reference check questions to ask

## Competitive Landscape
- Direct competitors and differentiation
- Indirect competitors and substitutes
- Competitive response risk

## Traction Review
- Revenue milestones and growth rate
- Customer metrics: churn, NPS, expansion
- Partnerships and strategic validation

## Risk/Opportunity Matrix
| Risk | Severity | Probability | Mitigant |
| Opportunity | Upside Potential | Probability | Catalyst |

## Investment Thesis (2 paragraphs)
Why we would / would not invest

## Due Diligence Checklist
20 items to verify before term sheet