Learn what VCs actually want, from a founder who’s raised $1B

Sasha Orloff, founder of Puzzle, explains that investors prioritize founders who can accurately articulate their startup’s financial reality, emphasizing metrics such as runway, margins, sales efficiency, revenue growth quality, and profitability. He recounts nearly losing a term sheet due to an unprepared data room and details how due-diligence expectations evolve from pre-seed through later rounds, urging founders to maintain organized, compliant financial records to preserve leverage and valuation.