Tranched Structures: Aligning Investor Risk with Founder Milestones
How splitting a round into milestone-linked tranches can reduce dilution, extend runway, and align incentives across the cap table.
Janus Venture Journal
Perspectives on capital markets, deep tech, and the craft of building enduring ventures. Written by practitioners, for founders.
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India's innovation ecosystem sits atop a vast, largely untapped reservoir of government grants, sovereign funds, and strategic debt instruments. The founders who learn to navigate this landscape retain control — and build faster.
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How splitting a round into milestone-linked tranches can reduce dilution, extend runway, and align incentives across the cap table.
India's PLI and CHIPS-equivalent programs remain dramatically underutilised by early-stage founders. A practical guide to navigating the application landscape.
A family office partner reads 300 decks a year. Here is what earns a second look — and what gets a deck closed in three slides.
The difference between a family office and a VC isn't just check size. It's time horizon, governance expectations, and what they want from founders post-close.
DCF doesn't work. Comparable multiples barely work. Here are the frameworks sophisticated investors actually use when pricing early-stage hardware and IP.
Two identical businesses with different narratives will raise at materially different valuations. The craft of translating technical complexity into institutional prose is a skill — and it's learnable.
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