Decode the VC Dictionary Before Your Next Raise

Win $2,000 in credits with the Day One Network — take our 2-minute audience survey before 30 June: dayone.fm/surveyEpisode SummarySome investor phrases sound helpful. Others feel like a riddle. In this episode, Cheryl and Maxine crack open the language investors use when talking to founders, and translate what’s actually being said behind phrases like “not a fit,” “too early,” or “let’s have one more meeting.”They walk through the subtle (and not-so-subtle) cues that signal a pass, explain what “conviction” actually means in VC-speak, and share tactics founders can use to get clearer answers during fundraising. You’ll also hear the behind-the-scenes realities of ghosting, deal timelines, internal partner politics, and why “we’d love to stay close” usually means… they won’t.Plus: a rapid-fire rundown of the weirdest (and most cringe) investor slang, from “due dilly” to “foundies.”Whether you’re raising your first round or managing investor relationships post-close, this episode helps you spot the signals, ask better questions, and avoid wasting time.Time Stamps01:45 – “Not a fit”: Why investors love this vague phrase03:40 – What they mean when they say “you’re too early”08:30 – “You’re too late”, how stage mismatches work both ways15:30 – “We’ll circle back” and other signs of a slow no17:10 – How long does VC diligence really take?19:15 – Why June 30 is a terrible time to raise24:10 – Optionality: The excuse behind “we love what you’re doing”28:00 – “Let the lawyers sort it out”: A red flag or not?30:15 – The weirdest investor slang (please don’t say “due dilly”)33:30 – Term sheet vs. side letters: what’s actually worth negotiating36:00 – Understanding info rights vs. investor updates38:50 – How to share bad news without burning relationships45:20 – The shifting goalposts of traction and growth metrics47:00 – Spotting investor doubts through team questions48:10 – Final thoughts for both founders and investorsResources😇 Angel Academy: The most comprehensive angel investing course for Australia & NZ – www.venture.academy🦘 Aussie Angels: Cheryl’s platform for angel investing – https://www.aussieangels.com/💰 Co Ventures: Maxine’s venture capital firm – https://www.coventures.vc/Sponsors:First Cheque is supported by our wonderful sponsors:Deel: Founders scale faster on Deel. Set up payroll for any country in minutes, hire anyone anywhere, and get visas handled fast, so you stay focused on scaling. Deel takes care of onboarding, HR, IT, EOR, benefits, and compliance, so your team can grow without borders.It’s why more than 40,000 fast-growing companies trust Deel to move fast.Visit https://www.deel.com/dayone___Pear Tree: Pear Tree helps Australian and New Zealand founders build high-performing offshore teams without the agency middleman.As local hiring becomes more expensive and harder to fill, many operators are turning to offshore talent across engineering, development, marketing, accounting and operations at a fraction of local salary costs.The offshore horror stories you hear usually aren’t a talent problem. They’re the result of outsourcing agencies that overcharge clients while underpaying staff. Pear Tree takes a different approach through a direct, transparent model where your team is paid fairly, fully compliant, and focused entirely on your business.As part of the Day One community, you’ll receive a free team audit to identify where offshore talent could move the needle in your business, plus 20% off your first hire. Learn more at http://dayone.fm/peartreeFirst Cheque is part of Day One.Day One helps founders and startup operators make better business decisions more often. To learn more, join our newsletter to be notified of new First Cheque episodes and upcoming shows.Mentioned in this episode:Deel x PX_Script 1This podcast uses the following third-party services for analysis: Podtrac - https://analytics.podtrac.com/privacy-policy-gdrpSpotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/