What Investors Really Want in a Pitch Deck

If you want funding, your pitch deck must speak investor. From market sizing to traction to your capital stack strategy, here’s what turns a “maybe” into a “yes.”

Your pitch deck is your first impression—and sometimes your only shot. But most decks fall flat because they miss what investors truly care about. In this guide, we share exactly what to include, how to design it, and how to align it with the MoonshotNX capital stack.

Slide by Slide: The Perfect Pitch Deck

• Problem & Solution

• Market Opportunity

• Business Model

• Traction & Metrics

• The Ask & Capital Stack Strategy

The Stack Slide (Most Founders Miss This)

Investors want to know how their capital fits in. Show:

• How much you raised from grants

• How STACK Notes protect their downside

• What your funding timeline looks like

Design Tips That Win Meetings

• Clear fonts and visuals

• Avoid clutter

• Tell a story in 10 slides max

Internal Links:

• Access our 3 Day Free Bootcamp

• Learn about STACK Notes

• Apply to pitch

A great pitch deck tells a great story. One that leads investors not just to a yes, but to an aligned relationship. With MoonshotNX, your stack starts on slide one.

VC Studios vs Funds

Lars BuchLars Buch • 1st • 1stVenture & Operating Partner | Tech Investor | Corporate Development and M&A Advisor | Board MemberVenture & Operating Partner | Tech Investor | Corporate Development and M&A Advisor | Board Member4mo • 4 months ago

The ideal dual entity Venture Studio setup in detail. Thanks Max Pog
Two tiers of private studios out there…the ones with own follow-on/growth fund and…the rest.

Max PogMax Pog • Following • FollowingJoin 1,000+ LPs & GPs at the LP, Family Office & FoF virtual Conf on Nov 26 - details in the featured post. 4x entrepreneur.Join 1,000+ LPs & GPs at the LP, Family Office & FoF virtual Conf on Nov 26 - details in the featured post. 4x entrepreneur.4mo • 4 months ago

I had calls with investors considering allocating $5-20M+ a year in venture studios. Here, I explain the differences between investing in holding companies of venture studios and in their Funds.

The holding company is the main studio entity that receives common stocks in the startups it launches. For new studios, this might be the only entity from which the team operates and funds new ventures.

As studios mature, they raise a sidecar studio Fund for pre-seed/seed investments. The Fund receives preferred shares. After deploying the capital of Fund I over 3-4 years, the studio raises Fund II for the next 10-15 companies launched by the studio, and so on.

When startups are launched:
– The HoldCo typically receives 10-15% of common shares for its operational/co-founding role.
– The Fund can receive 15-20% of preferred shares for its investment.

Advantages of Investing in HoldCos:

1. If the structure involves a single HoldCo entity (and studio partners will not launch a new HoldCo in several years), investors gain exposure to all future startups launched by the studio, potentially 30-60 companies over the next decade.
2. Investors own a GP stake in the studio. Studio Funds I, II, & III over next 10 years will generate management fees and carry for the HoldCo.
3. The HoldCo creates startup equity at minimal or sometimes even no cost. If management fees from sidecar funds cover costs of the 10-person studio team, the HoldCo gets equity in startups "for free" and doesn't need to fundraise.

Cons of Investing in HoldCos:

1. Usually, you can invest in HoldCos only during the early stages, which is more riskier. Late-stage investments in HoldCos are either not available, or costly, or difficult to value.

2. It might be hard to get returns from startup exits, as studio management will decide on whether to distribute profits, and if yes – what % of it. It might be good for investors if the agreement obliges the studio HoldCo to distribute profits from startup exits at a minimum level of 50%, 60%, or even 80%.

Advantages of investing in studio Funds:

1. It’s similar to investing in a typical VC fund as an LP. Because a studio invests in its own startups, it reduces risks when making investment decisions, as the studio has full information about its companies. In contrast, external VC funds often face risks even after DD because there might still be unknown factors about the companies they invest in.
2. Investors receive preferred shares and immediate distributions from startup exits.
3. Liquidity: It is often easier to sell LP positions in studio funds on secondary markets compared to positions in HoldCos.

Cons of Investing in Studio Funds:
1. Investors gain exposure to only the next 10-15 startups launched over 3-4 years.
2. Losing 20-25% of capital for management fees over 10 years, plus 20% carry.

If you are interested in investing in venture studios, let me know, and I can provide deal flow and conduct due diligence. Conclusion in the comment.

Start Up in 13 Sentences

Burak BuyukdemirBurak Buyukdemir • 2nd • 2ndFounder of Startup IstanbulFounder of Startup Istanbul

💡 Keep your startup on track with these simple, actionable tips. 👇

Stay focused with these key points from Paul Graham’s "Startup in 13 Sentences":

1- Choose Good Partners: Your co-founders are crucial. Pick carefully.
2- Launch Quickly: Don’t wait for perfection. Launch, learn, and improve.
3- Adapt Your Idea: Be ready to change your idea based on feedback.
4- Know Your Users: Understand and meet their needs.
5- Focus on a Few: Make a small group of users very happy.
6- Provide Great Service: Learn from your users and improve.
7- Track Progress: Keep an eye on important numbers.
8- Spend Wisely: Save money to last longer.
9- Cover Basics: Aim to pay your living expenses.
10- Stay Focused: Avoid distractions and stick to your plan.
11- Stay Positive: Keep going, even when it’s tough.
12- Don’t Quit: Keep pushing forward.
13- Stay Ready: Deals can fall through. Focus on your main tasks.

Review these tips often and see how they fit into your journey. 💡

What’s your most important lesson? Share your thoughts!

Proper Due Diligence

Saravanan RathakrishnanSaravanan Rathakrishnan • 2nd • 2ndSenior Associate at RHTLaw Asia LLP | Specializing in Funds, M&A and Venture Capital | Legal500 Rising Star (Investment Funds) | Structuring High-Impact Private Equity/Debt & Venture Capital Investment FundsSenior Associate at RHTLaw Asia LLP | Specializing in Funds, M&A and Venture Capital | Legal500 Rising Star (Investment Funds) | Structuring High-Impact Private Equity/Debt & Venture Capital Investment Funds

Due diligence is more than just a formality—it’s the key to making informed startup investments that protect your capital and future returns.


Many investors dive into exciting startup opportunities without fully evaluating the risks.


But neglecting a thorough review of key areas can expose you to unforeseen legal and business pitfalls.


What often happens is that investors overlook crucial elements in the due diligence process, focusing too much on the product and less on underlying risks.


This can lead to missteps that affect both their investment and the startup's future.


The truth is, conducting proper due diligence helps you uncover potential issues early on, providing clarity on the risks and helping you make better investment decisions.


Are you conducting thorough due diligence before making startup investments?


Here’s a checklist of key areas investors should focus on when evaluating a potential startup investment:

What do VC’s kow that the rest of us don’t?

Burak BuyukdemirBurak Buyukdemir • 2nd • 2ndFounder of Startup IstanbulFounder of Startup Istanbul

What do VCs know that the rest of us don't? VCs have a few tricks.

I'll be hosting Professor Ilya Strebulaev on my podcast to discuss his book, "The Venture Mindset"!

Ilya breaks down how top VCs think and make decisions.

He shares 9 key principles that can help anyone make smarter bets in business and life:

1. Business Model: Home Runs Matter, Strikeouts Don’t
2. Deal Sourcing: Get Outside the Four Walls
3. Initial Screening: Prepare Your Mind
4. Due Diligence: Say No 100 Times
5. Selection Criteria: Bet on the Jockey
6. Decision Making: Agree to Disagree
7. Follow-On Rounds: Double Down or Quit
8. Incentives: Make the Pie Bigger
9. Exit: Great Things Take Time

Whether you're an entrepreneur, investor, or just curious about innovation, this episode is for you!

Got questions for Ilya? Drop them in the comments below, and I'll try to ask them during our chat.

5 Leadership points

Jeremy Connell-WaiteJeremy Connell-Waite • Following • FollowingGlobal Communications Designer 👁️🐝Ⓜ️Global Communications Designer 👁️🐝Ⓜ️

A simple 3x5" record card helped Bob Iger to become CEO of Disney, Barack Obama to get elected, Steve Jobs to take on IBM, and JFK to write better speeches.

When Bob Iger was in the running to become the CEO of Disney in 2005 the board didn’t want to elect him. Some people thought he was a lightweight and represented too much of a carbon copy of former CEO Michael Eisner.

So Bob worked with Scott Miller who had previously helped Steve Jobs to mount an “insurgency campaign” to battle IBM in the 1980's.

Their strategy was to write a “stump speech” which contained all the reasons why Bob was the best candidate for the job, and then summarise it onto a 5x3" record card which Bob took everywhere with him.

The 6 statements Bob wrote on his record card became the foundation of every conversation he had during his leadership campaign:

1. Our job is to find the magic, wherever it is in the world.
2. We must restore our relationship with young families and especially young moms.
3. We must stand for family fun.
4. We must restore our relevance for and relationship with teens.
5. We must be agnostic about how our customers consumer our information / entertainment.
6. We must restore the quality of the Disney brand.

You can read about the full strategic process in Miller's “The Leadership Campaign” or read Bob’s take on the campaign in his autobiography “The Ride of a Lifetime”. Both excellent reads. 📚

Next time you are running a campaign of your own – a pitch, a presentation or a promotion – maybe start by writing down what differentiates you from everyone else, and what you want to stand for 5x3” record card? 📝

⬇️

"If you can't explain something simply, you don't know it well enough". Steve Jobs favourite Einstein quote 🖍️

⬇️

“That's what we storytellers do. We restore order with imagination. We instill hope again and again and again.” Walt Disney 🎬

26 Conditional Equity Milestones from Vested

https://www.vestd.com/hubfs/Guides/26%20Conditional%20Equity%20KPIs.pdf

How are Series A Multiple changing over time?

Michael HoMichael Ho • Following • FollowingSeries A prep for seed stage founders | former VC & exited founder | Click 'visit my website' to register for my next free Seed to Series A live training session 💪Series A prep for seed stage founders | former VC & exited founder | Click 'visit my website' to register for my next free Seed to Series A live training session 

How are Series A Multiples changing over time?
→ Let's look quarter by quarter from 2020 to 2024 👀

There are a couple of factors at play here:

1️⃣ The pre-money median valuations went from $28M in 2020 to a peak of $48M in Q1 2022 and are now sitting at $40M in Q2 2024

2️⃣ The pre-money multiples went from 10-20x in 2020 to a peak of 16-32x in Q1 2022 and are now back to the same 10-20x in Q1 2024

So why have valuations gone up, but the multiples stayed the same?

3️⃣ Because 2024 companies are generally further along than the 2020 cohort

4️⃣ It was common in 2020 for a Series A company to be doing between $1M to $2M ARR but now in 2024, it's more common to see $2M to $4M+ ARR

And we're also seeing the medium time from Seed to Series A going from 18 months in 2020 to 24 months now in 2024

So make sure you're clear on the milestones you need to unlock your Series A and make sure to stretch your seed capital to get you all the way there 💪

--
♻️ Repost to help a founder in your network

Here is how Limited Partners investing in Venture Capital assess a firm's Partners.

Myrto LalacosMyrto Lalacos • Following • FollowingEx-VC turned VC Builder | Principal at VC LabEx-VC turned VC Builder | Principal at VC Lab2w • 2 weeks ago

Here is how Limited Partners investing in Venture Capital assess a firm's Partners.

🟢 Green Flags

✦ Anyone who knows them speaks very highly of them.
✦ The Partners are clear in their communication and inspire a high level of trust.
✦ They have significant experience and notable achievements relevant to the fund's investment thesis.

🌕 Yellow Flags

✦ The Partners are building a generalist fund without a clear focus or differentiation in the market.
✦ Their resume shows short role tenure and frequent bumps. VC is a lifelong career, can they commit?
✦ They are not interested in raising future funds, what is the incentive to manage the present fund for the next 10 years?

🟠 Orange Flags

✦ The team dynamic is not great, and the role division is unclear.
✦ None of their investments have been growing rapidly - are they really exceptional pickers and backers?
✦ They have not proven they can lead or win competitive deals. It's easy to spot a good deal, the question is can they get in?

🔴 Red Flags

✦ The Partners lied about or misrepresented their track record or experience.
✦ They displayed unprofessional behavior or withheld important information.
✦ Signs they cannot raise the target fund size - can they set realistic targets and execute on those?

I'm trying to bring to life how LPs conduct due diligence on the Partners of VC firms.

But we're just scratching the surface...

For those wanting to go deeper on the diligence Limited Partners carry out on VC funds, I've linked additional resources below!

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✍️ Myrto Lalacos
Follow for regular content on launching and investing in Venture Capital firms.