What Happens After You Pitch an Australian VC? IC → Diligence → Term Sheet

TL;DR

• A good first meeting is the start of the VC process, not the investment decision.
• Expect partner or internal-team discussions, deeper metrics, references and diligence before terms.
• Ask directly how the fund makes decisions and what the next internal milestone is.
• Prepare the investor room before the fund asks for it.

The VC process founders do not always see

Australian funds differ in structure and decision-making. The useful founder habit is to understand who the deal champion is, who else must become convinced and what evidence will help the investor reach an internal decision.

Practical workflow

1. Internal sponsorship

The deal team decides whether the opportunity deserves more partner time.

2. Deeper meetings

More partners or sector specialists test the market, product, team and growth case.

3. Reference and evidence checks

The fund may review customers, metrics, financials or external references.

4. Investment committee

Some funds use a formal IC; others decide through partner consensus.

5. Term discussion

If conviction is strong enough, economics and governance move into negotiation.

6. Confirmatory diligence

Ownership, legal, IP and other issues may continue toward closing.

What to prepare

• Current deck.
• KPI definitions.
• Financial model.
• Customer/reference evidence.
• Cap table and financing history.
• Diligence-room materials.

Related SendNow resource: investor readiness data room.

Common mistakes

• Assuming partner interest equals final approval.
• Not asking about the fund's actual decision process.
• Taking too long to supply requested evidence.
• Sending different versions of metrics across meetings.

External reference: Australian Investment Council. This article is educational and not legal, tax, regulatory or financial advice.

See the VDR and Microsite workflow

Frequently asked questions

Does every Australian VC use an investment committee?

No. Fund decision structures vary.

When should the data room be opened?

Once the investor moves into serious review, while the room itself should be prepared earlier.

What is the best question after a strong meeting?

Ask what the next internal decision step is, who else needs to be involved and what evidence is still missing.

Build a cleaner investor workflow

Use SendNow Microsites when deeper investor access needs one organized source of truth.