WHO WE SERVE · ANGEL NETWORKS AND SYNDICATES

Your deal leads have day jobs.

We sort the whole cycle against your thesis, check the companies that make it through, and write up what we find for your members. Your screening committee and your members still make every call.

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WHAT YOU CAN ASK US

Which of this cycle's applications fit our thesis?Answered by: Funnel triage Is this company worth a pitch slot?Answered by: The Screen, with an exit read Is the revenue in the deck real?Answered by: The diligence report, numbers scope An insider leads the round. Does their reason to invest apply to us?Answered by: The alignment paper, in beta What does this SAFE or note actually pay our members?Answered by: The Note Brief What do we tell members before they write a check?Answered by: The investment memo One of our companies is off plan. What can its board still decide?Answered by: Turnaround

WHAT YOU RECEIVE

What a note returns, worked out before your members sign.

NOTE BRIEF · WHAT YOUR CONVERTIBLE NOTE RETURNSSPECIMEN

Thornlark Diagnostics

Your cap decides your price. The round the company plans is priced at $20M pre-money, and 20% off that is $16M, above your $12M cap, so you convert at the cap. On a sale before the next round, you are repaid in full, $392,000 with interest, once the sale covers the $1.34M owed on all the notes. If the sale brings more than your $12M cap, your converted share is worth more than that repayment. The 8% interest raises what you are owed but does not move the $12M point.

$350,000YOUR CHECK

$12MYOUR VALUATION CAP

3.27%YOUR SHARE IF IT CONVERTED TODAY

2.29%YOUR SHARE AFTER THE NEXT ROUND

REPAID IN PARTbelow $1.34M

REPAID IN FULL WITH INTEREST$1.34M to $12M

YOUR SHARE IS WORTH MOREabove $12M

On a sale before the next round, converting pays more than repayment once the sale price passes the cap.

Specimen. Thornlark Diagnostics is a fictional company.

See the exit model in Lensential Venture

HOW IT WORKS WITH YOU

It follows your screening calendar.

Three ways to work with us.

Buy single screens, each within 24 hours, or retain us for five or ten screens a month through the cycle. For companies your members shortlist, the full diligence series follows within ten business days of data-room access. Fees are agreed before any work begins.

One deal, or the whole cycle.

Forward the application and the deck when a company comes up, or the export from your deal platform at the start of a cycle. Funnel triage says in writing why each company did not fit, and what would change the answer.

Written for your members.

Every finding carries one of six evidence labels, so a member can see what we checked and what the company only said. The memo keeps the evidence apart from the deal lead's view.

Presented at your meeting.

A principal reads and signs every paper, and an analyst walks your screening committee or your members through the findings, on a call or in the room.

We do not recommend for or against an investment, and we do not replace your platform. We work from the data you already keep there. See how we compare.

THE SYSTEMS BEHIND IT

Lensential Venture Lensential Scout PREVIEW

Send us the last company your members passed on, or the last one they funded.

We screen it free within 24 hours, once per firm. Or ask for the Thornlark specimens first.

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