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Investors10 min read

Investor due diligence: what are they really checking?

We have spoken with 30 Norwegian and European VCs about what they actually look for in the due diligence process. Here are the findings.

Due diligence is the process where investors verify everything you have told them during the pitch. It is more thorough than most founders think.

The four main areas

Commercial due diligence

Investors will verify that the market is what you say, that customers exist, and that unit economics actually hold up.

Technical due diligence

For tech startups they review the codebase, the architecture and the technical debt. Have a technical CTO ready to explain choices.

Legal due diligence

Shareholder agreements, IP rights, employment contracts and any disputes. Everything must be documented.

Financial due diligence

Historical numbers, forecasts and assumptions. Be honest — they will find errors.

How to prepare

Start the data room early. Have all documents available and organised. Use Foundry House's document module to structure this.

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