Reading a deal sheet
A line-by-line tour of the box every raise page carries.
Every raise page carries a deal sheet — the collapsed strip near the top with four numbers, and the full panel underneath it. It is the same set of facts a venture investor would ask for in a first meeting, published before anyone commits. Here is what each line means and what a sceptical reader does with it.
The strip: four numbers
- Valuation (FDV). Token price times total supply. Compare it to the stage of the company, not to other raises. .
- Price at goal. What one token costs if the raise closes at its goal. Everyone in the raise pays this.
- Supply to backers. The fraction of all tokens the raise is selling. Small numbers mean a large overhang held by someone else.
- Team lock. How long the founder's package is locked before any price-based unlock can trigger.
Headline terms
Expanding the sheet shows the raise goal, the window length, the published monthly budget, and the implied runway. Runway is the line most people skip and the one that predicts the next twelve months: it is the treasury — 80% of the goal, since the rest seeds — divided by the monthly budget.
The supply bar
A single bar splitting total supply between backers, the founder's performance package, and liquidity. Read it as ownership: whatever share backers hold is the share of the project that funding it buys. Read the founder segment as the incentive that will keep them working, and the liquidity segment as the part that makes the token tradable at all.
The alignment machine
The interactive block that shows what the founder unlocks at each price multiple. Drag it and watch the founder's realised value against yours. The mechanism is deliberate: the founder's first tranche is worthless until backers have doubled, and each subsequent tranche requires another doubling. .
The checklist
The last block answers the questions a professional investor would raise: is there a , has the founder filed a , is the supply fixed, is the spend capped, and are the tokens locked behind performance. Each answer is derived from the raise's actual configuration rather than from a claim in the pitch — if a line is missing from the page, it is because the data for it does not exist, which is itself an answer.