Fundraising

How to Prepare for a Series A in Malaysia or Singapore: The Financial Checklist

YourCFO Team
Series AfundraisingMalaysiaSingaporedue diligence

The Series A is a fundamentally different process from pre-seed and seed fundraising. At pre-seed, investors are backing a narrative and a team. At seed, they are backing early traction and a credible plan. At Series A, they are backing a proven model. That shift has significant implications for what your financial documentation needs to show.

The financial threshold question: are you ready?

Before the checklist, the most important question: are you actually ready for a Series A? The typical Series A threshold in 2025 is approximately USD 1.5 to 3 million in ARR with clear evidence of month-on-month growth, a payback period under 18 months, net revenue retention above 100 percent, and a team that is credibly able to scale the model.

The Series A financial data room: what to prepare

1. Audited or accountant-reviewed financials

At Series A, most institutional investors will require at least 12 to 24 months of financial statements that have been reviewed or audited by a recognised accounting firm.

2. Monthly MRR and ARR reporting, by customer cohort

You need to be able to show your MRR and ARR history on a monthly basis going back at least 18 months. More importantly, you need to show this on a cohort basis.

3. Unit economics breakdown, by customer segment and acquisition channel

At Series A, aggregate unit economics are not sufficient. Investors want to see unit economics broken down by customer segment and by acquisition channel. Show CAC, LTV, LTV:CAC, and payback by each segment and channel where you have meaningful data.

4. Burn multiple and capital efficiency metrics

The burn multiple (net burn / net new ARR) has become a standard metric for Series A evaluation. A burn multiple below 1 is excellent. Below 1.5 is good. Above 2 is concerning and above 3 is generally not fundable at Series A.

5. 24-month forward model with scenario analysis

Your forward model should show a base case, a conservative case, and a stretch case, each with clearly articulated assumptions.

6. Cap table and dilution analysis

Your cap table needs to be clean and fully up to date. Include a pro forma cap table showing the ownership structure post-Series A at your proposed valuation and round size.

The non-financial data room items that affect your financial story

  • Customer reference letters or NPS data.
  • Pipeline documentation showing ARR you expect to close in the next 90 days.
  • Team org chart and key hire plan.
  • Board and investor reporting history.

The timeline: when to start preparing

Begin your Series A preparation six months before you plan to start investor conversations. The typical Series A process runs four to six months from first conversation to close.

  • Month minus 6 to minus 4: clean up your financials, commission an accounting review, ensure your data room documents are current.
  • Month minus 3: prepare your financial model, unit economics breakdown, and cohort analysis.
  • Month minus 1 to zero: begin initial investor conversations with target leads.

The founders who struggle through Series A processes are almost always the ones who started preparing too late. Six months of lead time is not excessive. It is the minimum to run a properly prepared process.

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