Internal · Fundraise working tracker

rev.health — Seed Raise Checklist ($2–5M)

✅ have it 🔨 being built now ☐ to do

1 Corporate & Legal Foundation

☐Delaware C-Corp (investors require it; convert if currently LLC)
☐Cap table (Carta or Pulley) — founders, option pool (10–15% pre-money), any advisors
☐Founder stock purchase agreements w/ 4-yr vesting, 1-yr cliff, 83(b) elections filed (30-day deadline!)
☐IP assignment agreements from everyone who touched the PRD/code (incl. contractors)
☐Trademark search + filing for chosen name (rev.health is a registered domain — confirm you own it)
☐Startup counsel engaged (Cooley/Gunderson/Wilson Sonsini all have standard deferred-fee packages)
☐Choose instrument: SAFE (post-money, YC standard — fastest) vs. priced round (likely at $3M+)

🔨Pitch deck (~14 slides) — problem, why-now window, product, moat, competition, market, business model, traction, roadmap, team, ask
🔨One-pager / exec summary (the email attachment that gets the meeting)
☐2–3 min demo video (you have demo mockups + PMR design prototype — screen-record a narrated walkthrough)
☐Founder story / "why us" narrative — domain credibility matters enormously in health IT
☐FAQ prep doc: "Why won't Epic/Athena crush you?", "ONC cert timeline risk?", "Why now?"

🔨5-year proforma (.xlsx): hiring plan, dev costs, per-provider SaaS + RCM % revenue, burn, runway, use of funds
☐Unit economics one-liner: CAC, LTV, payback months, gross margin (SaaS vs RCM blended)
☐Use-of-funds slide math must tie to the model (engineers, ONC/Drummond cert, Surescripts, design partners)
☐Scenario tabs: base / conservative / upside

✅PRD (prd-v2) — exceptionally deep; investors will be impressed
✅EMR competitive analysis (emr-compare-v2) incl. Athena/NextGen demo notes
✅Regulatory matrix (15 frameworks, timelines, posture)
✅Architectural decisions register
☐Cert-path memo: ONC §170.315 via Drummond (9–12 mo) + Surescripts EPCS (9–12 mo) — both on critical path, both fundable milestones
☐Cap table + prior agreements
☐Design-partner LOIs (see §6 — biggest gap)
☐Team bios / resumes

✅10-module PRD, demo mockups (9 screens built), PMR React prototype
☐Finish the 5 highest-impact mockups for the demo: AI scribe flow, RCM charge→denial→appeal, eligibility card, patient portal, eRx
☐Hosted clickable demo at a public URL (you already have netlify.toml — deploy prd-v2 + demo behind a password)
☐Decide the seed-scope MVP story: you can't build all 10 modules with $3M — lead with scribe + scheduling + eligibility + RCM core

☐3–5 design-partner LOIs from independent primary-care practices (1–5 clinicians) — even non-binding letters transform the round
☐15–20 documented clinician discovery interviews (pajama-time hours, denial rates, current EMR spend)
☐TAM/SAM/SOM with sources: ~100K+ independent primary care practices; bottom-up = practices × providers × $/provider/mo
☐Specialty expansion slide (your "high-paying specialties" angle): ortho, cardio, GI as Phase-2 ACV expansion

✅Regulatory matrix done
☐One-slide cert roadmap: Drummond ONC cert + EPCS started at P0, SOC 2 Type I → II, HIPAA posture, TEFCA via Kno2
☐Budget line items in proforma: ONC cert (~$150–300K all-in), Surescripts/Drummond EPCS, SOC 2 (~$30–60K), compliance counsel

☐Identify the clinical co-founder/CMO advisor if you don't have one (named MD advisor minimum)
☐Advisory board: 1 RCM/billing operator, 1 health-IT regulatory expert, 1–2 practicing PCPs
☐Hiring plan for first 4 engineers (matches proforma)

☐Target list: 40–60 names — health-IT seed funds (Rock Health, 7wire, Flare, AlleyCorp, Town Hall, OTV, Max, a16z Bio+Health seed) + angels who are physicians/EMR operators
☐Warm-intro mapping (LinkedIn overlap per fund)
☐CRM tracker (Airtable/Notion): firm, partner, intro path, stage, next step
☐Practice pitch 5× with friendlies before first real partner meeting
☐Target: all first meetings within a 2–3 week window to create parallel momentum

🔨Landing page (waitlist capture + investor-credible)
☐Domain decision (see domain report) + DNS, email on the domain (Google Workspace), founders@ alias
☐LinkedIn company page matching the site
☐Founder LinkedIn cleanup — investors check it before the first call

Wk 1: Entity/legal cleanup, domain decision, deck + model + site (done this week — being built now)
Wk 2–3: Design-partner outreach (aim 5 LOIs), demo video, finish key mockups
Wk 3–4: Data room assembly, FAQ prep, pitch practice
Wk 4–6: Investor outreach in one concentrated wave

Not legal or financial advice — have counsel review instruments and terms.