“Who else is in the round?”

What they're really asking

Is there demand and a lead? Investors rarely care about the question on its own. They're testing whether you know your numbers cold, whether your assumptions are honest, and whether you can explain them simply.

How to answer, step by step

1. Name committed investors (with permission).
2. Say whether you have a lead and the amount committed.
3. Give your target close date.

An example answer

Our accelerator and two angels have committed $400k. We're looking for a lead for the remaining $1.1M and aim to close in eight weeks.

Figures are from Loopdesk, the fictional SaaS company in our sample files. Swap in your own numbers and keep the structure.

The answer that loses trust

Where the proof lives

Before the meeting, find the number behind your answer. In our workbooks it lives in: Cap Table - Priced Rounds. If you can open that tab and point to it, the follow-up question is easy.