Let’s be honest, raising capital as a startup is no walk in the park. The process looks deceptively simple: preparation (financial plan, pitch deck, data room, etc.), investor outreach, initial diligence, term sheet negotiation, NDA, final due diligence, and deal closing.

In practice, four things make or break the process: access to the right investors, solid financials, a compelling story, and airtight legal advice. Each of these requires different skills, financial and legal expertise, negotiation experience, a network of investors, and a deep understanding of how VCs think. That would typically mean working with both an investment banker and a law firm.

Disclaimer : At Dups, we combine these capabilities in a single team. We selectively take on full fundraising (or exit) mandates for a handful of startups each year, working on a success fee and guiding them from preparation to deal closing. In all other cases, we focus on the critical building blocks: the legal and negotiation work, the financial plan and valuation foundation, and the ESOP (Employee Stock Option Plan) that often follows the fundraising.

1. The legal side, no compromise

There’s no ambiguity here. If you’re raising funds, you need a lawyer. But not just any lawyer. You need one who understands how VCs work, who’s lived through the startup trenches, knows what clauses matter, and can negotiate term sheets with precision.

That’s our sweet spot at Dups. Startup fundraising and exits are all we do. We’ve worked with funds from Silicon Valley to Stockholm, and our legal edge comes from deep operational experience in the startup ecosystem. When term sheets land, we’re in our element.

2. The financial and dealmaking side, case by case

Now, let’s talk about the role of the fundraising advisor, the “investment banker” side of things. Do you really need one?

From (pre)-seed to early Series A, the answer is often no. At these early stages, the value added by an advisor is limited compared to the cost, especially if the founders are well-networked and the round remains modest. That’s also why our internal investment committee is intentionally selective, we never support more than 10 startups a year. We apply three simple filters before jumping in.

1. Would we invest in this company ourselves?
2. Do they genuinely need us?
3. Do we have the right investor network for their stage and sector?

If the answer isn’t a strong “yes” across the board, we politely pass.

But the equation changes as the round size increases. Starting from Series A and beyond (Series B, C, D, and later stages), where the stakes, ticket sizes, and investor profiles become significantly more complex, the role of an advisor becomes not just helpful, but essential. These rounds often involve international investors, structured terms, and a real negotiation dynamic, precisely where experienced financial advisors bring disproportionate value. As from €20M ticket sizes we tend to see advisors more often than not. Most of the fundraisings over €50M have advisors involved in addition to the lawyers.

3. So when do you need a fundraising advisor if you raise less than €20M?

It comes down to three things: network, time, and expertise.

• Investor network: Do you have access to 50–100 relevant investors? Not just 5 or 10 familiar names, but a targeted list with potential fit?
• Time: Fundraising isn’t a side project. Expect to dedicate at least one to two full days a week during the peak of the roadshow. Can you afford that time without stalling business operations?
• Expertise: Have you already gone through a fundraising process? If not, do you have trusted people around you who can help you navigate the nuances, building momentum, managing FOMO, and sequencing conversations?

If you lack both the network and the process know-how, the choice is simple, get help. It will increase your odds of success and save you time and energy.

If you have a strong network, you probably don’t need an advisor. You might want support on your valuation or financial plan, and once you’ve received a few marks of interest, bring in your lawyer to take it from there.

4. The grey zone, founders who could, but won’t

Then there’s a third group, experienced founders with a network who know the game, but simply don’t want to play it this time. They’re scaling fast, short on time, and prefer to focus on strategic calls rather than managing hundreds of investor pings. That’s fair. Fundraising is demanding, draining, and often thankless. If you can delegate it, why not?

Dups’ tip : Fundraising is not just about raising money, it’s about buying time, creating leverage, and choosing the right long-term partners. If you’re not sure where you stand, reach out.

Sometimes, one honest conversation saves you months of distraction.‍