Venture Catalysts: Building an Investment Memo That Reached IC
Broke down a complex business model into a structured investment memo that moved a deal to the investor committee stage.
Yash Haralalka
Associate at Cumulative Capital Private Limited
From their time as
Investment Professional
Venture Catalysts++ | India's 1st Multi-Stage VC • 2023 - 2026
Overview
Yash joined Venture Catalysts with a clear goal: to take complex, often opaque business models and translate them into language that a senior investment team could evaluate and act on.
The Story
Yash joined Venture Catalysts with a clear goal: to take complex, often opaque business models and translate them into language that a senior investment team could evaluate and act on.
For one deal, he followed a three-layer research process. He started with a direct founder conversation, asking them to explain the business in plain terms. He then used AI research tools to independently verify and deepen his understanding of the model and the market. Finally, he spoke to practitioners in the relevant industry to pressure-test what he had learned.
The output was a structured investment memo. The two elements that moved the needle were competitive positioning and a clear articulation of the business model, which had previously been difficult for the team to parse. By making both legible, Yash gave the IC the foundation it needed to evaluate the deal seriously.
The memo contributed to the deal advancing to an investor committee round, the formal stage at which Venture Catalysts makes a collective investment decision.