The ask slide: raise, runway, milestones

The ask slide is usually last, which means it is the slide an investor rereads while deciding whether to reply to your email. It has to answer three questions clearly: what are you raising, how long does it last, and what does it earn.

The three numbers

1. Raise size: a single number in dollars, not a range. Ranges signal that you haven't decided.
2. Runway: months to a specific date, calculated at a stated burn.
3. Milestones: three, tied to metrics an investor would use to price the next round.

Why ranges lose deals

A range on the ask slide reads as "we will take whatever you give us." Investors would rather see conviction. If you are genuinely flexible, pick the target number and mention in conversation that you will consider a strategic overage from the right partner. On the slide, name one number.

Runway math investors actually check

Runway is not a marketing number. Partners will divide your raise by your stated burn and see if it matches the months you promised. If it doesn't, they assume the whole model is loose. Show the arithmetic on the slide:

$4M raise ÷ $165K/mo net burn = 24.2 months of runway, taking us to Q1 2028 with the milestones below.

· Ask slide, line 2

Milestones that earn the next round

The milestones are not a to-do list. They are the metrics a Series A partner will need to see to write the next check at a step-up valuation. Pick three that a partner in your category actually uses.

• Revenue: ARR or GMV at a specific number, not "growing MRR".
• Retention or expansion: NDR, logo retention, or cohort trend.
• Efficiency: CAC payback, magic number, or a similarly grown-up metric your category cares about.

Use of funds, one line each

A use-of-funds pie chart is the most common form of noise on this slide. Replace it with three lines: team, GTM, product. Percentages if you want them. Anything more granular reads as premature planning.