Growth Equity Evaluation

Growth
Equity.

Full-spectrum investment evaluation for growth-stage. Valuation, dilution, term sheet, founder fit — IC-ready in one pass.

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A Verdict workproduct

An IC-grade artifact, on every growth deal.

Sample output from a Growth Equity run. Synthetic deal, real workproduct shape.

Project Spark
$45M Series B · vertical SaaS · Term sheet review Q1 2026
Verdict — Lead with structure changes
Key issues — 4 surfaced
  • Critical Founder cap-table — single-trigger acceleration on 31% of CEO equity post-Series B; misalignment with multi-round thesis.
  • Material Unit economics — 91% NRR claimed; cohort analysis shows 86% trailing 4 quarters.
  • Material Term sheet — 1.5x non-participating preferred with broad-based weighted-average; market is 1x participating.
  • Watch Burn multiple — 1.7x acceptable but trending up Q-over-Q for the last three quarters.
Dilution waterfall
RoundPre-$Post-$Founder %
Series B$135M$180M38%
Series C ($60M)$360M$420M32%
Series D ($100M)$720M$820M27%

Founder ownership at Series D suggests vesting-acceleration risk if continued dilution forces departures.

Recommended action

Lead at $135M pre-money. Negotiate to 1x non-participating preferred. Rebase CEO acceleration to double-trigger only. Add ESOP top-up to 12% pre-Series B to absorb the hire plan without further founder dilution.

Provenance
DocumentsPitch deck · data room · term sheet · model · 4 customer references
Confidence0.82 weighted
Sourced156 of 158 findings
Synthetic example · not a real deal Cortix Verdict · Growth Equity

What's in the advisory pack.

01
Executive summary & decision framework
Verdict, key findings, probability framing, decision matrix — IC-ready in one pass.
02
Valuation & dilution waterfall
Pre/post-money sensitivity, full dilution through future rounds, comparable-round benchmarks.
03
Term sheet analysis
Liquidation preferences, anti-dilution, board, drag-along/tag-along rights — benchmarked to current market for stage and sector.
04
Founder & team assessment
Track record, key-person dependencies, alignment between founder incentives and investor return targets.
05
100-day value creation playbook
Phased priorities, KPI dashboard, ESOP design, AI execution plan — derived from the deal-specific findings.

Who it's for.

Growth equity teams evaluating investments. Late-stage VC partners structuring rounds. Operating partners scoping post-investment value creation. Advisors providing independent investment analysis.

See Growth Equity on a deal of yours.

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The architecture
Cortix Stack.
Engines stacked and orchestrated at whatever scale the problem demands — running in parallel, without ceiling.
The reasoning
Cortix Lens.
A proprietary methodology that challenges, cross-examines, and resolves every finding before it surfaces.
Patent pending