Look, there is no one-size-fits-all. Sometimes, you have your back against the wall and your CEO is focused more on fixing operations than on fundraising. Other times, your CEO is receiving term sheets left and right, with investors begging to get in (AI companies, anyone?). Sometimes, the CEO is so stressed that they don’t want to include anyone else in the process or are told by investors that they only want to deal with the “head of the company.” Other times, they expect the CFO to lead the entire process until the deal is done.

So, what role should the CFO play? To be honest, it’s somewhere between project manager, executive assistant, and financial visionary. This is similar to running the Management Review process. The key is to be heavily involved in nearly every step so you can ensure the numbers and vision align, and you don’t end up with a diligence process that goes off the rails because the CEO promised off-the-cuff numbers that don’t match anything inside the company.

Just as with Management Review Meetings, you need to herd the CEO, your investors, and the company toward a successful raise. This means making the CEO look good by supporting them so they can focus on selling the vision.

We’ll cover the mental side of handling things under pressure in a later article.

Let’s get to work.

1. Project Manage the Process

This is critical. Yes, the CEO may have an analyst or two, but it’s essential that you are embedded in the process by joining key meetings, managing timelines, and being the gatekeeper of the entire workflow. That way, you can ensure the numbers always align with the vision. This means keeping:

• Gantt chart. Everyone loves to hate a Gantt chart, but it’s your friend here. Lay out a clear timeline with hard deadlines for each phase:

  • Data room ready (1 month).

  • Investor outreach (2 months). Target at least 10 meetings with Tier 1 or Tier 2 funds. That means teaser decks, NDAs, tracking touchpoints.

  • Partner meetings (3 weeks). These are deep dives: full product demos, roadmap reviews, and operational model walkthroughs.

  • Term-sheet deadline (7 days). Aim for 2–3 competing offers. We’ll get into evaluation later.

  • Exclusivity & DD (2 weeks). Choose a lead, wrap diligence—because you’re fully prepared, right?

  • Close and wire. Lock the deal, sign docs (within a day or two max), and get the money in the account.

• Track contacts and status. Build a shared spreadsheet of every investor, their status, and next steps. Keep it updated.

• Join the meetings. Be in the room, even if you’re just listening. This lets you follow up with data, clarify misstatements, or reinforce key themes in your materials.

• Be the whip. Run daily check-ins with the CEO. What’s outstanding? What’s blocking progress? Keep the energy up and ensure nothing falls through the cracks.

• Get the NDAs signed. Make sure paperwork isn’t slowing up the process. So make sure NDAs and any other relevant documents are quickly signed and kept in place.

Yes, many investors may want to talk only to the CEO and yes, you’ve got a company to run. But by working side-by-side with the CEO, you ensure consistency and enable her to stay focused on the high-level vision.

Tip: Keep a Q&A log to track all questions that you said you would respond to or are outstanding.

2. Support the Vision with Real Numbers

There will be a lot of numbers floating around in conversations and several different takes on what they mean. Your job is to ensure consistency between what’s said in meetings and what’s shown in the data room. To do this:

• Track what’s said. Maintain a quick spreadsheet of numbers or projections shared in conversation that aren’t in the official deck. This helps you course-correct post-meeting or clarify sourcing later.

Example: If the CEO says “We’ll capture 10% of the market in 5 years,” you need to confirm that the TAM and model reflect this.

• Reality check the market. Push back on what is realistic with the CEO (of course behind closed doors) to help the team stay grounded. This is both in terms of expectations of the raise and the market you hope to capture.

• Follow up fast. Be ready to send data-backed answers to any follow-up questions. It builds trust and shows you’re in control.

Your job is to turn the dream into a plan. If the numbers don’t align with the story, it breaks down quickly.

Tip: Lock in achievable targets for the first few quarters post-funding. Hitting early targets allows you to grow into your plan without starting on the back foot.

3. Set Up and Control the Data Room

As the process heats up, managing the data room becomes mission-critical. Your role is to control what’s shared, when, and with whom. There are several different softwares that help with this, or you could do something in Dropbox/Gsheets if you are incredibly careful with the permissions. Either way make sure:

• Have the material ready. As we discussed in the previous article, you should have all your Ts crossed and Is dotted by this time.

• Clear index. Make sure there’s a clean, obvious guide to what’s in the data room. Ideally, this links directly from your operating model.

• Version control. Sometimes, you will need to update certain numbers. Make sure that you clearly mark the new version of a document and keep the old version. This will prevent confusion.

• Access control. Whether you’re using Dropbox, Google Drive, or a dedicated tool, make sure permissions are tight and match your deal stage. The right tools can make this seamless.

• Rapid follow-ups. Quick responses to requests show that you’re organized and serious. This is part of building investor confidence.

• Track engagement. Monitor who’s actually looking at your materials. If someone claims to be interested but hasn’t opened a file, that’s a signal.

You don’t need to overcomplicate this but do make it structured and efficient.

Tip: Push back on unnecessary requests. Not every question needs an immediate answer if it’s not central to the deal.

4. Demonstrate Credibility

As CFO, you are the credibility layer. Investors don’t expect perfection but they do expect clarity and honesty from the person responsible for the numbers. The easiest way to do this is to pre-empt any issues by:

• Admitting uncertainty. There will be risks and unknowns. Own them. That shows maturity and realism.

• Not dodging questions. Take tough questions head-on. Don’t hide behind vague answers or overly rosy scenarios. Most investors are fine with risk but they want to see that you understand it fully.

• Pointing out weaknesses. Identify the soft spots and explain how you’re managing them. It’s far better to raise them yourself than let investors find them first.

• Consistency. Highlight how numbers have been consistent over time (or if you have restated, share why). People will lose faith if numbers keep changing or have changed from previous presentations.

• Stay cool. Easier said than done, but it's essential that you keep a level head and don’t get too emotional. It is a high-pressure situation, and a steady hand for your CEO will make the process smoother.

As CFO, your confidence in the numbers, and your readiness to field tough questions, gives the CEO space to lead the vision.

Tip: Step in on difficult financial questions so the CEO can focus on storytelling and closing.

5. Have Scenario Plans

You must be prepared for turbulence during the round, just like in your operations. Delayed rounds, down rounds, lost leads happen. What matters is how you plan for them and ensure that the company has the best chance of success in any of the scenarios. You need to consider what happens if there is:

• Funding delay or no round. The response could include freezing non-core hiring, cutting discretionary spend, and drawing from a pre-approved debt line.

• Valuation crash. If you believe that valuations are much too low, you have the option of shrinking the equity check, topping it up with an insider SAFE, or resetting the option pool to protect employees.

• Lead investor walks. Disappointing, but you can re-open the data room, ping your two backup leads, and open a short “go-shop” window.

• Revenue shock. This isn’t the best time for a sharp revenue crisis with limited burn. But if this happens, launch an exec-level save plan, adjust the model, and match burn to the new forecast.

The worst-case scenario is running out of cash mid-process. Think ahead so you never lose leverage or control.

Tip: Build a valuation waterfall, which is a simple model showing how different valuation points and deal structures impact the effective payout and real control for founders, employees (common stock), and previous investors. We will talk more about comparison in the next article, but having this up-to-date throughout the process puts tangible outcomes to numbers.

In Conclusion

You’re not just “helping” with the fundraise. You should be a key part in driving it. To summarize, your role is to run the project planning, back up the vision with numbers, control the data room, reinforce the credibility of your company, and build a contingency plan for any scenario.

This is how a strategic CFO earns a seat at the table and helps close the deal.