How to use this checklist
This checklist suits two-sided marketplaces for goods, services or B2B trade that use AI for matching, pricing or trust.
Work through each list before you contact investors. Anything you cannot tick is either a task to finish or a risk to explain openly in your pitch.
1. Company and legal basics
These apply to every company raising money, but gaps here slow rounds more than almost anything else.
- Up-to-date cap table showing every shareholder, option and convertible.
- Signed IP assignments from all founders, staff and contractors.
- Articles of association and any shareholder agreement to hand.
- SEIS or EIS advance assurance applied for, if you are raising from UK angels.
- Company filings at Companies House up to date.
2. Marketplace proof points
The evidence investors in this sector look for first.
- Match rate: share of listings or requests that complete.
- Time to match and repeat rate for each side.
- Take rate and why users accept it.
- Evidence that transactions stay on the platform.
3. Numbers and financial model
Your model should show how the money you raise gets you to the next milestone.
- Cost to reach liquidity in the first niche.
- Acquisition cost for each side.
- Subsidies and when they stop.
- Payments, trust and support costs per transaction.
4. Data room documents
Have these organised in one shared folder before the first meeting.
- Transaction data by month and cohort.
- Terms of service and payment arrangements.
- Fraud and dispute records.
- Expansion plan for the next niche.
5. Pitch and investor readiness
Readiness is also about how you run the process.
- A short deck that states the problem, customer, traction and ask in the first few slides.
- A clear amount to raise and a list of what it pays for.
- A target list of investors who back your sector and stage.
- A one-paragraph answer to 'why now?'.
Red flags to fix before you pitch
Investors often stop at these issues:
- Many listings, few transactions.
- Take rate falling as you grow.
- Repeat pairs disappearing off-platform.
- Nationwide launch with no liquid niche.
Marketplace readiness: ready versus common gap
| Area | Ready when | Common gap |
|---|---|---|
| Liquidity | High match rate in one niche | Thin activity everywhere |
| Take rate | Stable and justified | Falling or discounted away |
| Leakage | Measured and reduced | Unknown |
| Expansion | Cost of next niche estimated | Guesswork |
Questions to prepare before you pitch
- What share of listings complete?
- Which side is harder to win?
- How do we stop off-platform deals?
- What will the next niche cost?
How KJ Enterprises evaluates marketplace businesses
KJ Enterprises considers marketplaces with proven liquidity in a focused niche and a clear reason for users to stay on the platform.
If that describes your company, you can apply for investment. Related reading: the complete funding guide and the step-by-step how-to and costs and terms and the ecommerce checklist.