Fundraising processes have an unusual tempo. There is usually a lengthy period of preparation, followed by the initial flurry of first meetings. Sometimes, these meetings immediately convert into heated interest. But in many cases, it takes a while for the fundraising process to build momentum.

However, I find that the end of a fundraise is always a mad sprint. Usually, once someone starts to show real interest, it’s like a raven has been sent to the rest of the market telling them to pay attention. Maybe it’s the gossip chain, or maybe it’s just your own body language that communicates this. But processes tend to move fast and furious at the end.

At this point, the power dynamic between founders and investors tends to flip. Investors begin fearing they may lose an opportunity to invest, and become more willing to move faster and become more flexible on terms. They put pressure on founders to quickly get things done so they can lock the deal in. As a founder, it pays to try to slow things down a bit at this point. Do so respectfully, and don’t play games, but don’t let the quick pace prevent you from doing due diligence and making the right decision. Remember that the investors who came out of the woodwork only once heat began generating probably are not the investors who will stick with you through thick and thin. And don’t get too overconfident and push the boundaries too far either. Just as it moves slow until it moves fast… things can also change in an instant.