Tranche
Definizione
A tranche is one portion of a financing released separately, usually against milestones, so “tranched” rounds deliver capital in stages rather than all at once.
Come si presenta nel fundraising
Tranches are standard in biotech (tied to clinical milestones) and appear in software mainly when investors want risk gates.
Domande frequenti
Are tranched investments founder-friendly?
They cap dilution if milestones hit but hand investors leverage at each gate; insist on objective, controllable triggers.
What happens if a milestone is missed?
Per the agreement: the tranche may lapse, renegotiate, or fund at different terms; ambiguity here is where disputes grow.
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