Milestone-Based Financing
定義
Milestone-based financing releases capital in tranches tied to agreed achievements, such as clinical results, product launches, or revenue targets.
資金調達における位置づけ
Common in biotech and deep tech where capital needs are large and binary risks are explicit; less common in software, where full upfront rounds dominate.
よくある質問
Are tranched rounds founder-friendly?
They reduce dilution if milestones hit, but give investors leverage at each gate; negotiate objective, achievable triggers.
Why frame a raise around milestones anyway?
Even without tranches, “this capital reaches these milestones” is the strongest sizing logic a founder can present.