Tranche
정의
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.
투자유치 시 활용 방법
Tranches are standard in biotech (tied to clinical milestones) and appear in software mainly when investors want risk gates.
자주 묻는 질문
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.