Tranche
定义
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.
它在融资中如何出现
Tranches are standard in biotech (tied to clinical milestones) and appear in software mainly when investors want risk gates.
常见问题
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.