DUCO · Venture round preparation for startups

01Who we are

Two partners with 40+ years in deals, finance and venture

Alexander Komov

Partner · Deals and round strategy

20 years in private equity, M&A and investment banking; CEO of a venture-backed digital health company.

20 yearsin PE, M&A and investment banking

$10B+in transactions

$10MSeries A for an AI telemedicine company

CEO and investment director, Doctor Ryadom (2020‑2024): $10M Series A, acquisition of Doc+ and two clinics
AFK Sistema (2012‑2018): acquisition of Segezha Group for $500M; 9.4x invested capital at the 2021 IPO
A1 (Alfa Group): acquisition of RusBioAlliance for $20M, $90M debt restructuring
Troika Dialog: Sberbank's $5.5B SPO, $4.6B MICEX‑RTS merger
Co-founder of Beauty‑Connect and DrillSense (Dubai); Moscow State University, London Business School

Pavel Shcherbakov

Partner · Finance and round readiness

20+ years in corporate finance; as CFO of international companies, raised private financing for their growth.

20+ yearsin finance and management

$3.2B+of private non-bank financing

30+capital-raising deals

Runs finance for a group of companies in 8 countries (IEK Group)
CFO, AURUS: revenue +318%, month-end close cut from 12 to 5 days
CDO & CFO, FLEETCOR Russia: 3 acquisitions, EBITDA margin up from 73% to 78%
CFO, FIAT INDUSTRIAL CIS; Digital Finance Director, Groupe Renault; Michelin; PwC
INSEAD/CEDEP Executive MBA, ACCA DipIFR

02What we do

The full cycle: from financial model to signed term sheet

Round preparation

Financial model, unit economics, round size and valuation, use of funds.

Investor materials

Pitch deck, teaser, data room, answers to standard due diligence questions.

Investor list

50‑100 funds, angels, family offices and corporate VCs that fit your round; preparation for meetings.

Structure and negotiation

SAFE, convertible note or equity; term sheet, cap table, option pool.

Finance function

Part-time CFO: accounting, investor reporting, budgeting, cash flow.

Strategic deals

M&A, stake sales, partnerships and corporate investors at later stages.

Fixed fee for each stage. No percentage of the amount raised: we work for the founder.

03How we run a round

A pre‑seed or seed round: five stages, clear roles at each

Preparation · 4‑6 weeks

Support · 2‑4 months

DUCO's role

Founder's role

1 DiagnosticsWeek 1

DUCO's roleWe review accounting, banking, contracts, equity, SAFEs and loans, and list the gaps

Founder's roleGives access to accounts, contracts and the cap table

2 Model and valuationWeeks 2‑3

DUCO's roleWe build a three-scenario model and unit economics, and propose the round size, valuation and structure

Founder's roleApproves the plan, assumptions and round target

3 MaterialsWeeks 4‑6

DUCO's roleWe prepare the deck, the data room and answers to 30‑50 investor questions, and rehearse meetings

Founder's roleTells the company story and approves the materials

4 InvestorsMonths 1‑3

DUCO's roleWe draw up a list of 50‑100 investors, prepare you for meetings and help answer their requests

Founder's roleReaches out to investors and holds the meetings

5 Term sheetClosing ~1 month

DUCO's roleWe compare term sheets, support the negotiation, review documents and update the cap table

Founder's roleChooses the terms and signs the documents

Timelines are a guide: they depend on how ready the accounts are and how active investors are. The outcome of a round is not guaranteed.

Pre‑seed and seed: what changes in preparation

Pre-seed

Seed

What investors assess

Pre-seedThe team, the problem and the prototype

SeedEarly proof of demand: customers, revenue, retention

Typical investors

Pre-seedBusiness angels, accelerators, pre‑seed funds

SeedSeed funds, angel syndicates, corporate VCs

Deal structure

Pre-seedUsually a SAFE or a convertible note

SeedA SAFE or a priced round

Key materials

Pre-seedDeck, 18‑24 month model, cap table

SeedPlus data room, cohort metrics, unit economics

DUCO focus

Pre-seedRound size and valuation, first deck, list of angels and funds

SeedModel and metrics, data room, list of 50‑100 investors, term sheet negotiation

Typical timeline

Pre-seed3‑4 months

Seed4‑6 months

From the start of preparation to closing; a guide, not a promise.

04Deals

Selected deals of the partners

Doctor Ryadom

$10MSeries AFundraising (company CEO)2021

Segezha Group

$500MAcquisition from VTBBuyer (AFK Sistema)2013

Sberbank

$5.5BSPOArranger's team (Troika Dialog)2012

MICEX‑RTS

$4.6BExchange mergerAdviser (Troika Dialog)2011

RusBioAlliance

$20MAcquisitionBuyer (A1)2019

A1 portfolio company

$90MDebt restructuringNegotiations with creditors (A1)2019

UCL Chemicals

$15M+Minority stake saleAdviser (Taiga Capital)

Nezavisimost

50%Sale of A1 and Goldman Sachs stakesAdviser (Taiga Capital)

Deals the DUCO partners worked on at previous employers; the partner's employer at the time is in brackets.

We get startups ready for their venture round