Investment memos are the backbone of smart angel investing — yet most new investors rely on gut feelings or unstructured notes.
After missing two good deals because my diligence was too slow, I built this Google Sheets template that any angel investor can use to evaluate startups systematically.
The Problem with Traditional Investment Memos
Most templates are either:
- Too complex (50-page PDFs that take a week to fill out)
- Too simple (just a text doc with no financial modeling)
- Too generic (don't handle startup-specific metrics like burn rate or runway)
What This Template Changes
I built a 6-tab Google Sheet that covers everything from executive summary to final investment decision:
1. Executive Summary
Quick snapshot with a dealbreaker checklist. If any of the 10 dealbreakers are triggered, you know immediately to pass.
2. Founder Analysis
Score your team objectively — background, experience, previous exits — with weighted formulas.
3. Market Analysis
TAM/SAM/SOM with CAGR tracking. Conditional formatting highlights high-growth markets in green.
4. Financial Model
This is the heart of the template. Five-year projections with:
- Revenue growth assumptions
- Gross margin and EBITDA tracking
- Cash burn rate and runway calculation
- All formulas pre-built so you just change the inputs
5. Valuation & Returns
Three scenarios (base/upside/downside) with:
- Exit values at different multiples
- IRR calculation using XIRR
- MOIC (multiple on invested capital)
- DCF with terminal value
6. Investment Decision
Weighted scoring matrix that gives you a green/yellow/red recommendation based on all your inputs.
How to Use It
- Make a copy in Google Drive
- Replace sample data with your real deal info
- Work left to right through the tabs
- Let the formulas do the analysis for you
The best part? It takes about 2 hours to complete for a new investment — down from 1-2 days with a manual approach.
Get the Template
I put this on Gumroad for $29 — it pays for itself the first time it helps you say "yes" to a winner or "pass" on a dud.
➡️ Investment Memo Template — Google Sheets
Happy investing! 🚀
Top comments (0)