Pitch deck or memo: use it at the right moment
Both documents are necessary, but each serves a different purpose at various stages of the fundraising journey.
The pitch deck is a visual document of ten to fifteen pages, used for direct presentation and to generate interest during the first meeting. The investment memo is a two to five-page document that can be read independently without you being present, used to build trust and answer in-depth questions, often determining the deal in the internal meeting of the fund. Many people write the memo first to lock in the story, then create the deck.
- In-person meetings need to make a quick impression.
- complex model that requires careful reading
- write a memo first and then convert it into a deck
- stuffing every argument into the deck
- only have a deck without an independent reading version
You don’t need to choose one or the other. The better question is: which one to use first, and which one to leave behind. The pitch deck and the investment memo serve two different moments in the same journey. If you mix up the moments, no matter how good the story is, it won’t reach the right audience at the right time.
Two documents, two moments
The pitch deck is a visual document, usually ten to fifteen pages, designed for presentation when you are in the room. Each page holds a message, images, and selected data to help investors quickly scan and remember key points. This document relies on you being there to explain.
The storytelling memo is a text of two to five pages, written to be read independently without you sitting next to it. This is what the fund partner passes into internal meetings, where you are not present, but your story needs to stand on its own. According to the practice of Visible.vc, a memo is a complete account that the deck cannot fully contain.
Memo: After the meeting, read independently, nurture trust, and hold internal meetings without you.
Consideration factors
- Model complexity: A model that is easy to understand in a few minutes means the opening deck is sufficient to generate interest. A model with multiple layers, many financial assumptions, or niche markets requires investors to read carefully before trusting. A memo is more suitable for laying that foundation.
- Actual reader: The fund partner you meet directly is one person. The fund committee will make decisions as a group without you present. The deck serves the first person, while the memo serves the rest of the group.
- In the funnel phase: To spark initial interest, use a deck. To push towards the final decision, a memo is needed to fill in unanswered questions.
- Order of operations: Write a memo before locking in the story, check for logical gaps, and only then pull together the deck. Creating the deck before finalizing the story often leads to starting over.
Common errors
- Stuffing every argument into the deck, resulting in slides dense with text. According to research by DocSend via Dropbox, investors skim decks very quickly, spending only a few seconds on each page. Too much text does not add persuasion but dilutes the main point.
- Only a deck without an independent reading. When the fund is passed internally, the story falls apart because no one leads.
- Write a memo that is lengthy like a thesis. Two to five pages of concise content is sufficient and meets the standard.
- Ignore the team page or make it too brief. DocSend data shows that the team page often attracts the most attention from investors.
The deck is a brief introduction to capture interest. The memo is the full account that tells the complete story and rationale that the deck cannot accommodate.
Visible.vc, Investment Memo Guide
Sinh Vũ's viewpoint
Sinh Vũ locks in three elements before touching the design: who the audience is, the core message, and the narrative flow of each page. For pitch decks, Sinh Vũ structures them according to what investors are familiar with, including the problem, solution, why now, market size, team, and metrics. Each page holds a single message for investors to grasp what you want them to remember.
The financial content and funding assumptions are areas you are more familiar with; Sinh Vũ refines the narrative and presentation of the data. What Sinh Vũ delivers is a clear story and a presentation that places the right message in the right spot. The success of fundraising depends on many factors beyond the documents; Sinh Vũ does not guarantee that.
If you are unsure where to start: write a memo first. It forces you to answer the toughest questions that investors will ask before you sit in front of them.
Decision checklist
Topic: When to need a pitch deck and when to need a funding memo. Sinh Vũ Guide, sinhvu.com
Select each item you find appropriate, then print or save as PDF to take with you.
If you have marked most of the signs above, this is the time to discuss in more detail. Sinh Vũ can help you review and propose a direction.
References
Investment Memo: Template, Examples, and How to Write One, Visible.vc. A Guide to Seed Fundraising, Y Combinator. DocSend pitch deck research, Dropbox. Sequoia Capital pitch deck template. Practical experience from Sinh Vũ.
Frequently asked questions
The retainer requires sending a deck before the meeting; do I need a memo?
Necessary, but in a different order: write the memo first to lock in the core story and assumptions, then extract the deck to send. When the fund is interested and wants to read more after the meeting, the memo will be ready to pass internally without you having to explain everything from the beginning.
My deck has twenty pages, should I cut it?
Necessary. According to research by DocSend via Dropbox, investors scan decks very quickly, and each page only has a few seconds to convey a message. Having too many pages and dense text does not help persuade further, but dilutes the main point you want them to remember. Longer explanatory content should be placed in a memo, not crammed into the deck.