The agenda is the coverage specification. Every line names the dimension it evidences, so a question the meeting never reached becomes a gap against that dimension rather than a silence nobody notices.
The monthly portfolio review, one row per company. The agenda moves with each company's funding stage, because the questions that de-risk a company at Angel are not the questions that de-risk one at Series B — and asking both sets of everyone produces a board full of gaps that are not gaps.
A row is
Portfolio Company
Grouped by
Funding Stage
Cadence
every 30 days
Lines
17
Also called: Portfolio review · Board meeting · Monthly investor update · Quarterly business review · Founder check-in
The running order
17 lines in the full specification, 12 of them scoped to a stage — so any one portfolio company is measured against 8 of them. Run every 30 days. The order is the running order.
1
Board actions since last review
Evidences Strategy & Governance
2
Runway and burn against plan
Evidences Capital & Finance
3
Product delivered against roadmap
Evidences Product & Technology
4
Retention and customer health
Evidences Customer Success & Delivery
5
Decisions and risks for the board
Evidences Strategy & Governance
6
The problem, and who has confirmed it
Evidences Customer Success & Delivery · only at Angel
7
MVP scope and core features
Evidences Product & Technology · only at Angel
8
Initial cash position and funding sources
Evidences Capital & Finance · only at Angel
9
Unit economics
Evidences Capital & Finance · only at Seed
10
Early channel tests and first pipeline
Evidences Go-To-Market · only at Seed
11
Cohort retention and usage
Evidences Customer Success & Delivery · only at Seed
12
Three-statement model and departmental budgets
Evidences Capital & Finance · only at Series A
13
KPI framework and reporting cadence
Evidences Strategy & Governance · only at Series A
14
Pipeline coverage and acquisition cost
Evidences Go-To-Market · only at Series A
15
Audited financials and capital structure
Evidences Capital & Finance · only at Series B+
16
Board committee reporting and policy compliance
Evidences Strategy & Governance · only at Series B+
17
Multi-channel expansion and pricing strategy
Evidences Go-To-Market · only at Series B+
The bar moves with funding stage
Not every line applies at every stage
12 of these 17 lines are stage-scoped. A flat agenda asks every row the same questions regardless of where it has got to, which manufactures gaps that are not gaps — and false gaps drown the real ones, which is the whole reason an uncovered question is allowed to mean something here.
Angel
8 of 17 lines
+The problem, and who has confirmed it
+MVP scope and core features
+Initial cash position and funding sources
Seed
8 of 17 lines
+Unit economics
+Early channel tests and first pipeline
+Cohort retention and usage
Series A
8 of 17 lines
+Three-statement model and departmental budgets
+KPI framework and reporting cadence
+Pipeline coverage and acquisition cost
Series B+
8 of 17 lines
+Audited financials and capital structure
+Board committee reporting and policy compliance
+Multi-channel expansion and pricing strategy
Lines shown are the stage-scoped ones. The rest are in force at every funding stage.
What the room listens for
The six dimensions this room scores
Each carries a weight in the roll-up. A dimension with no evidence behind it is not scored at a middle value — it renders as unknown, and below the coverage floor the row reads never covered rather than green.
Capital & Finance
25% of the roll-up
Runway, burn against plan, and the funding path behind them.
runway months statedburn against planraise timeline named
Go-To-Market
20% of the roll-up
Pipeline, acquisition cost and whether growth is repeatable yet.
pipeline coverageacquisition cost and paybackchannel results named
Product & Technology
15% of the roll-up
Roadmap commitments against what actually shipped.
Whether the company has the roles and processes to execute the plan it committed to.
roles open against plankey hires landedoperating processes named
People & Operations carries no agenda line
Deliberately. These are read from how the room behaved, not from what it worked through — you cannot schedule participation, so it can never be "never covered". Any dimension without a line can be thin, but it can never be a missed question.
When a line is missed
A question nobody asked is a fact about the room
Because each line names a dimension, the gap scanner can say which one went uncovered and for how long. These are the four states it raises, and each one is a different problem with a different fix.
Never covered
The line has never been reached in this room. The dimension has no evidence at all.
Unanswered
It was raised and the room moved on without landing an answer.
Gone stale
It was covered, but not within the 30-day cadence this room type expects.
Unowned
There is an answer and an action, and nobody's name is against it.
See it score a board
Investor Rooms is one of eleven configurations of the same engine. The demo runs on fictitious portfolio companies and sample data — every number traces back to something somebody said in the room.