Reference Calls: What Investors Ask and How to Prepare How investor reference calls work, the questions they actually ask, how to prep your references, and the two red flags that kill deals in this step. Reference calls happen after the term sheet is signed but before the wire lands. Investors call 3–8 people who know you — customers, prior investors, ex-colleagues, sometimes people you didn't list. Prep changes the outcome. Read the full guide on Startup Fundraising · Find investors · Browse the Library Related guides Customer Reference Calls Raising Capital for AI Clinical Diagnostics, Digital Pathology, Genomic Sequencing & Reference Labs Startups Angel Investors for Startups How to Raise from Angel Investors Angel Investor vs Venture Capital: Which to Raise From (2026) How to Find a Lead Investor How to Write an Investor Update Find Investors
