Fundraise process

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Phase 1 — Private stage: investors from your own network
Invite investors you already have a relationship with, giving them a guaranteed allocation ahead of anyone who comes in later. In order to whitelist them, for each one, provide either an email or wallet address, along with the maximum amount they can commit.

Commitments are processed in the order they arrive, against the private stages's available allocation. Once an investor commits, their allocation is confirmed.

If the investors you've invited don't fill the stage, the raise doesn't fail at that point — Spring can introduce more while the private stage is still open (Phase 2). The stage only fails if the private minimum hasn't been reached by the phase deadline, and investors then can reclaim their funds.

A raise can run in up to three phases. Phase 1 and 2 make up the private stage and run in parallel; moving to a public stage afterward is optional and only becomes available once the private stage succeeds.

Timings for each phase are agreed with Spring before the raise opens, and shown
to investors.

Phase 2 — Spring's investor network

While the private stage is open, Spring may introduce investors from its own network — curated introductions matched to your raise, not open access for every Spring user.

If an investor is interested, you'll have the chance to discuss the opportunity and agree terms directly. If you both want to proceed, they join your private invite list with a maximum commitment, like any other private-round investor.

Phases 1 and 2 run in parallel by design — pairing your own outreach with Spring's curated introductions keeps the round moving quickly, without lowering the bar on who gets in.

Phase 3 — public stage (optional)

Once the private stage reaches its minimum, your listing becomes publicly visible — showing your company info, team/legal details, and fundraising status — regardless of whether you ever open a public round.

If you do want to raise further, you can open a public stage for investment after a short preparation period. It's open to any eligible, verified investor and runs to its announced deadline, staying open for the full period even if commitments exceed the allocation — so it can be oversubscribed.

After it closes, you review the commitments and decide who to accept and how much to allocate to each, up to the round's cap. Investors who aren't selected, or who receive less than they committed, reclaim the unallocated amount.

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