First Cheque

First Cheque does not appear to operate a blind pool fund structure. Instead, it syndicates each ideation-stage deal to a network of 250+ co-investors, structuring investments on a per-company basis. The firm's standard terms stipulate that its shares will be sold in full before any founder or promoter shares are sold in a liquidity event, which is an unusual liquidity preference that prioritizes the firm's exit. This syndicate model removes fund-size deployment pressure and allows each startup to raise exactly what it needs.

The standard term sheet gives First Cheque tag-along rights ahead of any promoters, meaning the firm can join any sale initiated by founders. More notably, the firm retains the right to sell its shares in full before any founder or promoter shares are sold — a full-liquidation priority clause. Promoters are also restricted from transferring shares without offering the firm the right to exit entirely on the same terms.