How a raise runs, start to finish

A raise moves through set stages: set up the raise, publish the company page, build the dataroom, anchor a lead where the instrument needs one, agree the term sheet, prepare the legal pack, open outreach, qualify investors, allocate, send signing packs and countersign, then get paid, close and issue. The Raise steps screen is home base: it shows every stage in order and always names exactly one suggested next step, so coming back never starts with wondering where you were up to. For a company registered outside Australia the same steps read in its own terms: the lawyers agree the terms with the lead, the agreement is the lawyer's, set up for signing in the dataroom, the lawyers confirm who may invest, and the company secretary records the issue before the raise is closed.