Four best practices for raising funds in 2026

In partnership with Jaberson

In 2026, raising funds no longer relies on the charm of a pitch or the promise of rapid hypergrowth. After a period of frenzy (2021–2022) followed by caution (2023–2024), 2025 marked a return to a certain realism. Funding rounds were fewer, more selective, but also healthier. In this context, founders must adapt to a game where credibility, rigor, and foresight take precedence over speed.

Here are four best practices for a successful fundraising campaign in 2026.

1. Back to basics: evidence rather than promises

Investors no longer want to be seduced; they want to be convinced, and storytelling is no longer enough to achieve this. In 2026, a good proposal will be based on tangible indicators: verified product-market fit, measurable traction, retention, churn, solid unit economics, control of cash burn, and a realistic vision of profitability.

“Investment funds and business angels favor projects that can demonstrate a solid product-market fit, measurable traction, and rigorous cash management,” explains Hugo Besson, Senior Attorney at Jaberson.

This tightening is also reflected in the figures: in 2025, France recorded a 34% drop in the amounts raised, and investors are favoring projects that can demonstrate their solidity.

“In practice, we see this very clearly: founders are better prepared. In our support, we emphasize consistency between the business plan, legal structure, and growth strategy. Our combined expertise in fundraising and corporate structuring allows us to anticipate the usual sticking points: governance, exit clauses, dilution, and alignment of interests between founders and investors ," adds Hugo Besson.

" In our practice, we have observed that this evolution encourages a clearer articulation of the project narrative: how the company creates value, how it controls dilution, how it forecasts its cash flow. [...] We help translate the vision into concrete elements: a realistic roadmap and KPIs, as well as a clear legal structure," adds Hugo Besson.

Jaberson's advice

Build a well-argued roadmap, conservative KPIs, and a financial projection aligned with your cap table. This strengthens the consistency of the case from the very first exchange.

2. Target the right investors to save time

A successful fundraising campaign is not one where you talk to everyone, but one where you talk to the right people. "The work of targeting (matching stage, ticket, sector thesis) has become a strategic criterion,"explains Hugo Besson.

He adds: " In concrete terms, this means drawing up a shortlist of investors aligned with your stage (pre-seed/seed/Series A), prioritizing investors who have already invested in your sector or model, and preparing a specific pitch for each category (business angels/VCs/family offices)."

3. Anticipating legal issues: a prerequisite for passing due diligence

Legal anticipation is no longer a "plus"; it is a condition for accessing the deal. "Funding rounds take longer to structure, with an in-depth due diligence phase and increased attention to governance, " explains Hugo Besson. Thus, the slightest ambiguity can derail or delay a fundraising round. The most prohibitive signals?

• outdated statutes,
• poorly secured intellectual property,
• a weak or non-existent partnership agreement,
• an illegible cap table,
• incomplete commercial contracts

The difference between an "interesting" project and an "investable" project lies in rigor. A mature project must offer:

• a coherent and realistic business plan;
• cautious and verifiable projections;
• clear and up-to-date legal documents;
• structured governance;
• credible financial scenarios;
• a logical plan for the use of funds.

Investors want to quickly understand how the company creates value, manages its cash, protects its intellectual property, and how key decisions are made. 

This consistency between figures, organization, and legal matters sends a strong signal of professionalism. The legal structure even becomes a competitive advantage because it reassures, speeds up discussions, and reinforces credibility. A well-prepared file demonstrates that the company knows how to manage its risks, protect its technology, organize its governance, and anticipate future needs.

"The quality of legal documents also plays a key role: up-to-date articles of association, legible partnership agreements, well-protected intellectual property, structured commercial contracts. [...] Legal work also concerns the choice of financial instruments: shares (common or preferred), BSA-AIR, convertible bonds, etc., each of which has concrete effects on dilution, governance (voting rights/financial rights), and the preparation of future rounds. Establishing the right architecture from the outset avoids costly renegotiations and protects the start-up's trajectory. The lawyer helps to choose and structure these instruments according to the stage of maturity, the amount of investment sought, and the exit objectives," explains Hugo Besson.

He adds: "In practice, a start-up with a sound legal structure negotiates more quickly, attracts more investors, and limits lengthy discussions on technical points. Legal expertise therefore becomes a tangible asset, rather than a mere administrative cost."

Jaberson's advice

Before embarking on a roadshow, do your homework and surround yourself with a law firm that is experienced in assisting start-ups with fundraising. Secure your IP, update your articles of association, formalize your contracts, and choose the right financial instruments from the outset.

A clear, consistent, and legally sound case is a real accelerator for negotiations.

4. Adopt the entrepreneurial mindset that investors expect in 2026

The founder's personality carries as much weight as the figures. But inspiring confidence means first and foremost demonstrating consistency between what is said, the figures, and the decisions made.

Investors are now looking for entrepreneurs:

• clear-headed about their strengths and limitations,
• transparent about risks, 
• able to delegate,
• structured in their governance,
• consistent between statements, figures, and decisions.

Founders who agree to challenge their assumptions (about valuation, governance, or capital distribution) build relationships based on trust and dialogue.

" The most closely scrutinized indicator remains financial discipline: knowing where every euro is going, anticipating the next step, and demonstrating sound cash management. The dossier must also inspire confidence in terms of governance: a balanced capital distribution, a clear cap table, and partners who are aligned over time," explains Hugo Besson.

Finally, the growing focus on governance and the quality of the partnership agreement sometimes takes precedence over initial valuation. This shift in perspective is pushing startups to build solid foundations before aiming for growth.

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Key points to remember for raising funds in 2026

In 2026, successful fundraising no longer depends solely on ambition or a brilliant idea. Successful startups combine preparation, credibility, and foresight. 

• The first lever is financial and operational discipline: controlling KPIs, cash burn, and the business plan, and presenting projections that are consistent with market realities. 

• The second lever is legal and organizational preparation: a clear partnership agreement, secure intellectual property, and transparent governance. Anticipating these aspects reduces friction and inspires confidence. 

• The third lever is the founder's attitude and discourse: transparency, consistency, and clarity. Knowing how to present the vision while remaining realistic, demonstrating that you are aware of your strengths and limitations, and reassuring others about execution. 

These three levers are interdependent: a credible pitch combines solid figures, a secure legal structure, and consistent communication. Start-ups that incorporate them from the outset of their fundraising efforts accelerate the process and enhance their appeal. 

Rigour, foresight, and posture: these three levers make all the difference.  

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This article is brought to you by Jaberson and H7. Jaberson is a law firm specializing in business law that supports start-ups with a comprehensive, multidisciplinary, and pragmatic approach. H7, a responsible accelerator and digital hub in the Lyon metropolitan area, supports start-ups in their growth and impact.