The machinery behind the trust mark.
This page is written for the sceptics: advisors, agents, journalists. It describes exactly what happens between a founder applying and a Grade appearing on a listing, and what we will never do at any price.
The pipeline, stage by stage
Screening
- Eligibility, jurisdiction and sector fit
- Company structure and instrument sanity
- Conflicts and exclusions (ours and theirs)
A decision to open a file, or a fast and honest no.
Documents & claims
- Every material claim in the pitch, traced to a source
- Registry, filing and cap-table consistency
- Traction data reconciled against records provided
A claims register: verified, unverified, or contradicted.
Financial & legal review
- Accounts, runway and use of funds
- Material contracts and obligations
- Litigation, charges and regulatory exposure
A scored financial and legal position.
Founder diligence
- Background and directorship history
- Reference calls
- A recorded analyst interview on the claims register
A view on the people, not just the deck.
Grading
- Five dimensions scored 0–100
- Analyst panel review, where the grader is never the fee contact
- Grade stamped, report published to members
A Grade from A to D. D never goes live.
What the letters mean
Grades summarise the vetting outcome at a point in time. They are not a prediction, a ranking, or a recommendation. An A-grade company can still fail, and most early-stage companies do.
| Grade | Meaning | Listing status |
|---|---|---|
A | Claims verified across all dimensions; no unresolved material concerns. Early-stage risk remains, and an A is not a promise of returns. | Listed |
B | Fundamentals sound; specific watch-items disclosed in the report. Read them before the deal room. | Listed |
C | Material concerns disclosed. Listed only with prominent warnings and every concern itemised. | Listed, flagged |
D | Checks failed: claims contradicted, structures opaque, or risks we are not prepared to attach our mark to. | Never listed |
Expiry and re-verification. Every grade expires each quarter. Companies re-submit current figures; analysts re-run the checks that move; the grade is re-stamped, downgraded, or the listing comes down. A grade on Pitchside is never more than a quarter old.
Things we will not do, at any price
No pay-for-placement
A listing cannot be bought. The vetting fee pays for analyst time whatever the outcome.
No grade-for-cash
No fee, retainer or relationship changes a score. Graders are firewalled from commercial contacts.
No advice
Grades and reports are factual summaries of completed checks. We never recommend that anyone invests in anything.
No cherry-picked expiry
Every grade expires quarterly and re-verifies, or the listing comes down. There are no legacy grades.