Sectors Process Track Record Book Strategy Call
CINDERWOOD
Advising Series A to Pre-IPO

Capital for the New
Industrial Base.

Cinderwood is a growth and capital advisory firm for defense, space, energy, and hardware companies raising $5–50M in equity or debt.

Discuss Your Raise

Accepting new mandates for Q1 2026

$2.8B
Capital Raised
47
Transactions
94%
Close Rate
45 Days
Avg to Term Sheet

Hard Tech requires
hard conversations.

Generalist bankers don't understand dual-use technology or project finance. We specialize in capital intensive industries that secure the future.

Focus Areas

Defense & Space

Navigating the valley of death. Structuring rounds for dual-use companies bridging government contracts and commercial scale.

Energy Systems

From grid modernization to nuclear. We help structure the complex capital stack required for hardware-heavy deployments.

Hardware & Deep Tech

Robotics, semiconductors, and advanced manufacturing. Connecting founders with patient capital that understands hardware timelines.

Fundraising is a distraction.

Founders should build products, not manage data rooms. We operate as your fractional CFO and Head of Capital Markets, running a tight process to generate competitive tension.

CW
Strategy
Due Diligence
Financial Modeling
The Process
01

Strategic Positioning

We re-underwrite your business before investors do. We build the financial model, data room, and pitch deck to align with the specific KPIs growth equity investors maximize for.

  • Narrative Architecture
  • Financial Modeling
  • Data Room Prep
  • Valuation Analysis
02

Process Management

We help you run a tight, organized process. From building target investor lists to coordinating meetings and managing information flow, we keep things moving so you can focus on running your company.

  • Investor Mapping
  • Meeting Prep
  • Information Management
  • Progress Tracking
03

Deal Support

When term sheets arrive, we help you understand what you're signing. We provide analysis and frameworks so you can make informed decisions about valuation, structure, and governance.

  • Term Sheet Analysis
  • Scenario Modeling
  • Structure Review
  • Closing Checklist
Ideal Partner

Is this you?

We're selective about who we work with. Not because we're exclusive, but because deep partnership requires focus. Here's who we serve best.

  • Post-PMF with real traction

    $1M+ ARR, signed contracts, or equivalent validation

  • Raising $5M – $50M

    Series A, Series B, or growth equity rounds

  • Defense, Space, Energy, or Hardware

    Deep tech with complex capital structures

  • Founder-led with strong team

    Technical founders who want to stay focused on product

"

We spoke to 40 firms. Cinderwood was the only one that understood the physics of our product and the economics of our contract structure. They closed our Series B in 5 weeks.

A
Founder & CEO
Defense Hardware, Series B

Common Questions

What stage companies do you work with?
We primarily advise companies at the Series A, Series B, and Growth stages. We typically engage when a company is looking to raise between $5M and $50M in equity or debt capital.
Do you handle debt or just equity?
We handle both. For hardware and infrastructure companies, a blend of venture debt, project finance, and equity is often optimal. We structure the complete capital stack.
How long does the process take?
While every deal is unique, our average time from engagement to term sheet is 45 days. We front-load the work on materials and positioning to ensure a rapid market process.
What are your fees?
We typically work on a success fee basis with a small retainer. Fee structure varies based on deal size and complexity. We're happy to discuss specifics on a call.

Ready to scale?

Stop managing the process and start managing your company. Schedule a strategy session to discuss your capital needs.

Book Strategy Call hello@cinderwood.io
Vancouver, BC