High Fives: From Pitch to Partnership How RedСore Evaluates Startups

Each month, dozens of startup applications enter the RedCore investment pipeline.

Most decisions are made faster than it might seem. Some projects are filtered out at the deck stage, others after the first introductory call. It’s not about being overly strict.The same mistakes keep repeating from pitch to pitch.

At the same time, experienced portfolio managers tend to spot the same signals that separate serious projects from weak ones.

Andrei Alexandrov and Oleksandr Briukhovetskyi, Investment Portfolio Managers at RedCore, share five key factors on each side. These are the things that most often determine whether a startup moves forward or not.

RED FLAGS

🚩 The most common one is a valuation that comes out of nowhere.
A startup with no customers and no revenue shows up with a US$5 million valuation and a financial model that isn’t backed by market data or comparable deals. When asked where the number comes from and what exactly creates the value, the founder often loses confidence. At that point, the conclusion is clear. The project is based on expectations rather than research.

🚩 The second signal is a team working on the startup in their spare time.
The founder has a full-time job elsewhere and builds the product in the evenings. For investors, this raises questions about both commitment and speed. A part-time project simply moves slower.

“We look for teams that are fully committed to their product. Part-time effort usually leads to part-time results,” says Oleksandr Briukhovetskyi, Investment Portfolio Manager at RedCore.

🚩 The third issue is a pitch deck with no real numbers.
You see a long 50-page vision, polished mockups, and an ambitious TAM, but nothing about CAC, LTV, or burn rate. Without unit economics, any discussion about growth stays theoretical.

“If a founder doesn’t know their numbers, they don’t really understand their business,” says Andrei Alexandrov, Investment Portfolio Manager at RedCore.

🚩 The fourth red flag is a lack of transparency during due diligence.
Phrases like “we’ll share it later,” “it’s confidential,” or “just trust us” tend to hurt the application more than founders expect. Transparency is the baseline. If documents are not shared early on, the situation rarely improves later.

🚩 The fifth is the lack of differentiation.
Another game provider or affiliate network described as “like X, but better.” This is not a positioning strategy. It usually means the product follows the market instead of solving a clear problem or creating its own niche.

GREEN FLAGS

On the other side, there is a consistent set of signals that quickly move a startup into the shortlist.

✅ A working MVP with real customers.
Not just an idea or a concept, but a product that people are already paying for. Even US$10,000 in MRR at an early stage is a strong sign. It shows that product-market fit is starting to form in reality, not just in a presentation.

✅ A founder who speaks about the team in concrete terms. Instead of general titles, you hear specific names and actual results. This immediately raises the level of the conversation.

“When a founder explains that their tech lead has launched two products in three years, or that their Head of Sales has closed deals with top-tier operators, it becomes clear that the team is built intentionally. They understand who does what and why,” explains Andrei Alexandrov.

✅ A clear understanding of how the startup fits with RedCore. When founders explain how they can add value and how RedCore can support them, the conversation shifts. It stops being just a pitch and becomes a discussion about partnership.

“We are looking for partnerships, not just investment targets. Startups working with us gain access not only to capital, but also to clients, traffic, legal support, and real business infrastructure,” says Oleksandr Briukhovetskyi.

✅ A realistic 12–18 month roadmap.
Not bold promises, but clear and measurable steps. First market, first customers, first meaningful revenue. Ambition matters, but it needs to be grounded.

✅ And last but not least is willingness to build something long-term.
RedCore works as a strategic partner. This includes capital, expertise, infrastructure, and access to real business opportunities. In return, they expect commitment. Founders who are only looking for funding rarely fit this model. Those who are ready to build together usually create stronger outcomes.

If you recognize your startup in the green flags, you can apply here. If you see yourself in the red flags, now you know what to improve.