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The six stages

AngelHub’s default pipeline has six stages. Every application enters at Created and either progresses to Completed or exits at Declined at any point along the way.

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Created

What it means: The application has been submitted by the entrepreneur and is waiting for initial review. Who is active: Admins can see it. It is not yet assigned to an Assessor. What happens here: The admin or an Assessor picks up the application and begins the initial read. The application moves to Screening when active review begins. Typical duration: A few days to two weeks.

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Screening

What it means: An Assessor is actively reviewing the application against the group’s screening criteria. Who is active: Assessors. Admins can also see it. What happens here: The Assessor works through the 8-dimension screening framework, may ask the entrepreneur clarifying questions via Q&A, and decides whether to invite the company to pitch or decline. Typical duration: One to three weeks. Stage transition: Moving to Pitching requires assigning a Project Lead. Moving to Declined records a reason.

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Pitching

What it means: The company has been invited to pitch to the angel group. Who is active: Project Lead, angel members, admins. Assessors can still see the project but are less active. What happens here: The pitch event is arranged and takes place. After the pitch, the group discusses whether to proceed to due diligence. If yes, the Project Lead initiates the move to DD. Typical duration: One to four weeks (from invitation to post-pitch decision). Stage transition: Moving to Due Diligence triggers the £50 DD charge and requires acceptance before proceeding.

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Due Diligence

What it means: The group is actively investigating the company before making an investment decision. Who is active: Project Lead, angel members, admins. What happens here: The full DD process — 8 work packages, coverage map, AngelAI, data room review, reference checks, financial model stress tests, legal review, and WNTBB assessment. The Project Lead presents a recommendation to the group at the end. Typical duration: Six to eight weeks. Stage transition: Moving to Closing follows a positive group decision. Moving to Declined records the reason.

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Closing

What it means: The group has decided to invest. Legal documentation is being prepared and finalised. Who is active: Project Lead, admins, and the angels who have committed to invest. What happens here: Legal documents are prepared (investment agreement, shareholders agreement), the disclosure letter is reviewed, EIS/SEIS compliance is confirmed, and funds are transferred at completion. Typical duration: Two to four weeks for a straightforward deal; longer for complex structures. Stage transition: Moving to Completed records the final investment details.

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Completed

What it means: The investment has completed. Funds have been transferred and the company is now a portfolio company. Who is active: Admins (for portfolio monitoring). What happens here: The project moves to the portfolio view. Portfolio companies report regularly to the group and investors track their holdings over time.

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Declined and Archived

Declined — an application that did not proceed at any stage. Recorded with a reason. Retained for reference. The entrepreneur can reapply in future. Archived — projects that were withdrawn, stalled, or otherwise did not complete for reasons other than a formal decline decision. Both are accessible from Projects → Declined and Projects → Archived. No data is deleted — these records are retained for GDPR purposes and for the group’s historical reference.