The verdict in three sentences
Before raising EUR 3M, a B2B SaaS founder should commission their own code audit rather than discover the flaws in the fund's report: budget EUR 6,000 to 20,000 for 2 to 4 weeks of work. The report covers architecture, security, test coverage, dependencies, hosting cost and bus factor (how many people can leave before the product becomes unmaintainable). Undocumented tech debt discovered in due diligence costs on average 10 to 20% of valuation or 2 months of closing delay, whereas debt identified with a costed plan becomes a simple line in the use of funds.
What a fund looks at in technical due diligence
Series A funds are not looking for perfect code. They want to know whether the product can handle 5 to 10 times more customers without a rewrite, whether the team can hire and ship fast, and whether a security incident could destroy value. Their due diligence provider typically spends 5 to 10 days on the repository and interviews the CTO for 2 to 4 hours.
| Audited area | 2026 indicator | Reassuring threshold | Red flag |
|---|---|---|---|
| Test coverage | % of lines covered in core domain | Above 60% | Below 20% or tests disabled |
| Dependencies | Libraries with known critical flaws (CVE) | 0 critical, under 5 high | Framework past end of support |
| Security | Penetration test under 12 months old | No open critical flaw | Plain-text secrets in the repo |
| Architecture | Tenant separation (multi-tenant) | Isolation tested per tenant | Customer data mixed without controls |
| Hosting cost | % of recurring revenue | Below 10% | Above 25% |
| Bus factor | People who master each critical module | At least 2 | 1 developer, often the founder |
| Deployment | Frequency and automation | Several times a week, CI/CD | Manual deployment over SSH |
Price and scope of a preparatory audit in 2026
Price depends mostly on codebase size and requested depth. A "flash" audit reassures on deal-breakers; a full audit produces a report you can share as-is in the data room.
| Package | Scope | Duration | Price excl. VAT (2026 order of magnitude) | Deliverable |
|---|---|---|---|---|
| Flash | Architecture review, dependency scan, CTO interview | 1 week | EUR 6,000 to 8,000 | 10-page memo, top 10 risks |
| Standard | Flash + static analysis, tests, cloud costs | 2 to 3 weeks | EUR 10,000 to 14,000 | Scored risk report, remediation plan |
| Full | Standard + penetration test, GDPR review, scalability | 3 to 4 weeks | EUR 15,000 to 20,000 | Data room report, costed appendices |
| Remediation of critical items | Security fixes, core tests, version upgrades | 4 to 8 weeks | EUR 15,000 to 45,000 | Fixed code, closing report |
| Counter-audit during due diligence | Answers to the fund's report | 3 to 5 days | EUR 3,000 to 6,000 | Point-by-point reasoned answers |
The right timing: start the audit 3 to 4 months before sending the data room. That leaves 6 to 8 weeks to fix critical items (exposed secrets, end-of-support dependencies, no tested backup) and document the rest in a costed remediation plan built into the use of funds.
Turning debt into a negotiation argument
Documented, prioritised and budgeted tech debt does not scare an investor: it shows the team knows its product. The report should separate three levels. Blocking risks (security, data isolation, code ownership) get fixed before the raise. Structural risks (scalability, a monolith that is hard to evolve) go into the 18-month plan with a budget. Cosmetic risks stay in the backlog. Also check the legal chain: code written by freelancers without a written IP assignment is a frequent deal-breaker.
Mini case study
Julien, founder of a construction site management SaaS in Bordeaux (EUR 1.1M ARR, 9 people), is preparing a EUR 3M Series A at a EUR 12M pre-money valuation. He commissions a standard audit at EUR 12,000 that reveals API keys in the Git history, 14% test coverage and a single developer who understands the billing module. Remediation takes 6 weeks for EUR 22,000. Total: EUR 34,000. Without this preparation, his adviser estimated a 10% discount (EUR 1.2M of valuation) or a delayed closing. The cost-to-avoided-risk ratio is roughly 1 to 35.
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FAQ
Doesn't the fund run its own audit anyway?
Yes, but its report is used to negotiate against you. A preparatory audit at EUR 6,000 to 20,000 lets you arrive with answers and a costed plan, and often shortens due diligence by 2 to 3 weeks.
Do we need a penetration test for a Series A?
It is strongly recommended if you process B2B customer data. An application pentest costs EUR 5,000 to 12,000 in 2026, and a report less than 12 months old is often requested.
What test coverage is acceptable?
There is no official threshold, but 60% on the core domain reassures. Below 20%, plan a budgeted catch-up effort, often EUR 10,000 to 25,000.
How long before the raise should we audit?
Ideally 3 to 4 months before the data room. An audit less than 4 weeks before closing leaves no time to fix blocking items.
Can the report be shared with the investor?
Yes, that is the very purpose of the full package. Ask for a report written for an external reader, with a 2-page executive summary and technical appendices.
Let's scope your project. We run your preparatory code audit (flash, standard or full, EUR 6,000 to 20,000) in 1 to 4 weeks, then remediate blocking items before your data room opens. Detailed quote within 48 h. WhatsApp +221 77 596 93 33.
Mohamed Bah
Fondateur, Kolonell
Passionate about digital and entrepreneurship in Africa, Mohamed has been helping Sénégalese businesses with their digital transformation since 2020. Founder of Kolonell, he believes every SME deserves a professional and accessible online présence.
