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Activat VC founder Marat Tolybay outlines six stages of startup review on Business FM
The Business FM episode covers the path from initial scoring to deal closing, and why a signed Term Sheet does not guarantee a deal.
Tokhum AI · 1 min read · reviewed by Leyla
Key facts
- Marat Tolybay is a venture investor and founder of Activat VC.
- He is the guest on episode 33 of Business FM's Startup Nation.
- The episode covers six stages of how a venture fund reviews startups.
- The stages run from initial scoring to Term Sheet, Due Diligence and closing.
- The episode covers Activat VC's use of AI for initial application review.
Marat Tolybay, a venture investor and founder of Activat VC, is the guest on episode 33 of Business FM's Startup Nation, published on 20 October 2026.
The episode is about how venture funds review startup applications. Business FM's description of the episode lists six stages: initial screening and scoring, meetings with the team, Term Sheet negotiations, Due Diligence, the final decision and closing the deal.
The episode also covers the criteria a fund applies and why it checks documents, finances and the rights to software code. It examines why an investment may not go through even after a Term Sheet has been signed.
According to the description, Activat VC uses AI for the initial assessment of applications, and the episode covers that process.
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