# The Down Round: Raising Capital When the Market Has Turned

> For founders, chief executives, directors and investors in African growth companies. Know your runway, talk early with investors, read the terms that…

- Provider: BrandsClass Executive Academy (a Brands Nexus Network Limited company)
- Format: online lessons, then a live virtual boardroom simulation with AI board members, scored against a published rubric
- Duration: about 240 minutes (9 lessons)
- Access: 365 days from the day you start
- Price: ₦305,000 (NGN)
- Certificate: a certificate that anyone can verify online. It is not a regulated or accredited qualification.
- Level: Boardroom
- Who it is for: Founders, chief executives, directors, CFOs and investors in African startups and growth companies.
- Page: https://brandsclass.com/courses/the-down-round-raising-capital-when-the-market-has-turned/
- Last updated: 2026-10-18

## What you will learn

- Recognise the signals of a down round and act while there are still options
- Build an honest runway, break-even plan and set of alternatives
- Talk to existing investors early and manage investor conflicts
- Read term sheets for preferences, anti-dilution, control and pay-to-play
- Compare bridges, debt, partners, a sale, a merger and a wind-down on value and risk
- Keep key people, treat staff fairly and communicate truthfully
- Decide on a recorded process, understand directors' duties and rebuild with discipline

## Lessons

1. Anatomy of a down round
2. Know your runway and your options
3. Talking to existing investors
4. Term sheets that can sink a company
5. The alternatives to a down round
6. People, options and morale
7. Communicating a down round
8. Deciding, governance and directors’ duties
9. After the round: rebuilding and discipline

## How to enrol

Open https://brandsclass.com/courses/the-down-round-raising-capital-when-the-market-has-turned/ to create a free account and buy a seat.