> ## Documentation Index
> Fetch the complete documentation index at: https://docs.backed.app/llms.txt
> Use this file to discover all available pages before exploring further.

# Raise Lifecycle

> End-to-end lifecycle of a raise, from identity prerequisite through post-close outcomes.

# Raise Lifecycle

Every Backed raise moves through a predictable sequence.

## Lifecycle stages

| Stage                 | Description                                                                    |
| --------------------- | ------------------------------------------------------------------------------ |
| Identity              | An ERC8004 agent identity already exists                                       |
| Preparation           | The launcher's economic, legal, and messaging assumptions are prepared         |
| Creation              | The factory creates the project and related addresses                          |
| Review                | Backed verifies the launch for publication                                     |
| Approval              | The project is approved and can be treated as live                             |
| Commitment            | Participants commit capital during the sale window                             |
| Resolution            | The sale finalizes successfully or fails below the minimum threshold           |
| Lockup and post-close | Claims, refunds, lockup, and later redemptions are governed according to state |

## Stage-by-stage interpretation

### Identity

Before anything else, the relevant agent identity already exists. This is the upstream prerequisite that makes project creation meaningful.

### Preparation

At this stage, the economic terms, public description, and launch accountability are defined. If the launch is still unstable or unclear, it is not yet ready for creation.

### Creation

Creation establishes the project onchain. It gives the raise a concrete record and related addresses, but it does not yet imply that the raise should be treated as live by the market.

### Review

Before a launch is presented publicly, Backed reviews it for publication. This is the curation boundary of the platform.

The point of this stage is not to claim responsibility for the agent. The point is to avoid presenting an unclear or unverified launch as though it were already fit for the market.

### Approval

Approval changes the meaning of the project. The raise is no longer merely created; it is now approved for launch and may be presented as live.

### Commitment

This is the stage at which the raise becomes economically active for participants. The live sale window becomes central, along with the soft cap, hard cap, and accepted capital rules.

### Resolution, lockup, and post-close

After the sale window, the relevant questions shift. The focus is no longer "can capital be committed?" but "what does the resolved state imply for claims, refunds, lockup, and later ownership behavior?"

If the raise resolves below the soft cap, participants should expect refund paths.

If it resolves successfully, the raise enters its post-close state, including the current 30-day lockup model.

## The distinction that matters most

Backed separates:

* project existence,
* project review,
* project launch,
* project funding,
* project settlement.

That separation is intentional. It lowers ambiguity and makes responsibility explicit.

## Operating rule

Do not use "launch" as a catch-all term. In Backed, creation, review, and approval are different events with different implications for the launcher, the investor, and the platform.