B2 Upper IntermediateB2 · Module 04Class 13

B2 · Module 04 · Class 13 — The Investment Memo

Narrative Scene

The TechNova crisis is closed. Marcus Chen's term sheet is in. Now the real work begins: Brian must write the formal investment memo that will accompany the Series C documentation. This document — distributed to Apex Capital, Nordic Capital, and Kestrel Ventures — must make the case for GBP 30M at a post-money valuation of GBP 120M. It must be credible, structured, and persuasive.

Brian is a strong speaker but admits that formal written argumentation does not come naturally to him. He knows what he wants to say; the challenge is signposting the argument clearly so that a reader — especially a lawyer or financial analyst — can follow the logic without ambiguity. The tool for this is discourse markers: the signposts that tell a reader where the argument is going, what kind of point is being made, and how the pieces connect.

Discourse Markers for Argumentation

Discourse markers are words or phrases that signal the logical, structural, or rhetorical relationship between ideas. In formal professional writing — investment memos, board papers, executive reports — they are not optional decoration. They are the architecture of the argument.

1. Frame Markers — opening, closing, and transitioning

Frame markers tell the reader what the writer is about to do, or signal a move to a new section.

Marker	Function
This memo sets out / addresses / examines...	announces the document's purpose
Turning to the question of...	moves to a new topic within the same document
With regard to / With respect to...	introduces a specific sub-topic
In the section that follows...	previews what comes next
To summarise the foregoing...	signals a summary of preceding material
In conclusion / To conclude...	signals the final evaluative move

2. Evidential Markers — introducing evidence and data

These signals that what follows is grounded in evidence, not opinion.

Marker	Function
It should be noted that...	flags important supporting information
As evidenced by... / As demonstrated by...	cites specific evidence for a claim
The data indicate(s) that... / The figures suggest...	presents quantitative evidence
A case in point is...	introduces a specific illustrative example
This is further supported by...	adds a second piece of supporting evidence
It is worth observing that...	draws attention to a notable but perhaps overlooked fact

3. Logical Connectors — cause, consequence, and inference

These signal how one idea produces, leads to, or follows from another.

Marker	Function
As a consequence / As a result / Consequently...	signals a result or outcome
It follows that... / This implies that...	draws a logical inference
Given that... / In light of...	provides a causal premise for a claim
This, in turn, has led to...	shows a chain of causation
For this reason... / On this basis...	links a conclusion to its premise

4. Additive Markers — building the argument

These add further points that support or elaborate the same claim.

Marker	Function
Furthermore... / Moreover...	adds a point of equal or greater importance
A further consideration is...	adds a supplementary point formally
Of equal significance is...	adds a point and explicitly weights it
In addition to the above...	adds without explicitly comparing weight
Not only... but also...	adds and escalates simultaneously

5. Summative and Evaluative Markers — drawing conclusions

These appear at the end of a section or argument to synthesise what has been said.

Marker	Function
On balance...	signals a weighing of competing considerations
Taken together... / In aggregate...	synthesises several points into one conclusion
The above analysis suggests / indicates...	links evidence to a conclusion formally
It is on this basis that...	introduces the conclusion drawn from prior reasoning
All things considered...	signals a final holistic judgement

6. Restrictive Markers — scoping and qualifying

These limit the scope of a claim without fully withdrawing it.

Marker	Function
With the exception of...	acknowledges one counter-case without abandoning the claim
Confining the analysis to...	narrows scope deliberately
In so far as... / To the extent that...	qualifies the range of applicability
Setting aside the question of...	explicitly defers a point for later
For the purposes of this analysis...	signals a deliberate simplification

Argumentation and Analysis Language

Term	Meaning	Example in context
to substantiate	to support a claim with evidence	"This section substantiates the case for a three-market entry."
commensurate with	proportionate to; at the right level relative to	"The valuation is commensurate with Meridian's growth trajectory."
to underpin	to provide the foundation or basis for something	"Strong ARR growth underpins the investment thesis."
deployment	the use or application of capital or resources	"Capital deployment is expected in three tranches."
traction	evidence of real-world progress or market uptake	"The Mexico pilot demonstrated meaningful commercial traction."
adjacency	a market or product close to an existing one	"Germany represents a natural geographic adjacency to the UK business."
return profile	the pattern of expected financial returns	"The return profile is attractive given the market size."
capital allocation	the decision about where to invest available funds	"Prudent capital allocation is central to the three-market plan."
headroom	room for growth; capacity above current performance	"The Singapore market offers significant headroom for expansion."
run rate	the projected annual value of a metric if current trends continue	"Current run rate ARR is GBP 8.4M, with Q2 projections of GBP 9.2M."

Investment Memo: Executive Summary

Read the opening two sections of Brian's draft investment memo. Every discourse marker is deliberate — notice how they guide the reader.

MERIDIAN TECHNOLOGIES — SERIES C INVESTMENT MEMO

Prepared by: Brian Okafor, Director of Strategic Partnerships

Distribution: Apex Capital | Nordic Capital | Kestrel Ventures

Date: 2 April 2026 | Confidential

1. PURPOSE

This memo sets out the strategic rationale for Meridian Technologies'

Series C fundraise of GBP 30 million at a post-money valuation of

GBP 120 million. It addresses three questions: why raise now, why these

markets, and why this valuation is justified. Turning to each in sequence:

2. MARKET OPPORTUNITY

It should be noted that Meridian's core product — enterprise workflow

automation for mid-market B2B companies — operates in a market estimated

at GBP 4.2 billion in the UK alone. As evidenced by our current ARR run

rate of GBP 8.4 million, we have established a commercially validated

position in the UK mid-market.

The data indicate that penetration of equivalent markets in Germany,

Mexico, and Singapore remains below 12% for comparable SaaS offerings.

This is further supported by the results of our Mexico City pilot (Q3

2025), in which a twelve-week engagement with three enterprise clients

produced GBP 340,000 in contracted ARR — a rate of acquisition

commensurate with our best UK cohort results.

Furthermore, the regulatory environment in Germany (GDPR-aligned)

and Singapore (PDPA-compliant infrastructure) presents no material

barrier to entry for a UK-headquartered SaaS provider. A further

consideration is that both markets benefit from established professional

services ecosystems into which Meridian's partnership model integrates

naturally. In light of these factors, the three-market expansion

strategy is, on balance, the most capital-efficient path available

to the company at this stage of development.

Comprehension and analysis:

• Underline every discourse marker. Classify each one by category (frame / evidential / logical / additive / summative / restrictive).

• Why does Brian open Section 2 with "It should be noted that..." rather than "Meridian's core product..."?

✏️

Practice Exercises

5 questions

New exercises to reinforce what you learned. Different from the lesson material.

Matching · 1 of 5

Fill in the Blank · 2 of 5

___ the Q3 pilot, Meridian has demonstrated commercial traction in Mexico. [evidential]

Fill in the Blank · 3 of 5

___ these three data points, the investment thesis is clear. [summative]

Fill in the Blank · 4 of 5

___ the Singapore market entry, all procurement has been finalised. [restrictive — with exception]

Fill in the Blank · 5 of 5

The German market is attractive. ___, it presents the lowest regulatory risk of the three. [additive]

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B2 · Module 04 · Class 14 — Put It First →