In the third and final phase of fundraising, you work with investors to go from a signed term sheet to “money in the bank,” a process which is called closing.
Relative to Phase I - Preparation and Phase II - Fundraising, closing is rather easy since you have a firm footing upon which to stand - namely, a signed term sheet. While I advise against celebrating before the actual close, founders generally breathe a sigh of relief, because the hardest part is behind them. While the round can still fall through, it is rather unlikely, especially if working with a reputable venture capital firm.
Even so, there are a number of key priorities during closing, which typically take 2-3 months to complete. Your most important objective should be to get everything done as quickly as possible so you can go back to building the business.