Empirical evidence shows that Management Control Systems (MCS) can provide support for decision-making for investments in startup companies. This study examines the perceptions of investment fund managers on the design and use of MCS in startups at different stages in the process of evaluating financial contributions. Semi-structured interviews were conducted with managers of three investment funds, and the construction of empirical evidence was supported by content analysis of the narratives. In terms of the design of the MCS, the results showed that the emphasis is on the system's ability to provide controls that are aligned with: the startup project and entrepreneur profile; the risks assumed and the resources invested; and the purchase/sale negotiation of the fund's investments, continuity of the startup, and value creation. In relation to the use of the MCS, the focus is on controls of the risks assumed and the plan of action; enhancing the company’s value and information to achieve the organizational objective; and information that shows the importance of the fund for executing the project and creation of value in the startup. It is concluded that the design and use of MCS are drivers of the process of financial investment by investment funds in startups, and for mitigating the inherent risks.