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AngelList Docs - Close your round online
- PStamatiou 14y agoSeems like a natural fit for Naval et al. We used something similar last year -- https://www.clerky.com/ https://www.clerky.com/
- sgrove 14y agoSeconded on Clerky, they're really amazing, and their support was fantastic. Felt like the future - and anytime I couldn't use it to close an investment, I felt major pain. Naval is in an amazing position traction-wise though, so it'll be interesting to see how things shake out. I'm pretty confident that either way, entrepreneurs and investors will both be winners.
- ivankirigin 14y agoI just incorporated using Clerky. Superb service.
- PStamatiou 14y agoNew startup Ivan? Been a while, should catch up sometime!
- ivankirigin 14y agoYes on both http://giantrobotlasers.com/post/26853484573/im-doing-a-new-startup http://giantrobotlasers.com/post/26853484573/im-doing-a-new-... Want to grab a beer tonight?
- salimmadjd 14y agoThis is a good first step, the question is how much protection founders gets. Are there any triggers if the founder is pushed out?
- djb_hackernews 14y agoIt says the TS is based on series seed docs. http://www.seriesseed.com/ http://www.seriesseed.com/
- naval 14y agoIn most Series Seed financings, the Founders retain Board Control and can't be pushed out by just the Investors. If they're pushed out by the other founders and by the investors together, then their vesting agreement will govern what happens.
- benmathes 14y agoLots of details here: https://angel.co/help/docs https://angel.co/help/docs
- francov88 14y agoWicked move. Love how it's so integrated into the platform.
- nivi 14y agoNivi from AngelList here. Please me know if you have any questions.
- StuieK 14y agoJust wanted to say thanks, you're making my life a lot easier.
- iag 14y ago+1. Thanks Nivi! You made our last funding effort so much easier, we can't say enough good things about angel list. I look forward to trying angel docs for my next startup when the time comes!
- acgourley 14y agoThanks for doing this - while certainly it existed before in Clerky I believe having it in angel list lends credibility which will ultimately save a lot of money and time for people.
- Cherian 14y agoAngelList Docs user here. The docs make it pretty much a tabular affair. Choose the cap, the money, the discount, acquisition multiples, etc and you are done. This makes for easy work, both with your lawyer and the investors.
- fieldforceapp 14y agoNivi, great idea -- thanks! The fine print says WSGR will help (for free?) if the startup is "qualified," what can you tell us about their qualification process?
- benmathes 14y agoRead all about it: https://angel.co/help/docs#free-closing https://angel.co/help/docs#free-closing
- naval 14y agoYes, WSGR will do the closing for free, for any startup that they're willing to take on as a client (i.e., credible). We'll be announcing other law firms who will do the same shortly.
- borski 14y agoThis is a brilliant move. A lot of entrepreneurs would likely still want to take it offline (if their needs don't satisfy Series Seed) but for the majority of people this will make life a whole lot easier - especially with no legal fees! Brilliant move on AngelList's part. Congrats Naval + Nivi.
- StuieK 14y agoBrilliant idea. The only other tools I use in conjunction with AngelList are Trello (Investor management) and a mindmap for keeping track of who knows who (AL has asynchronous following so their "You know via" isn't that helpful to me personally)
- salman89 14y agoFirst step to crowdfunding for equity online. I think AngelList is being smart and honing down what that would begin to look like.
- Cherian 14y agoCherian from Cucumbertown (http://www.cucumbertown.com/ http://www.cucumbertown.com/) here. I think we were among companies to do the AngelList Docs online. Can answer related questions. Edit: First
- mirz 14y agoThis is great. Can't wait to see the funding platform revealed.
- grabeh 14y agoIf the documents are in relatively stable form and there won't be much negotiation, it absolutely makes sense for a law firm to do this for free particularly as you are then establishing a relationship with what is viable start-up. At least in the sense that they have been able to attract financing (which may or may not stand for very much in the long-term of course). Of course, if the documents are in a relatively agreed form and are not generally negotiated, it makes me wonder why a law firm needs to be involved at all (speaking as a lawyer). Perhaps this is where Clerky comes in... I also wonder if the free provision of legal services for the financing is conditional on the company spending fees with WSGR on related agreements? I'm sure there'll be a fair amount of pressure from WSGR for the start-up to use WSGR's paid services.
- loceng 14y agoSexy.