AngelList Docs - Close your round online

by PStamatiou • 14 years ago

149 24 14 years ago

PStamatiou2• 14 years ago

Seems like a natural fit for Naval et al. We used something similar last year -- https://www.clerky.com/

sgrove• 14 years ago

Seconded 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.

ivankirigin2• 14 years ago

I just incorporated using Clerky. Superb service.

PStamatiou2• 14 years ago

New startup Ivan? Been a while, should catch up sometime!

salimmadjd• 14 years ago

This 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• 14 years ago

It says the TS is based on series seed docs. http://www.seriesseed.com/

naval2• 14 years ago

In 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.

benmathes2• 14 years ago

Lots of details here: https://angel.co/help/docs

francov88• 14 years ago

Wicked move. Love how it's so integrated into the platform.

nivi• 14 years ago

Nivi from AngelList here. Please me know if you have any questions.

StuieK2• 14 years ago

Just wanted to say thanks, you're making my life a lot easier.

iag• 14 years 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• 14 years ago

Thanks 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.

Cherian2• 14 years ago

AngelList 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• 14 years ago

Nivi, 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?

benmathes2• 14 years ago

Read all about it: https://angel.co/help/docs#free-closing

naval2• 14 years ago

Yes, 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• 14 years ago

This 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.

StuieK2• 14 years ago

Brilliant 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• 14 years ago

First step to crowdfunding for equity online. I think AngelList is being smart and honing down what that would begin to look like.

Cherian2• 14 years ago

Cherian from Cucumbertown (http://www.cucumbertown.com/) here.

I think we were among companies to do the AngelList Docs online. Can answer related questions.

Edit: First

grabeh• 14 years ago

If 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• 14 years ago

Sexy.

AngelList Docs - Close your round online

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