Since the launch of Capital Waters mid-November 2013 we have received an overwhelming amount of positive reactions on our initiative. We were happy to see that many people endorsed our vision of making a standardized set of investment documents publicly available for use in early stage transactions. We thank you for your comments and reactions and encourage you to keep sending us feedback on this initiative and the model documents itself.
Today, we have published a few more investment documents on our website. First of all, for the venture capital document, the appropriate articles of association that are fully aligned with the model subscription and shareholders agreement (for preferred shares). We would like to thank Casper Jones and Marc Scholten of the notary firm Veldhuizen Beens Van de Castel for preparing these articles and making them available on our website.
Secondly, we have prepared a simplified and shorter version of the subscription and shareholders agreement, focussed on angel investments. We expect this type of deals to range from around 25,000 to around 250,000 euro, although no real limitations apply.
When Friends, Family, Informal Investors or Business Angels invest a relative small amount in a very early stage start-up, the venture capital version of the subscription and shareholders agreement is in many cases too extensive and burdensome. The documents for Angel Investment have been prepared to solve this: only ordinary shares for both founders and investors, no milestones, no liquidation preference, no anti-dilution provision, no supervisory board and simplified warranties, simpler leaver provisions and information requirements. Based on our experience this represents widely a consensus on what should and should not be in a standard angel investment document. However, we are happy to receive any different views on this.
Please have a look and feel free to use the documents, after reading the disclaimer. Don’t forget to provide us with your feedback!
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