People from both sides of the table have taken part in crafting these documents. Templates include ready made papers for three different cases:
The documents are licensed under Creative Commons: Attribution 3.0.
Inspired by Seriesseed.com by Fenwick & West, we aim to make legal paperwork more standardized. This makes it easier to incorporate and raise funding, without favoring neither the investors nor the entrepreneurs. An update (release 3.0) on the documents was prepared to link the Finnish documents to the pan-Nordic site & conventions https://startuptools.org/. Documents are intended to be used as-is, so further term negotiations aren’t always necessary. However, forms provided are only for your guidance and for discussion purposes. Seek independent legal advice before executing.
Organizations supporting Seriesseed.fi
The new release 3.0 is ready. To celebrate the occasion we also refreshed the website. The documents now include templates for three different cases:
Shareholders’ Agreements for between founders
Shareholders’ Agreements for an angel investment
Shareholders’ Agreements for a VC lead investment
The new documents have been made on startuptools.org templates though in a manner that they are materially in line with the commercial contents of the seriesseed.fi docs with some improvements. In the document kit there’s also a summary sheet clarifying the material differences between the 2.0 and 3.0 updates.
We also prepared separate templates for “Founder SHA”, “SHA with smaller investors” and “SHA with a Lead Investor” in accordance with the startupools.org approach. In addition, there is one subscription agreement template.
Huge thanks to Ville Vesterinen for co-ordinating the work, to Kimmo Reina @Bird&Bird for preparing the documents and to Erik Byrenius for the startuptools.
The new release 3.0 will be available by the end of 2020.
The aim of the update has been to 1) have a status check since the last update on how the documents have worked and what needs to change if any, 2) if possible move the documents little closer to seriesseed.com conventions to make it easier for international investors to invest in Finnish startups and 3) to build a bridge with other Nordic startup investors, namely to link the Finnish documents to the pan-Nordic site https://startuptools.org/.
The Startup Foundation and the Aalto Entrepreneurship Society have agreed to transfer the responsibility for maintaining the SeriesSeed.fi website to the Startup Foundation.
Original version 1.0 documents were created by KallioLaw. A new version 2.0 of the SeriesSeed.fi documentation was prepared by Dottir and released in 2016. A new version 3.0 of the SeriesSeed.fi documentation was prepared by Kimmo Reina at Bir&Bird and released in 2020. The material changes to the 2.0 version are described in the documentation package.