How do the sample Series Seed financing documents differ from typical Series A financing documents?

After the recent announcement of the Series Seed Financing documents by Marc Andreesen, Brad Feld points out that there are now four sets of “open source” equity seed financing documents:

  • TechStars Model Seed Funding Documents (by Cooley)
  • Y Combinator Series AA Equity Financing Documents (by WSGR)
  • Founders Institute Plain Preferred Term Sheet (by WSGR – disclaimer, I represent the Founders Institute and was involved in drafting this document)
  • Series Seed Financing Documents(by Fenwick & West)

My general opinion is that anything that makes

Series Seed Financing Documents

…. I think this quote accurately captures the life-cycle of creating a simple set of documents for early stage investment. I’ve attached version 2.0 of the Series Seed Documents as well as a red-line showing the changes I’ve made from the original set.  If you peruse the red-line, you will see that there are not many changes.  That’s because there are not that many issues to negotiate in a simple equity financing.  Of course, one could argue, that I’m just not taking comments I disagree with (or that nobody cares enough to comment),

Founders Institute: New “Plain Preferred” Term Sheet

TheFunded Founder Institute has just released a new “Plain Preferred” term sheet with support of the blogosphere, including top-rated venture capitalist, Fred Wilson.

Chris Dixon posted about for first round funding, which started an . Fred Wilson came out in support of , so TheFunded Founder Institute has engaged WSGR to author the exact template agreed on by various entrepreneurs and investors for anyone to use:

Plain Preferred Term Sheet:

The new “Plain Preferred” term sheet compliments <a href="

Series AA Equity Financing Documents

Y Combinator and Wilson Sonsini Goodrich & Rosati are happy to announce the Series AA Equity Financing Documents. Their goal is to make angel funding rounds for startups easier for both sides.

These documents were originally created for YC-funded startups to use when raising angel rounds. They seem to have worked well in trial runs so far, so we’re open-sourcing them.

While they may not be suitable for all situations, the goal was to make the terms fairly neutral. So while we would of course advise both parties using these documents to have their lawyers look at them, they provide a star

TechStars Model Seed Funding Documents

By David Cohen: Today, just as I promised in the , we’re releasing the various legal documents that we use as a starting point for seed stage financing for our companies. We’ve now done a dozen or so of these, and we thought it would be useful to release the documents to the community. We think that they’re great model documents for an angel or seed financing in the $250k-$2M range. They represent a “light” preferred equity financing and have very simple terms that are generally “balanced” but if anything lean toward the entrepreneurs and represent a great deal of trust in them, which we thin