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ASAs and convertible notes

Raise before a funding round

Our SeedFAST advanced subscription agreement and SeedNOTE convertible loan note let you take a one-off investment before a funding round. They allow you to raise without having to value your company.

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Introducing SeedFAST
and SeedNOTE

  • Raise Before A Formal Round

    Allow pre-paid shares

    Investors subscribe for shares in your next funding round in exchange for cash now.
  • Decide Your Valuation Later

    Decide your valuation later

    SeedFASTs and SeedNOTEs convert into shares later, giving you time to grow your future valuation.
  • Icon People

    Use internationally

    SeedFASTs are SEIS/EIS compatible in the UK. They can be used by foreign companies for UK-based investors. SeedNOTEs can be used anywhere in the world.
  • Document 1

    Create and sign online

    Keep all your documents safe with secure online storage, and save time by creating, sharing and signing documents on SeedLegals.
  • Icon coins

    Raise smaller amounts

    Now you can accept smaller amounts of capital as and when you need to instead of doing a big funding round.
  • Icon Rocket

    Reduce funding costs

    SeedFAST and SeedNOTE can dramatically decrease the time and cost of raising capital (by up to 80%).
  • Icon Pitch Deck

    Make ASAs easy

    SeedFAST allows you to create an advanced subscription agreement in minutes.
  • Document 2

    Make convertible notes simple

    SeedNOTE allows you to create a convertible loan note in minutes.
  • Advanced subscription agreements made easy

    SeedFAST, perfect for SEIS/EIS investments

    SeedFAST is ideal before your first funding round or as a bridge to a later funding round. It’s easy to set up and a popular alternative to a convertible note.

    Try our SeedFAST equity dilution calculator
    • tick SEIS/EIS compatible
    • tickUK equivalent of the YC SAFE
    • tickFor UK investors - SeedFAST can be used by UK or international companies
    The convertible loan note with extra features

    SeedNOTE, great for more complex deal terms

    If your investor is looking for a return of capital, interest or more complex deal terms, our SeedNOTE convertible loan note is the way to go.

    • tickMultiple investments per SeedNOTE
    • tickAuto-filled documents to save time
    • tickGlobally accepted
    Unlimited help with your ASA or convertible note

    Speak to our experts

    Not sure whether you need an advanced subscription agreement or a convertible loan note? Stuck on which deal terms to choose? We can help.

    • tickTalk to us via live chat, phone, email or video call
    • tickUnlimited help included in all memberships - no extra cost
    • tickAsk us anything - we're here 9am to 6pm Monday to Friday

    Here's how it works

    • Create your agreement

      Select SeedFAST or SeedNOTE and add your investors.

    • Enter your deal terms

      Usually, founders give investors a 10%-20% discount on the share price at the next round.

    • Get all your docs in minutes

      SeedLegals generates all key documents for the deal, ready to share and sign online.

    • Receive your funds

      After your investor signs, they send you the money directly.

    • Ask us if you need help

      Hit the chat bubble to message our experts.

    Frequently asked questions

    Still have questions?

    • What is a SeedFAST?

      SeedFAST is a type of Advance Subscription Agreement (ASA). These are individual, simple, quick agreements for future equity in the company where investors pre-pay for shares that will then be allocated to them in the next funding round.
    • What is a SeedNOTE?

      A SeedNOTE is a type of convertible loan note. Convertible loan notes (or just convertible notes) give investors debt in your company. This will then be converted into shares at the next funding round. Being in debt gives an investor more protection if things go wrong, and SeedNOTEs usually have an interest rate which your company pays to the investor.

      Read more about convertible loan notes in our article
    • When should I use a SeedFAST/ NOTE?

      SeedFASTs and SeedNOTEs should be used as a bridge to a later funding round, that will usually take place within a year. These agreements are perfect for when you want to quickly take in a small investment and you don’t want to commit to a valuation and doing a full funding round.

      Use a SeedFAST for a simple investment. SeedFASTs are SEIS/EIS compatible.

      A SeedNOTE should be used when your investor requires more complex deal terms such as a return of capital.
    • When does the investor get issued equity?

      The SeedFAST/ NOTE Agreement will convert to equity at the next funding round, when you raise above a preset qualifying amount, or at the long stop date, the date at which it will automatically convert if you don’t raise any more funds.
    • Are SeedFASTs SEIS/EIS compliant?

      Yes. SeedFASTs are similar to convertible notes but they aren’t classified as debt and this makes them SEIS and EIS compliant. As long as you convert the SeedFAST to equity within six months of your investor sending you the funds.

      Read more about SeedFASTs and SEIS/EIS in this article.
    • When can investors claim their SEIS/EIS relief?

      Investors can claim their SEIS/EIS tax relief in the tax year in which the shares were issued. This means that the investors won’t be able to claim their relief until the SeedFAST Agreement converts to equity.
    • Are SeedFASTs and SeedNOTES internationally accepted?

      SeedFASTs can be used by companies anywhere in the world for UK-based investors. SeedFAST is similar to Y Combinator’s SAFE but specially created by our Legal team for UK investors. We also have versions for France, Singapore and Hong Kong.

      Read more on how SeedFAST works for international companies.

      SeedNOTEs can be used for both companies and investors anywhere in the world.
    Get in touch

    You’re in safe hands

    Our team of legal and funding experts have helped thousands of entrepreneurs raise money and grow their businesses.

    • Beautifully organised

      Your company's core agreements, all in one place

    • Secure signatures

      Share and collect signatures online via SeedLegals

    • Backed by real lawyers

      Create the exact documents you need at every stage of growth

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      Your information stays safe and confidential in our secure system

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      Talk to one of our friendly team anytime on live chat

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      Don't worry, our insurance covers claims related to our platform

    We’ve helped over 50,000

    From food to FinTech and beyond, join thousands of startups who use SeedLegals to start, raise and grow faster.

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