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In case you missed it - December
News Published:  Jan 8, 2024 6 min read

In case you missed it: December 2023

Suzanne Worthington
Suzanne Worthington

Catch up on the latest news from SeedLegals. In December, our new Syndicate service for investors went live, making it easy for a group to invest in companies raising on SeedLegals. You can now re-use the terms from a previous SeedFAST (or BSA Air in France) and soon you’ll be able to create multiple SeedFASTs in one go.

Not long now until the SeedLegals Startup Awards. In December, we announced our sponsors and the grand prize on offer for the overall winner of SeedLegals Startup of the Year.

Read on to find out more about these updates and what’s coming soon.

Contents

🆕 What’s new

🔜 Coming soon

🙏 Thanks for your input

📣 Have your say

🆕 What’s new

Re-use the terms from a previous SeedFAST

When you create a SeedFAST (or in France, a BSA Air), wouldn’t it be handy if you could recycle the terms you used on a previous SeedFAST you created? That’s now possible, saving you even more time when you take a one-off investment.

Now, when you create a SeedFAST on SeedLegals, you can re-use the terms from a previous SeedFAST agreement, and then edit them as required for the new investment. Here’s how it works – the steps are the same if you’re creating a BSA Air on SeedLegals France:

  • Log in, go to Raise and in SeedFAST, click Create
  • Enter the investment amount and click Start now
  • To re-use terms, select a previous SeedFAST and click Continue
    To view a summary of the terms for a previous SeedFAST, click the down arrow next to it.
    We only show you SeedFASTs with distinct terms, so if you’ve completed several SeedFASTs with identical terms, we only show you one of these and list the other SeedFASTs with the same terms under it.
  • Add the investor details as normal and hit Continue
  • The terms are replicated from the previous SeedFAST you selected.
    You can then review and edit the terms.

Win a £50,000 equity investment at the SeedLegals Startup Awards 🏆

We recently announced the grand prize for the SeedLegals Startup Awards. The judges will select one company from the finalists in every category of the awards to win the title of SeedLegals Startup of the Year.

The winner won’t just win this prestigious title, they’ll be eligible to receive £50,000 equity investment from angel investor(s), subject to the Awards T&Cs. All winners will be announced on the evening of the Awards.

Buy your ticket
There’s not long left to secure your place at the awards evening taking place on 22 February 2024 at Battersea Arts Centre, London. The event is open to all. Sign up for a lively evening of networking and celebrating for just £70. Book tickets now

The SeedLegals Startup Awards recognise the outstanding contributions of founders, startups and investors who drive entrepreneurship in the UK. The event is generously sponsored by:

  • HSBC
    HSBC Innovation Banking provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity and venture capital industries.
  • Innovation Broking
    Innovation Broking, part of Howden, is an independent commercial insurance broker. They provide corporate insurance broking services for companies and organisations looking for a knowledgeable and expert board level partnership.
  • Deel
    Deel is an all-in-one HR and payroll platform for global teams. It helps companies simplify managing an international workforce, from culture and onboarding, to local payroll and compliance. Deel works for independent contractors and full-time employees in more than 150 countries.
  • Simons Muirhead Burton LLP
    SMB is an innovative full-service law firm. The team advises a wide range of clients, from individuals to start-ups, major corporations, public bodies and international businesses which need sophisticated advice as they grow and face new challenges.

It isn’t too late to join us as a sponsor. Get in touch before the end of January 2023: [email protected] 

Find out more about the sponsors of the SeedLegals Startup Awards and how they can help your company: Meet the sponsors

For investors: Invest as a group with SeedLegals Syndicate

With the new SeedLegals Syndicate service, groups of angel investors can invest together in companies fundraising on SeedLegals.

Lead investors can use SeedLegals Syndicate to generate and share the legal documents to create a syndicate before they invest together in a startup on SeedLegals. There’s no need to go through the costly process of creating an SPV (special purpose vehicle) for the deal, a syndicate can invest as a group using the SeedLegals nominee company.

For lead investors and their syndicate members, the entire process of investing is much faster and far more straightforward with SeedLegals Syndicate:

⏱️ Save time on admin
Set up your syndicate with SeedLegals MPL in less than a day. Set one carry fee for the syndicate. Spend less time on admin, free up your time to hunt for great deals.

☂️ Effortlessly comply, with built-in best practice
Run your syndicate deals with SeedLegals MPL using our verified documents and straightforward workflow.

🪄 Simplify ongoing admin
Manage your syndicate group on the SeedLegals MPL dashboard, and track closed deals in your investment portfolio view.

💷 Offer the members SEIS/EIS tax relief
Where investments qualify, members of your syndicate can claim SEIS/EIS tax relief on their investments after the round is closed, just as if they invested as individuals. (The syndicate members’ eligibility depends on their individual circumstances and any later changes in their situation.)

⚖️ Save on legal fees
SeedLegals Syndicate costs just £1,990 + 1% of the syndicate investment, + VAT, capped at £10,000. For example, if your syndicate will invest £200,000, then the fee will be £3,990 + VAT. This fee is paid to SeedLegals MPL by the investee company.

If you have potential investors thinking about bringing in other investors, make sure you let them know about SeedLegals Syndicate.

For startups, having a syndicate invest in your company can be easier than having lots of separate investors. Negotiating, taking the investment and interacting with the investors are all streamlined because you’ll communicate only with the lead investor who represents the collective interests of the syndicate.
Read more in our post: What is a syndicate? How to invest as a group
SeedLegals Rollup

Group investors on your cap table

If you have multiple potential investors who aren’t a syndicate, you can use SeedLegals Rollup to turn your investors into one easy-to-manage entry on your cap table.

How it works
Rollup in a funding round

SeedLegals France: Select French for email notifications

Great news for our members in France: you can now choose French as the language for email notifications from SeedLegals. Notifications are the automated messages, confirmations and reminders that we send to you, your company admins and investors. To switch languages:

  • Log in > in the left menu, click on your name > Profile
  • In the tabs under Profile, click Email notifications and in dropdown list, select English or Français

🔜 Coming soon

As usual, our team is hard at work on many different projects. Here’s a snippet of what’s coming soon:

Take investment in any currency

Soon, SeedLegals users in the UK will be able to take investments in any currency using any of our funding services. We’ll calculate the equivalent investment amount in pounds (GBP) and determine the exact number of shares to issue according to whichever currency your investor pays in.

Create multiple SeedFASTs in one go

As well as re-using the terms from a previous SeedFAST (just released, see above), you’ll soon be able to create multiple SeedFASTs, or BSA Airs on SeedLegals France, for different investors at the same time.

We’re streamlining the workflow so you’ll only need to generate the legal documents once. This is already possible with Instant Investments, and soon it will be available for SeedFASTs / BSA Airs.

Although you could re-use the terms to create each SeedFAST, this update will mean it’s even faster and easier to create several SeedFASTS or BSA Airs in one go.

Thanks for your input

And finally, a big thank you to the founders who’ve taken the time to tell us what they think of several of the services on SeedLegals. Your opinions and ideas help confirm our hunches, spark innovations and help us improve SeedLegals for everyone.

In alphabetical order:

  • Keith Binding, Managing Director of Binding Sciences
    Award-winning Binding Sciences develops innovative continence support aids.
  • Mathias Bock, COO of Sericin
    Sericin is a leasing transaction platform which digitalises the negotiation, production and reporting of leases for commercial real estate.
  • Tudor Cotop, CTO and Co-Founder of HealthKey
    HealthKey is changing how healthcare is paid for by connecting insurers and employers with digital health providers through API integrations to make personalised, preventative and proactive healthcare easily accessible.
  • Thomas Gossner, CEO and Co-Founder of Icenine Drinks
    Icenine is an experiential drinks company making bite-sized ice spheres filled with spirits.
  • Chris Hardy, CFO of Interrodata
    Interrodata is an AI-based analytics platform that helps retailers and brands identify sources of growth by integrating and analysing disparate data sources.
  • Michael Heywood, CEO and Co-Founder of Included Games
    Included Games builds mobile games powered by social interaction, with focus on community representation and inclusion.
  • Sam Miller, CEO and Co-Founder of Atlas AI
    Using AI-powered, personalised digital coaching, the Atlas app helps users lift weights correctly and increase their strength.
  • Freddie New, General Counsel of The Little Car Company
    The Little Car Company expertly hand-builds junior cars in the UK, in partnership with elite car manufacturers.
    💡Find out more: How The Little Car Company closed a multi-million Series A round on SeedLegals in under 8 weeks
  • Lee Sandwith
    Lee is an entrepreneur building consumer brands with a focus on sustainability.
  • Tim Wade, CEO and Co-Founder of BIOStress
    BIOStress uses biometric data to objectively measure and improve stress in the workplace.

Would you like to be part of the group helping us shape the future of our game-changing services? To find out more and take part, email [email protected] with your name and company name, and we’ll be in touch.

📣 Have your say

Got an idea for us? Is there something we can do better? We love to hear your feedback – good, bad and ugly. Let us know by email: [email protected]

If you aren’t already a SeedLegals member, head over to our Pricing page to find the right membership for your company.

Start your journey with us

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