Source: TechCrunch, Sep 2012
AngelList is debuting Docs, which lets seed-stage startups close their round online. It consists of a standard term sheet, automatically generated closing documents, and tools to manage the process including electronic signatures, managing wire information, generating PDFs, and more.
Startups are guided through the closing by inputting information such as investors, the amount invested, how much is being raised in total, vesting schedules and more. AngelList will then automatically generate a term sheet and closing documents. Currently, Docs supports equity (via Ted Wang from firm Fenwick and West) and convertible debt (with the help of law firm Perkins Coie) with minor modifications through side letters. Ravikant says the term sheet and closing documents are based on industry-standard Series Seed documents, so there is little to no negotiation involved. In fact, AngelList worked with law firm Wilson Sonsini to create the documents.