Closing an RUV
For companies raising on a SAFE
When you are ready to close your RUV, simply follow the instructions in the closing checklist.
First, within your RUV dashboard, select “Open Checklist”, as seen here:
You’ll be prompted to complete the following steps:
- Add and confirm your bank information. This is where you would like the funds to be disbursed to.
- Pause new commitments and confirm existing commitments. This closes the round to new investors and confirms that they amount collected is the final amount that you would like to close with.
- Add you final deal documents. You can either generate a custom Y Combinator standard SAFE with your terms, upload your own investment document, or provide an e-Signature link to your deal documents.
- Select “Review and Close”.
Lastly, you’ll be prompted to choose a pricing plan if you are not currently on one. Additionally, you’ll see an overview of the previous information.
At this point, you can “Confirm and begin transfer” to fully complete the closing process.
For companies not raising on a SAFE:
When you are ready to close the RUV, you can send our team the financing documents (e.g. SAFE) and the wire instructions to rollups@angellist.com.
We’re happy to use whatever document execution platform you would like to use (whether that be AngelList or Docusign). Alternativly, you could even send us a PDF to sign.
We cannot close the RUV until all the investors have funded their commitments and completed KYC.
Once the documents are received, our team will review them to make sure they match the terms shown to investors.
Can I update the Closing Deadline?
If you are not ready to close, you can update the Deadline from your Dashboard [Close Date > Pen]
Get RUV Signature Block
AngelList will provide the signature block that has the legal name of the RUV, its address, and signatory information—this information is unique for each RUV. The signature blocks are available on your dashboard by clicking View Closing Instructions.
Financing Documents
SAFE
When you are ready to close the RUV, select “Close RUV” on the top right corner.
Next, select the bank account or input new bank accounts details for where you want the wire to be deposited.
You will also need to confirm all investments in the vehicle. This will stop any future investors from being able to invest in the RUV.
We cannot proceed with the close until all the commitments have been completed. If you would like to proceed without the pending investors, you can cancel their commitments.
Next, select how you want to submit the SAFE. You can:
- Generate the SAFE from your Raise Dashboard (Standard YC SAFE),
- Upload a document
- Submit a signature link
Once done, you can review the invoice and complete the process.
Once all the steps are completed, our team will review the documents submitted and queue up the wire within 48 hours.
Equity Rounds
Email the following investment docs and wire instructions to rollups@angel.co
- pro forma/cap table
- Stock Purchase Agreement
- Disclosure Schedule
- Voting Agreement
- Right of First Refusal and Co-Sale Agreement
- Investors’ Rights Agreement
- Amended & Restated Certificate of Incorporation
You can send the signature packet on the thread or via an e-signature platform.
If you are sending Draft Docs, confirm the valuation and specify the price per share, the exact wire amount based on the total raise in the RUV.
Convertible Notes
Send the signed Convertible Note and wire instructions to rollups@angel.co
Can I close the RUV to new Investors
Yes, you can close the RUV to new investors by clicking “View Closing Instructions” and selecting “Close RUV to new Investors”
If I close the RUV, will pending investors be able to complete the process?
Yes, anyone who has already signed will be able to complete the Investor closing flow but new investors will not be able to commit to the RUV.
We can begin the closing process on our end if all the investors have not completed the flow but we will need all the investors to be marked as “completed” before we can wire the funds.