UK investment document quiz

Which investment docs do I need?

Know what fits your raise stage.

Term Sheets, Subscription Agreements, ASAs and Shareholders' Agreements all serve different purposes - the ones you need depend on your stage and investors. Answer a few quick questions and we'll recommend which apply to you.

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Investment Documents 2

a closer look

Investment documents explained

Term Sheet

Setting out the deal

The initial, non-binding document outlining the key investment terms agreed by both parties before anything is signed.

Subscription Agreement

Simple, direct share purchase

Used for straightforward agreements involving the direct purchase of shares at an agreed price.

Investment Agreement

Rights plus share issuance

A hybrid document combining shareholders' rights with subscription details for more complex funding rounds.

Convertible Loan Note (CLN)

Capital now, shares later

Investors provide capital immediately, to be repaid later in either cash or shares. Not SEIS/EIS compliant.

Advance Subscription Agreement (ASA)

Delay issuance, stay compliant

Investors pay upfront and receive shares later, once a valuation has been agreed. SEIS/EIS compliant.

Shareholders' Agreement

Governing life as shareholders

Sets out voting rights, share transfer restrictions, and company governance between shareholders going forward.

AS SEEN IN THE MEDIA

PROCESS

Your funding journey, in one place.

Everything you need before, during and after your raise.

1

Step 1

Prepare

Clean your cap table, update company records and organise investor documents before you raise.

2

Step 2

Apply

Apply for SEIS/EIS advance assurance let us handle the HMRC correspondenceon your behalf.

3

Step 3

Raise

Create an investor-ready pitch deck and showcase your opportunity with a dedicated data room.

4

Step 4

Complete

Issue shares, update your cap table and file the documents that come after the round.

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"The platform gives us the flexibility to evolve as we grow; whether it’s incentivising leaders, bringing in new franchisees, or managing investment rounds. It means we can focus on execution, knowing the equity side is handled properly."

Tim Slesinger

CEO · easyStorage

FAQs

What's a Term Sheet?

A Term Sheet is a non-binding outline of the key investment terms.

Is an Advance Subscription Agreement (ASA) compliant with SEIS/EIS?

Yes - an ASA is SEIS/EIS compliant, which makes it the more common choice when investors want to claim tax relief, but a share price or valuation hasn't been agreed upon.

When do we need a Shareholders' Agreement?

Once an ASA or CLN converts to shares, a Shareholders' Agreement is often signed to govern voting rights, share transfer restrictions, and general company governance.

What happens when we bring on a new shareholder later?

They sign a Deed of Adherence, which binds them to the existing Shareholders' Agreement without needing to renegotiate it from scratch.

How does Vestd's investment modelling tool work?

Our tool calculates ownership splits, potential dilution, and provides full transparency so you know how your rounds will impact your shareholdings.

Why should I use InVestd Raise for my EIS application?

We will take you through every step of the EIS process. From completing your Advance Assurance application, authorising and issuing your EIS shares, and the all-important Compliance Statement, your EIS journey is streamlined in-app. Oh - and we handle all HMRC correspondence, so you can focus on the important things. Easy, smooth, simple.

Can you match me with investors?

No - we don’t offer investor matching. Instead, our focus is on helping you become investor-ready, providing tools, resources, and support to manage your fundraise efficiently. That way, when you connect with investors, you’ll be fully prepared and confident.

You can also manage ownership and easily issue investor shares at the click of a button with Vestd - what’s not to love?

What comes after my first raise?

After your first fundraise, setting up share schemes is a key way to attract and retain top talent while motivating your team to grow the business.

With Vestd, you can issue shares at the click of a button, customise schemes to fit your business, and set vesting schedules effortlessly. This keeps your team incentivised and ensures your company structure stays clear, compliant, and ready for growth.

What makes InVestd Raise different from other fundraising packages?

With InVestd Raise, you get all the tools and expert support you need to complete a funding round for a flat fee of £1,750 - with no surprise cuts from your raise. It’s everything you need, with nothing you don’t.

How can I trial the platform?

Simply book a free consultation to discuss your needs, explore our features, and see firsthand exactly how InVestd Raise can streamline your fundraising process.

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