https://www.angellist.com/ruv. “Managing 50+ individual SAFEs would have been exorbitantly expensive and unruly“. Free Roll Up Vehicle. Only open to Delaware C Corp. SAFE eligible equity terms. Up to three links with custom investment amount ranges. Default name. Blue Sky State Costs - Pass Through (typically around $1k). For Investors . Product Demo. firstname.lastname@example.org. Founders prefer to use RUVs to aggregate multiple checks into a single entity. Normally to close investors, companies have to incur additional costs from lawyers and cap table vendors for every additional shareholder. The RUV allows founders to expand access, control closing costs, and ensure that the cap table is as simple as possible. RUVs provide a way for founders to efficiently allow investors into a financing round without incurring expense legal fees or making the company’s cap table more complicated. Instead of directly investing in to the company, you would subscribe to a special purpose vehicle which will then invest into the company on the terms listed on the RUV investment page. Instead of directly being on the company cap table, you become a limited partner of a special purpose vehicle which itself will be on the company’s cap table. This relieves you of the requirement to interface with the company’s legal team for shareholder consents, conversions, and ongoing questions. Instead you get a single dashboard on AngelList that provides the details of your investment. Once your invest and the RUV is finalized, you will have access to a dashboard to view your position and executed documents. Once a founder sends you the link to invest in a RUV, you simply choose how much you would like to invest, select how you are accredited, accept the terms, and send funds (over ACH or wire). For Founders. Only people you invite with invite links will be able to see the RUV and invest. The deal is not published anywhere nor is it publicly accessible. Investors in the RUV will not be able to see who else invested. For minimums, you can create custom invite links in your dashboard that will establish a minimum for that investor (or set a default minimum amount for the entire campaign). For maximums, the AngelList team can reduce or prorate investors down as necessary. We will do a final pass with you before wiring funds to make sure the allocations work for you. What we’ve seen work before is to email investors with a note saying something like “Your allocation is $75k. You can close using this link: https://angel.co/i/abcd“. “LD Fund I, a series of AngelList Funds, LP”. This is the entity that will be on the company’s cap table and sign investment documents. If the company is paying for the fees, the breakeven point is usually around seven investors. We find that companies often save tens of thousands dollars when they do the math on cap table costs and future cap table cleanliness. More importantly, they have a cleaner cap table, which positions them better for future fundraises or M&A transactions. Our estimations suggest that a seed stage company that is considering using a RUV for 45 angels will save $75,000 over the lifetime of the company (when compared to the costs of allowing 45 direct investments). The investment adviser (AngelList Advisors*) makes decisions for the SPV (usually for Post Close Actions such as corporate actions, follow ons, dissolutions, and exits). AngelList Advisors typically makes decisions when there is no proxy by reviewing the decisions made by other similarly situated shareholders and then making a decision based on the circumstances of the post close action.