SeedInvest built the closing to require as little time from companies while giving them as much visibility as possible. There are two phases in a closing requiring company involvement in a closing:
“Upfront Closing Mechanics”. During this phase, a standard checklist requesting information, acknowledgements, and consents is sent by SeedInvest to the company. Completion of the Upfront Closing Mechanics, which includes the request of, receipt of, and review of materials typically takes about a week. You can learn more about Upfront Closing Mechanics here.
“Pending Execution”. During this phase, a set of pre-drafted documents are prepared in a closing signature packet for the company to sign. This packet includes formal countersignature of all investments (including any equity fees due to SI Securities, LLC), booking and issuance instructions of all investments (a.k.a. Offering Issuance Instructions), and disbursement instructions for the release of funds forwarded on to the escrow agent (a.k.a. Minimum Offering Notice).