Deals
These active deals match one or more of the preferences you've set in your investor profile or align with your activity
These deals are part of companies with industries which overlap the industries in your profile.
My Fundraising
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Access rights lists
Access rights lists allow you to tightly manage access to your deal material across your invited investors and investment groups
Access rights lists
Setup Access rights list mapping
| Access rights list | Invitee | Creation date | Delete |
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| Invitee | Access rights list | Creation date | Delete |
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Quick Vote
My Draft Deals
As the sponsor of these deals, please add your perspective in each of the deals
My Portfolio
Community Portfolio
| Deal | Date | Amount | Count | Avg | Investors |
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Member Similarities
This provides Lauren a simple view of deal submissions for LaunchVT. This is accessible only to Lauren
The screening committee screens deals to determine if the opportunity should enter the dealflow.
Please provide your recommendation if this deal is appropriate for the group. If it enters the dealflow, you'll have an opportunity to express your own level of interest in the deal.
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Deals |
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Deal Analytics
Please view this section on a non-mobile screenDealflow
Monthly Activity
Investment Count Histogram
Stats by Year
| Year | Total Deals | % of Deals | Funded Deals | Funding Rate | Funding Amount | % Total Funding | Avg Deal Size | Avg Days to Close | Voting | Feedback |
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Stats by team makeup
| Attribute | Total Deals | % of Deals | Funded Deals | Funding Rate | Funding Amount | % Total Funding | Avg Deal Size | Avg Days to Close | Voting | Feedback |
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Stats by Industry
| Industry | Total Deals | % of Deals | Funded Deals | Funding Rate | Funding Amount | % Total Funding | Avg Deal Size | Avg Days to Close | Voting | Feedback |
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Stats by Valuation Cap
| Valuation Cap | Total Deals | % of Deals | Funded Deals | Funding Rate | Funding Amount | % Total Funding | Avg Deal Size | Avg Days to Close | Voting | Feedback |
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Stats by Quarter
| Quarter | Total Deals | % of Deals | Funded Deals | Funding Rate | Funding Amount | % Total Funding | Avg Deal Size | Avg Days to Close | Voting | Feedback |
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Tax Preview
| Deal | Instrument | Org Type | Investment | Amount |
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| Deal | Instrument | Org Type | Investment | Amount |
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Cross-customer Tools
| total platform users |
| Customer | ID | Name | Type | Activity | Join Date |
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| total platform deals |
| Customer | Company | Deal ID | Deal | Activity | Submission Date |
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| Customer | API Key | Member Invitation Link | Deal Creation Link |
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| Workspace | Member Investors | Invited Investors | Founders | Admins | Pronoun | e | Last Updated |
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| FEATURES | PRIVACY | Customer | Deal submission | Voting | Deal feedback | Commitments | Member portfolio | Group portfolio | Member listing | Member following | Founder Q&A | Founder sharing | Allow data download | Investor inviting | Investment group sharing | Highlight new members | Show negative votes | Investor names | Voting activity | Feedback activity | Commitment activity | Investment activity | Include example deals | Last Modified |
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Newsletter
| The member newsletter is not supported on mobile devices |
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Member Comparison
Deal Pitch Scheduling
Upcoming Pitches
| Deal | Pitch Date |
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Past Pitches
| Deal | Pitch Date |
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Activity Analytics
Pulling a lot of data, be patient!
Ops team tools
Invite New MemberNew Member Invite URLAn alternative to inviting a new member with the tools above, you can directly provide the URL below. |
User Activity
Votes by Member
| Member | Yes | Maybe | No | Total | Positive |
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Votes by Deal
| Deal | Yes | Maybe | No | Total | Positive |
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Portal Activity Log
Be patient...
| Who | Action | Type | What | When |
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Member Payments
Portfolio Founders
| Investment | Company | Deal |
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Custom Deal Feedback
Custom Industries
Custom Deal Questions
Deal Tags
Deal tags are ad hoc attributes that can be used to categorize deals for purporses of special handling, filtering and display within the product.
These tags can be used to prepare a Deal Package, allowing you to surface a set of deals to your ecosystem.
| Tag | Description | Deals |
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Investor Blocks
Investors blocked from a deal will not see any reference to that deal in the portal
| Deal | Blocked Investor | Reason | Block date | Delete |
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| Blocked Investor | Deal | Reason | Block date | Delete |
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Using Community
What is Community?
All Stage Community is a product for investment groups to manage the deal flow process from deal submission, screening, diligence and post-investment portfolio analytics. The product allows for collaboration amongst investors & founders, engagement with the deals, and analytics to as part of supporting successful investment groups.
Community is used by angel networks, accelerators and VC firms to enhance the way that the groups have operated to date. The 's Community can be accessed at
This article describes how a large angel network uses Community within its active 300-member group.
Deals overview
A "deal" is the most important concept within Community. A deal represents an investment opportunity from a company raising money.
A deal can have a range of information for review, including traction, investment round details, company information (social tags, location, industries, team demographics), team bios, data room
Community allows an investment group to opt into enabling engagement features, allowing for members to do things like vote, provide feedback, ask questions of the founder, commit to invest.
Deal submission
Deals become part of an investment group's deal flow through being entered by the founder, or by a member of the group. The information about these deals can be reviewed by, and engaged with by members of the group.
Deals can be shared with by the company founder. Members of the group can sponsor a deal by providing the founder instructions from the Add Deal section of Community. Copy these instructions and send to the founder, who will be able to set up their deal and share it with the group
When the founder has shared the deal, the deal sponsor will be notified via email and a reminder will appear on the sponsor's dashboard to take next steps (review the deal for completeness, and provide their perspective for fellow members to see). Upon submission of the sponsor's perspective, the deal will be part of the dealflow for all members to review.
Reviewing deals
There are a number of ways for members to review deals in Community
- The investor dashboard lists the active deals. You can view the deals awaiting your vote, the ones that overlap with the industries in your profile, the ones that overlap with your specfied deal preferences, etc.
- Search for deals with the search box at the top of the screen
- The deal list allows you to search/filter across all deals that have come through 's Community workspace.
- The deal status section provides a view of all deals and their position in the deal flow
Deal engagement
Q&A
Investors in Community can enter questions about the deal.
The founder(s) will be notified and can answer the question, which will be seen by all investors who have access to the deal.
Notes
Investors in Community save personal notes associated with the deal
These notes accessible only to you
Your account
You can manage your account and access information associated with your account
- Manage your account settings
- Review your user profile
- Data room: Your user profile page include a personal data room to store files accessible only to you, and to the operations team
Analytics
Community has a number of reports and analytics
- Group portfolio reports on the investments made by during the time that the group has been using Community
- My portfolio reports on the investments made by you within during the time that the group has been using Community
- Analytics provides insights across various measurements within deals and other activity in 's Community
- The Pulse section on the investor dashboard provides a quick view of the active deals on the activity on those deals
Other users
There are a number of ways for members to review deals in Community
- Search for users with the search box at the top of the screen
- The group members allows you to search/filter across all users associated with 's Community workspace.
- You can click on users that are shown across Community to open their detail page
- Users can control the visibility settings for their account, so you might not have permission to review certain attributes or activity for a given user
Deal leading
A deal can have 1 or more leads who are generally the point of contact between and the founder(s).
Deal leads may work with others at to make decisions on inviting the company to pitch, investing in the deal, and passing on the deal.
Deal leads can change the status of a deal (ex: moving a deal to "feedback" in order to allow for investors to leave feedback on the deal)
Deal leads are able to perform additional functions on the deal they are leading. The "tools" section of a deal allows for additional functionality
- Outside investors: Investors who are not members of can be invited on a deal-by-deal basis. Deal leads can issue a deal-level invitation to 1 or more outside investors who will have access to just that deal and will not see any user names.
- Contacting investors: Deal leads can message investors who have taken a certain action on the deal (ex: registered a commitment)
Contacting All Stage
If you have feedback, want to report a bug, wish to ask a question or reach out to All Stage for any reason you can...
- Email the team at [email protected]
- Send a message through Community
Investor Updates
| Deal | Last Update | Investment Date | Deal Lead |
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Deal Leading
Do you want to engage with entrepreneurs and fellow TBD members? Leading a deal involves helping shepherd a deal throughout its lifecycle from initial pitch meeting to the closing
- Deal Lead Playbook: Detailed steps involved with leading a deal through the investment process
- Deal Lead Quick Checklist: Quick set of steps for members experienced in leading deals
- Deal Lead Training, May 21, 2021 (Pitch Video || Deck): The process team provides a full walk through of the deal process with Q&A. Recommended for anyone who has or might want to lead a deal
- #tbd-deal-leads: Ask questions about the deal leading process in this dedicated Slack channel
- Sample diligence questions: This includes some common questions. Feel free to use these as a baseline in your conversations with the founder. Suggest additional questions if you have some!
- Diligence relating to the investment instrument: This document includes items to look out for and considerations in the investment docs (SAFE, Convertible Note)
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Deal Memos
- Deal memo template: Feel free to clone and use to prepare your deal memo
- Example Deal Memos: Feel free to use any of these past deal memos as a template for the investment brief that you'll share with the membership
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Outside investors: Our deals often include 1 or more investors who are not members of TBD Angels as part of an effort to increase the TBD participation in the deal, to include more value-add investors on the TBD investment, and/or to allow a founder's individual minor investors to be part of our SPV.
- Deal leads can issue an invitation to the deal in our portal (Send invitations from the tools tab of the deal page)
- Will have access to just that deal and will not have visibility to the names of TBD investors, but will be able to review the deal, access deal material, vote, provide feedback and make commitment
- Must be accredited
- Can live anywhere in the world
- All investors on the SPV (TBD members and invitees) share the various SPV costs pro-rata (approx $4000 -- SPV platform fees, blue skies, etc) and up to 5% carry
Refer a Member
Do you know any angel investors passionate about collaborating with startups?
- Criteria for members
- Experience of operators / entrepreneurs / experienced industry professionals
- Help TBD Angels meet one or both of our goals:
- Collaborate within the group to create value through collaboration
- Assist our portfolio companies as they build and scale their companies
- Endeavor to invest in one or more companies each year
- Must be accredited
- Expectations of a member
- Contribute and extract learnings with the group through participation
- Informally be an external voice for the group
- Be responsive to other TBD Angels & founders
- Aim to invest in at least one deal per year
What's the background on Discounts and Valuation Caps?
Most startups raise their early rounds using a SAFE or Convertible Note, contracts which specify the terms associated with an investment but do not establish the company valuation.
BUT...if there is no valuation, how do you know how big a slice of the company pie your angel investment will receive when the investment converts into equity in the company's next funding event and the valuation is set?
Discounts and Valuation Caps are key concpets that address this issue and are topics that early-stage investors and founders should understand.
A challenge with pre-equity investing
Let's assume angel investor Sarah invested $100K in AcmeCo's pre-seed round last year. AcmeCo recently closed a Series A equity with a post-money valuation of $10M and a another angel, Harry invested $100K in this lastest round. Sarah walks away with 1% ($100K divided by $10M) equity and Harry also owns 1% of the company ($100K divided by $10M).
| Sarah's 2023 investment | Harry's 2024 investment | |
|---|---|---|
| Invesment into AcmeCo | $100K | $100K |
| Equity | $10M | $10M |
| % Equity | 1% ($100K/$10M) |
1% ($100K/$10M) |
Wait, that's not fair! Harry swooped in a year later after the company has established traction and removed some investment risk, and his investment earned him the same % of the company as Sarah's 2023 investment, despite Sarah having taken a huge risk by investing early, perhaps before there Acme had customers, a product or even a team?!?
To "compensate" the early investor for the opportunity costs and mitigate the risks taken by investing early, valuation caps and/or discounts are often part of the SAFE or Notes governing the angel investment.
Discounts and valuation caps to the rescue!
- Discount: The reduction in the price used to calculate your percentage equity in the company (The Discount rate is 100% less the discount amount).
- Valuation Cap: The maximum valution for the calculation of the investor's portion.
Investment with Discount
If Sarah's $100K investment included a discount of 20%, then when the Series A equity closes at $10M and the shares convert, her portion of the $10M company is calculated using $8M (a 20% discount on $10M). Sarah's $100K yields 1.25% ($100K divided by $8M) rather than 1% ($100K divided by $10M).| No Discount | With Discount | |
|---|---|---|
| Equity | $10M | $8M ($10M * 80%) |
| % Equity | 1% ($100K/$10M) |
1.25% ($100K/$8M) |
Investment with Cap
If Sarah's $100K investment included a valuation cap of $7.5M, then when the Series A equity closes at $10M and the shares convert, her portion will be calculated using the lesser of valuation cap and the valuation in the round...so $7.5M. Sarah's investment gets her 1.33% ($100K divided by $7.5M) rather than 1% ($100K divided by $10M).| No Cap | With Cap | |
|---|---|---|
| Equity | $10M | $7.5M |
| % Equity | 1% ($100K/$10M) |
1.33% ($100K/$7.5M) |
Investment with both
When the investment include both a discount and a valuation cap, only one is triggered and your investment converts using the one that is more beneficial to the investor. Let's look at 2 secenarios
Scenario 1: Sarah's $100K investment included a discount of 20% and a $7.5M valuation cap and the Series A equity closes its Series A equity at $10M valuation.
| Discount Calculation | Cap Calculation | |
|---|---|---|
| Equity | $8M ($10M * 80%) |
$7.5M |
| % Equity | 1.25% ($100K/$8M) |
1.33% ($100K/$7.5M) |
| Discount | Valuation Cap | |
|---|---|---|
| Equity | $6.2M ($7.75M * 80%) |
$7.5M |
| % Equity | 1.61% ($100K/$6.2M) |
1.33% ($100K/$7.5M) |
Cap & Discount Calculator
This simple tool helps calculate how the discount and/or valuation cap on an investment will impact the conversion of shares during an equity financingWhat's the latest with Caps and Discounts?
In August 2023, YC retired the discount+cap SAFE where the updated "template," now defaults to having either a discount or a cap (or neither, although that's rare and not something investors like) which had an immediate impact on the types of SAFEs being used in early-stage investing and fundraising.This chart shows the dropoff in fundraising using both a discount and a valuation cap, aligning with when YC made a change to the SAFE default.
This chart shows the breakdown across different terms on SAFEs and Notes fundraises
This chart shows the year-over-year changes in discounts and valuation caps, showing a relatively consistent level in discounts, while valuation caps have risen measurably since 2020.
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What are Blue Sky fees?
"Blue Sky fees" are costs for complying with U.S. state securities regulations, often incurred when a transaction involves investors from multiple states.
Startup investors may encounter Blue Sky fees when investing in a Special Purpose Vehicle (SPV) which consolidates multiple investors into a single entity to make an investment in a startup. Although the SPV might be incorporated in one state (e.g., a Delaware LLC), its investors may reside in various states. Therefore, the SPV must comply with the relevant laws of each state represented by its investors, including filings, registrations, and renewals.
The benefits of consolidating multiple investors have made SPVs popular among startup investment organizations (e.g., angel groups, VC firms, university investor networks) and founders over the past 15 years. This growth has led to platforms like AngelList, Bunch, Carta, Loon Creek, and Sydecar facilitating such investments.
Blue Sky fees are sometimes ignored (just accepted as "part of the game," similar to how one might overlook a "resort fee" on a hotel bill), or are an enigma to startup investors ("I think I should know this, so I'm not going to ask about it"), thus explaining why these fees are often referred to by a certain acronym!
The Impact of Blue Sky fees on Investors
If you're investing through an SPV, Blue Sky fees might seem like just another line item on a long list of costs. But here's why they're worth paying attention to:
- Fees Can Cut Into Your Returns: Blue Sky fees are often passed on to investors, which means they come out of the pool of money that could otherwise be growing your investment. It's important to understand how much you're paying and what you're getting in return.
- Be Aware of Hidden Fees: Sometimes, Blue Sky fees get bundled with other costs, like legal or administrative fees, making it hard to see exactly what you're paying for.
- Transparency is Key: Good SPV managers will be upfront about these fees and how they impact the overall cost structure. If you don't see these fees clearly itemized, it's worth asking some questions.
- The Big Picture: While Blue Sky fees might seem like a small slice of the pie, they can add up, especially in investments with thinner margins. Knowing where your money is going helps you make more informed decisions.
How All Stage is helping investors understand Blue Skies
Thankfully, the SPV platforms often take the headache out of managing the payment of Blue Sky fees, but often lack the transpareny investors and SPV managers need to properly understand the impact. To date, these platforms lack visibility into the fee breakdown and some bundle Blue Sky fees into general costs, while others charge a fixed fee and profit from the difference.
All Stage prides itself on 100% transparency to these fees for investment groups using our products and the Blue Sky fee calculator below provides a clear view into the numbers behind Blue Sky fees in effort to remove the mystery behind blue skies.
- Investor Tracking: All Stage tracks who is participating in each SPV and where they are investing from.
- Breakdown by State: All Stage provides a clear breakdown of estimated Blue Sky fees by state, automatically updating as investors join or leave an open deal.
- Total Cost Calculation: It calculates the total Blue Sky fees you're likely to pay, with real-time updates as the SPV moves toward the finish line.
- Full Fee Clarity: All Stage also itemizes other costs like management fees and carry, giving you and your investors a clear view of the investment, associated fees, and potential returns.
With All Stage easily see who is investing, what states are involved and a breakdown of estimated fees:
Blue Sky laws are state-specific security regulations governing private company investments. An investment may incur fees for each state represented by the deal's investors.
— All Stage (@AllstageInvest) August 8, 2022
All Stage provides transparency to fees based on the participants in the transaction#allstageProduct pic.twitter.com/GaxcqEYgMg
Tips for SPV Managers Navigating Blue Sky fees
When managing an SPV to pool funds from multiple investors, dealing with Blue Sky fees is inevitable, especially if your investor base is geographically diverse. Underestimating these fees can lead to unexpected costs that eat into your returns. Here are some essential tips to help you manage them effectively:
- Fees Vary by State: Each state sets its own Blue Sky fees. These fees vary widely and can change overtime. It's important to stay up to date by checking state regulations or use a platform like All Stage, which tracks and estimates fees for you.
- Flat vs. Variable Fees: Most states have a fixed fee, but some states, like Massachusetts, charge based on the size of the investment. Be aware to avoid unexpected costs.
- Fees Add Up Quickly: If investors from multiple states are joining your SPV, fees can become substantial. Keep this in mind when establishing SPV minimums or requirements. We've seen SPVs that include 25 states, totaling nearly $5K in fees while the investment was $30k.
- Tracking Investor Locations: Knowing where your investors are based is key to accurate fee calculations. Platforms like All Stage can manage this for you.
- Transparency Builds Trust: Hidden fees can erode trust. Ensure investors see a clear breakdown of costs to maintain confidence and simplify SPV management.
Blue Sky Calculator
| State | Fee |
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A state's blue sky fee rules may change from time-to-time and the fees represented here may not be current. Any calculations are an approximation of the Blue Sky fees that may be incurred on an SPV and can vary based on the SPV platform being used.
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Questions?
If you notice anything amiss with the fees in the calculator, or have questions, please message the team or email [email protected]
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