In episode 4, Jerrod and Kevin discuss how and when to raise capital if your company is running out of cash and you need capital to grow your business.
This episode features FC Venture team members:
❖ Kevin Lee (Soundcloud & Twitter: @kevinleeme)
❖ Jerrod Engelberg (Soundcloud: @jerrodsamuel | Twitter: @jengelberg)
Conversations reflect the opinions of those on the show, not necessarily an official stance of FundersClub.
— TEMPLATE ESCROW'D CLOSING AGREEMENT —
Attached are [investor]’s signature pages for the [ company ] financing. In addition, [ investor ] LLC has wired $[ ] into the escrow account of [escrow agent], counsel to [ company ]. The wire should be received tomorrow--please confirm its receipt.
The signature pages and funds are to be held in escrow by Company counsel pending authorization by [ investor ] to release the signature pages and funds.
If by [ time / date ], the Company has completed the following conditions, the signature pages and funds can be released:
The Company has closed on a minimum of $[ ] in its [current financing round] financing.
"Closed" is defined as any combination of the below, in the aggregate amount of $[funding minimum]:
Funds which have been received in bank account of [company ]
Funds which are held in escrow account of Company counsel
Proof of wire transfers which have been provided to and approved by [company name]
If not, the signature pages and funds from [ investor ] will remain in escrow until requested to be returned to [ investor ] .
Let me know of any questions.