Founders

Kestwick

6 days

Founder agreements in a week, before the seed round

An investor wanted a signed founders’ agreement before the seed round closed. Both founders signed on day six, at the fee quoted on day one.

Two co-founders reviewing a document on a laptop

Result

6 days

to a signed founders’ agreement

Client

Kestwick

Fintech start-up, 2 founders

Outcome

Agreements signed before the raise

Fee

£2,400 fixed fee

Agreed before any work started

The situation

Kestwick’s two founders had a term sheet from a seed investor and one condition to meet: a signed founders’ agreement covering shares, vesting and what happens if someone leaves. They had a week.

What I did

  • Ran a 90-minute call with both founders to agree the decisions before drafting anything.
  • Drafted the agreement with four-year vesting, clear good and bad leaver terms and a deadlock clause.
  • Walked both founders through every clause together, so neither felt the agreement was written for the other.
  • Answered the investor’s lawyers’ questions on the founders’ behalf.

The outcome

Both founders signed on day six. The round closed on time, and the fee stayed at the fixed amount quoted on the first call.

We needed founder agreements before our seed round and had a week. Owen drafted them, walked both of us through every clause and kept to the fixed fee he quoted on day one.

Daniel Ward

Co-founder, Kestwick

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