As the entrepreneurial ecosystem develops in MENA so does the funding process, with this new standard form aiming to help make access to funding much easier and quicker.
Every startup wants to raise funds, but when it comes to the legal paperwork required, it can get real complicated, real expensive, real quick. One startup, however, is working to change that for all startups across the MENA region. Clara, a London-based LegalTech startup, has developed and launched a MENA Series A Term Sheet standard form that is available for free on their website and is just one of many VC financial documents that they will be releasing.
"Startup legals are unnecessarily complex and far too expensive,” said Patrick Rogers, Co-Founder & CEO of Clara. “We, along with many of the leading regional VCs and law firms, are setting out to fix a big part of this problem by producing free best-practice templates that will become the starting points for VC financings across the region."
This form doesn’t mean that founders and investors can’t make their own edits specific to their circumstances. It is meant to serve as a guidance document and provide a mutually agreed upon starting point for all parties involved. The hope is that this form will be the first of an entire suite of standardized regional VC funding documents in order to streamline funding rounds in the region.
The endorsing partners of the new standard form are: 500 Startups, +VC, Arzan VC, Dechert LLP, Dentons LLP, EQ2 Ventures, Hala Ventures, Leydan Ventures, Mindshift Capital, Nuwa Capital, Oman Technology Fund (OTF), Precinct Partners, Shorooq Partners, Support Legal, VentureSouq and Wamda.
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