Standard angel financing transaction documents

In the last year or so, there has been considerable effort to create standardized open source angel investor transaction documents. The first of these recent efforts was from Y Combinator. With the assistance of Wilson Sonsini, Y Combinator published the Series AA Equity Financing Documents. TechStars subsequently released the Model Seed Funding Documents, which were prepared by Cooley Godward. And, most recently, Ted Wang from Fenwick & West put together the Series Seed documents. There are others as well, especially form term sheets, such as the one Basil Peters advocates: One Page Term Sheet. In the coming months, a Midwest group plans to publish a set of documents that will add to the mix a Midwest flavor of default terms.

This post has three examples of Angel round term sheets and compares and contrasts them.