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 have moved through the dealflow process and are nearing a close.

These active deals in the pipeline are sorted from newest to oldest

You have expressed positive interest in the following active deals created in the last month

These deals are part of companies with industries which overlap your chosen industries.

My Fundraising

Ask your network...

Your investors and others in your network are often looking for ways to support the business. Leverage your network as you fundraise, build your business, and grow the team.
Created Ask

Investor Groupings

Investor groupings are ad hoc labels that can be used to roll-up 1 or more of your invited investors.
These investor groupings allow you to more tightly manage access to your deal material

Investor grouping list
Setup Investor grouping mapping
Investor Grouping Investor Creation Date Delete
Investor Investor Grouping Creation Date Delete

Subscriptions

Showcase is a hub for a founders to more closely engage with investors, during fundraising and beyond.
The product empowers founders and investors to streamline the process, and collaborate, creating a win for both sides.

Standard

Free to all founders!
Deal detail
Video intro
Team bios
Invite teammates to deal
Invite investors to deal
Invite investment group to deal
Deal sharing by investors
Share deal with public
Share deal via QR code
Data room
Q&A
Real-time deal view notifications
Voting
Feedback
Commitments
Invitee asks
Data room analytics
Advanced data room permissions
AI-powered feedback summary
AI-generated diligence questions
Deal access analytics
Deal invitee notes/CRM

Plus

Monthly Invoicing
$18/mo
Annual Invoicing
$150/yr ($12.50/mo)
Deal detail
Video intro
Team bios
Invite teammates to deal
Invite investors to deal
Invite investment group to deal
Deal sharing by investors
Share deal with public
Share deal via QR code
Data room
Q&A
Real-time deal view notifications
Voting
Feedback
Commitments
Invitee asks
Data room analytics
Advanced data room permissions
AI-powered feedback summary
AI-generated diligence questions
Deal access analytics
Deal invitee notes/CRM
Subscription Period Amount Due Amount Paid Payment Date
Quick Vote

My Draft Deals


My Portfolio

Community Portfolio
Deal Team Date Amount Count Avg Investors




Member Similarities

Deal Status

Deal Screening

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.

Company Attributes

2 Applies for this company
2 Does not apply for this company
2 Unknown for this company
Deals
Number of founders
Solo founder?
Has trans founder?
All trans founders?
Has female founder?
All female founders?
Has male founder?
All male founders?
Has founder w/o college degree?
Has BIPOC founder?
All BIPOC founders?
Has veteran founder?
All veteran founders?
Has disabled founder?
All disabled founders?
Has first-time founder?
All first-time founders?

Showcase Coupons


Created
Coupon Code
Redemptions
Month duration
Expiration Date
Note
Sponsor



Name
Term
Amount
Deals
Deal Analytics
Please view this section on a non-mobile screen
Dealflow

Monthly Activity

Investment Count Histogram

This chart shows the distribution of investment activity. Our members have participated in a varying number of deals and this chart allows us to review how many members have made many or few investments.

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
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

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

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
This report does not distinguish between pre-money and post-money valuation caps

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
Tax Preview
The analysis below are indications of anticipated tax events for deals based on various factors (i.e. investment date, instrument type, exit date)
K1 expected in tax year
K1 not expected in tax year


Deal Instrument Org Type Investment Amount

Deal Instrument Org Type Investment Amount

DISCLAIMER: All Stage, Inc. and its affiliates do not provide tax, legal or accounting advice. This has been prepared based on facts provided by the investment group, is for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Tax law is subject to continual change, at times on a retroactive basis, and may result in incremental taxes, interest or penalties. Should the facts provided by you be incorrect or incomplete or should the law or its interpretation change, the analysis may be inappropriate. All Stage, Inc. is not responsible for updating our analysis for changes in law or interpretation after the date hereof. You should consult your own tax, legal and accounting advisors before making decisions regarding your tax filing obligations.
About All Stage

All Stage is a Boston-based invest tech business with products bringing collaboration to early stage investing & fundraising.

  • Community is a product for investment teams to manage the deal flow process from deal submission, screening, diligence and post-investment portfolio analytics. The product enables angel groups, funds, syndicates to leverage the collective knowledge of their investors to drive an optimized investment process.
  • Deal Packages provide event organizers and entrepreneurial community leaders to surface a set of founder deals to a network of investors/mentors/etc through a single URL, allowing investors to easily review/engage/commit to the deals and connect with the founders improving the results for both sides.
  • Showcase is a founder-centric product creating a 2-way channel for the founder to share their deal and engage through a single link with their investors, mentors, partners, and customers, filling the gaps of Docsend or emails with attachments/bullets.

Investor Pipeline


Pronoun boxes here

Join month boxes here

Location boxes here

Referrer boxes here

Expertise boxes here

Industry boxes here
Community Users

User Date Status Investments Commitments Votes

Tenure Ranking More
Active All-time Date Status User
Cross-customer Tools
total platform users
Customer ID Name Type Email Activity Join Date
total platform deals
Customer Company Deal ID Deal Activity Submission Date
Customer API Key Member Invitation Link Deal Creation Link
Workspace Member Investors Invited Investors Founders Admins Pronoun e Last Updated
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


Newsletter

Member Comparison
Workspace Messaging
Messaging will appear on all users' dashboards, alongside any user-specific messaging

Created Title Message Expiration Date
Deal Pitch Scheduling
This page is a read-out on the pitch dates/times set for deals within this workspace

Upcoming Pitches
Deal Pitch Date
Past Pitches
Deal Pitch Date
Activity Analytics

Pulling a lot of data, be patient!



Ops team tools

Invite New Member
New Member Invite URL

An 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
Votes by Deal
Deal Yes Maybe No Total Positive

Portal Activity Log


Be patient...

Who Action Type What When
Member Payments
Portfolio Founders
Investment Company Deal Email
Company List
Company Deals Location Org Type Industries Team Social Contact Email
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
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
Blocked Investor Deal Reason Block date Delete

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 in 5min 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...

Investor Updates
60 - 120 days
 
120 - 180 days
 
>= 180 days
 
Deal Last Update Investment Date Deal Lead
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)
  • 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
  • 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
To refer a great candidate, complete this form to send information about ther referral to the ops team
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).
Impact of 20% discount
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).
Impact of $7.5M valuation cap
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)
When the Series A equity closes at $10M and the shares convert, her discount value is $8M (a 20% discount on $10M) and the valuation cap value is $7.5M, resulting in her shares converting using $7.5M, as that's a better outcome for Sarah.



Scenario 2: Sarah's $100K investment included a discount of 20% and a $7.5M valuation cap and the Series A equity closes its equity round at $7.75M valuation
Discount Valuation Cap
Equity $6.2M
($7.75M * 80%)		 $7.5M
% Equity 1.61%
($100K/$6.2M)		 1.33%
($100K/$7.5M)
When the Series A equity closes at $10M and the shares convert, her discount value is $8M (a 20% discount on $10M) and the valuation cap value is $7.5M, resulting in her shares converting using $7.5M, as that's a better outcome for Sarah.
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 financing
What'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, aligninging with when YC made a change to the SAFE default.


Metrics shown are from data from All Stage deal detai activity data since 2020



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.


Metrics shown are from data from All Stage deal detai activity data since 2020
Learn with All Stage
Questions?

If you have any questions about this content or All Stage, please

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

  1. Investor Tracking: All Stage tracks who is participating in each SPV and where they are investing from.
  2. 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.
  3. 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.
  4. 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:

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:

  1. 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.
  2. 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.
  3. 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.
  4. Tracking Investor Locations: Knowing where your investors are based is key to accurate fee calculations. Platforms like All Stage can manage this for you.
  5. 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

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.

Learn with All Stage
Questions?

If you notice anything amiss with the fees in the calculator, or have questions, please or email [email protected]