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Seedsummit Announces 5th Jurisdiction with Croatian Documents

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For many years Seedsummit has been continuously impressed by the level of high quality business ideas and talented teams coming from Croatia. The startup scene has rapidly expanded and many companies are actively looking for funding. Seedcamp has invested in many Croatian companies (including Farmeron, Oradian, and TeddytheGuardian) and see Croatia as a flourishing startup ecosystem in Europe that will continue to grow.

Today Seedsummit are thrilled to announce the release the Croatian Seedsummit Termsheet as part of our ongoing Seedsummit initiative. From today, startups can download the Termsheet from the Seedsummit website it from here.

You can read the exclusive announcement on Netokracija here.

This addition marks the fifth jurisdiction in the Seedsummit Termsheet series, and the first in the CEE region.

Based on the widely used v2.0 General Seedsummit Termsheet, the document has been translated into Croatian and adapted where necessary to function within the Croatian legal jurisdiction while maintaining the spirit of Seedsummit initiative. The goal of this document, as with the other Seedsummit documents, is to make seed funding for both startups and investors easier to access, better to understand and fair for all parties.

“It will bring a much needed transparency to sometimes obfuscated startup funding scene locally,” said Matija Kopić, the founder of Fameron, a startup backed by Seedcamp from Osijek. “I hope it will also drive new investors i.e. wealthy individuals to start looking into this kind of investment mechanisms.”

The document takes into consideration various differences between English laws and Croatian. For example, the differing share structures-there can only be one class of shares in Croatia while England and Wales there can be different ones-so the doc is adapted to take that into consideration while staying in the spirit of the original doc.
We will work with local partners to do other CEE translations as to properly understand and take into account differing laws but we hope the document will be useful in Croatia for startups and investors and help develop further the CEE ecosystem in general.

We are looking forward to them being used, adapted, and spread. Likewise, we’d love to hear your thoughts about them, when you use them, and how they helped you take your companies forward.

Our group of partners are actively investing across UK, Germany, France, Israel, Ireland, Scandinavia, amongst many others, but we would love to have many more partners globally join our initiative. If you’re interested in becoming involved or would like to translate documents, please get in touch with info@seedcamp.com.

  zipA big thank you to the Law office Šarolić Robić and Marija Butković for translating the documents. We’re proud to have Croatian accelerator ZIP as a supporting organisation.

 

Praise for Seedsummit

“Having a standardized term-sheet is great step forward for the European start-up world. Any term sheet contains many complex legal constructs and for a first time entrepreneur negotiating these with an experienced VC the knowledge and experience gap means the odds are against the entrepreneur. A standardized term-sheet takes the industry a step closer towards a level playing field as even inexperienced founders will easily be able spot deviations from the standard and know where to focus their attention.” – Alexander Ljung, Soundcloud

“This is a great initiative. VCs can sometimes have an unfair information advantage over first-time entrepreneurs—particularly if there is no intermediary involved. Initiatives like this help to redress that imbalance. The simplest way to use the seedsummit template docs would simply be to do a compare-and-contrast against any termsheet you receive. Don’t feel shy about asking your potential investor to explain any and all variation – there may be excellent reasons for each variation, but make sure you have heard and understood them.” – Greg Marsh, One Fine Stay

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About Seedsummit

Founded in 2009, Seedsummit is group of over 25 leading investors who are working together to create transparency in the European startup ecosystem. By providing documents that range from a founders’ agreement to investment termsheets, we hope to help both seed stage investors and startups by allowing them to operate in a fast, fair, and affordable way.

 

 

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