1. Automated equity financing, a first-of-its-kind feature
Every step of the Series A – from comparing term sheets to closing the deal – was automated on the platform. When the Rugged team began preparing for the Series A, their cap table was already up-to-date; The platform had automatically linked the documents and data from the previous round and securely stored them in their data room.
With the cap table in place, Morse turned to the platform's scenario modeling capabilities. This feature helped Rugged easily capture the proposed terms and generate a pro forma cap table. The platform then automatically drafted a full set of industry-standard, NVCA Series A documents – hundreds of pages – in accordance with the term sheet.
The investors from Rugged’s seed round – and existing board members – already had access. Inviting new Series A investors for document revision and execution took just a few clicks and there were customizable options for document permissioning. Rugged could view activity, oversee revisions, and collect board/stockholder approval with e-signatures – all on Fidelity Private Shares.
When all stakeholders had given their approval, the Series A was complete. All the newly-added data and documents were automatically and securely stored in the data room, and Rugged’s cap table was up-to-date.
2. Diligence mode for investor/attorney collaboration
Rugged stores all of its relevant documents and information on Fidelity Private Shares, including corporate governance, charter, bylaws, and meeting minutes. When the deal entered the due diligence stage, everything was in one place for investors and their attorneys to review. All Morse had to do was turn on “diligence mode,” and every stakeholder had access to only the documents they needed to review and execute.
Morse said his investors recognized the legitimacy of the platform right away, as it made communication and collaboration easier.
“[Fidelity Private Shares] really simplified the due diligence process. It’s a single platform to house and store your fundraising data and documents. Giving stakeholders access was as easy as a click of a mouse.”
3. The Customer Success “Gold Standard” throughout the fundraising journey
As a new founder, Morse endured plenty of “firsts” on his road from incorporation to Seed Funding to a full Series A. Through every signature, equity grant, and term sheet, he leaned on the expertise of the customer success team.
The support team coached Morse through the processes, highlighting key touch points with stakeholders. They answered most of his inquiries within 30 minutes, and took action when necessary to help Morse and his team push forward in their financing.
“As far as customer support goes, the customer support team is second to none. They’re my gold standard for what Rugged’s customer support should look like,” Morse said.
