Of technology challenged VCs and lawyers

Why read this story?

Editor's note: “Have you raised money?” This is Sandeep Kapoor, founder and managing partner of Algo Legal, grilling me. “You are kidding, right. No, I have not.” This is me. “Okay, have you EVER raised money?” he says.  “Sort of. In the sense that I was part of the company that did.” “Great. And how long did it take?” “Eight months.” “Exactly! That’s not how long it should take. Anything beyond a month is just a waste of everyone’s time, at least till Series A stage. In a very simplistic way, that’s the problem we are trying to solve. Today, when a venture capital transaction is happening, the whole process is inefficient. From term sheet to storage of documents to compliance to actual terms being negotiated, it is a lot of communication over email. Globally, we are at that level where technology can solve for creating documents, arriving at terms, creating a workflow which takes care of all of this and saves everyone the headache of reinventing the wheel over and over again. What was the length of your due diligence checklist? …