Blakes Ventures understands that efficiency and managing costs are important for our venture capital and emerging company clients. To these ends, it worked with our Innovation team to automate the creation of custom term sheets, side letters and diligence requests for a client’s ongoing investments.
The Innovation team housed the solution in a HighQ site, allowing faster, centralized data analysis and document access. This site automatically creates deal summaries, stores generated documents and creates data visualizations based on the information provided for each investment.
Challenge
A VC fund client of Blakes Ventures wanted a more efficient way to draft term sheets, side letters and due diligence requests. Manually drafting each document internally was unnecessarily time-consuming for highly standardized documents.
The client also wanted a better way to aggregate and review key deal data for meetings with the fund’s board of directors. Historically, meeting preparation involved significant time reviewing existing documentation and aggregating information for presentations.
Solution
VCs and startup clients expect the same of us that they expect of their high-growth tech companies — to leverage technology and process improvements to improve the delivery of our services and products. Our creative approach to this mandate reflects our commitment to applying the sharpest legal minds and technologies to each challenge.
Marko Trivun, Partner
Blakes Partner Marko Trivun worked with the Innovation team to code the client’s precedent term sheet, side letter and due diligence forms using document automation software Contract Express. This allows the client or members of the Blakes Ventures team to automatically generate a first draft of the documents by answering a customized questionnaire embedded in a client portal created with HighQ.
The data from the questionnaire, along with other investment information that can be entered later, automatically populate deal summaries on the client’s HighQ site. This data can be searched, filtered or exported. The site also automatically creates visualizations from this data to track the client’s investments over time.
Results
The client’s ability to use document automation software to generate the first drafts of term sheets, side letters and due diligence forms improved both the efficiency and ease of drafting, while ensuring a high degree of standardization vetted by the Blakes Ventures team.
The automatic flow of the inputted data into deal summaries, all housed in the centralized client portal, eliminates the significant burden on the client to aggregate and review this information ad hoc. The client can effortlessly access a repository of all their investment documents and data — and even track and visualize trends.
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