The Middle East Angel Investment Network (MAIN) has partnered the German Development Cooperation to launch free standard Egyptian legal documents for early-stage investors and founders, aimed at facilitating fundraising processes.
MAIN, a network of MENA’s leading early-stage investors which promotes angel investing in the region, said the initiative, which will be implemented by GIZ Egypt, would “open source” a key set of documents, including an Equity Term Sheet, Shareholder Agreement and Subscription Agreement.
This is designed to save founders and investors time and money, with the documents available for download here on MAIN’s website. Leading international firm Venture By Shahid Law Firm, selected through a competitive process, drafted the best practice documents, including notes to assist users in customising specific sections.
“Our hope is that these free legal documents will be adopted by early-stage investors in the region, thereby making the fundraising process faster and easier while protecting the rights of both investors and founders,” said Cairo Angels and MAIN board member Sara Gamay.
Andreas Ruepp, head of project access to financial services for SMEs at GIZ Egypt, said his organisation focused on supporting early-stage startups and investors to foster innovation, create economic growth and job opportunities for the Egyptian people.
“We hope that this initiative increases transparency and trust in the investment process and reduces legal uncertainties. We are happy to partner up with MAIN and hope to make a contribution to the creation of better social and economic prospects for the Egyptian people in line with the Egyptian Government’s Sustainable Development Strategy: Egypt Vision 2030,” he said.