# Acquisitions Source: https://help.rollups.com/consolidate/acquisition A consolidation vehicle can make a transaction in which your company is being acquired simpler. ### How does it work? Prior to acquisition, you would have all non-major holders of the target company consolidated into a single entity. ### What about document signatures? It depends on the configuration of your consolidation vehicle. Some companies configure their Consolidation Vehicle with proxy / power of attorney over certain decisions. Contact us to learn more. Regardless, all stakeholders that are being consolidated will need to complete a sign-up process with certain KYC information. ### Does this change the tax status for investors? No, the process of using a consolidation vehicle does not involve a transfer of stock into a partnership, so QSBS eligibility may not be impacted. We are unable to provide tax advice. This is not a recommendation or advice ### How do investors receive stock or cash proceeds? * For stock of a private company, the single entity for the consolidation vehicle holds the stock. * For stock of a public company, the single entity for the consolidation vehicle holds the stock and disburses it out to investors in-kind through a transfer or provides investors with the option to sell. * For cash proceeds, the single entity for the consolidation vehicle receives the proceeds and manages the disbursement to the investors' accounts. * For escrow proceeds, the single entity will receive payments as they are collected. # Eligibility Source: https://help.rollups.com/consolidate/eligibility ### What kinds of companies are eligible to use Consolidation Vehicles? Currently we support U.S. C corporations that have raised venture capital funding. ### Can I use a Consolidation Vehicle and Roll Up Vehicle at the same time? Yes. Roll Up Vehicles are proactive tools to ensure that new investors enter as a single line. The Consolidation Vehicle will help manage existing investors, or investors outside of the Roll Up Vehicle. The ideal combination is to set up both in advance of a future financing: a Consolidation Vehicle to clean up existing holders and a Roll Up Vehicle for new investors in the financing. Properly configured, this results in only one line on the cap table between the Roll Up Vehicle and the Consolidation Vehicle. ### What kinds of instruments are eligible to be consolidated? Most kinds of securities that are issued by venture-backed companies are eligible, including: * SAFE * Common Stock * Preferred Stock * Warrants ### What kinds of shareholders can be consolidated? While all kinds of shareholders can be consolidated, we recommend focusing on shareholders with less than 5% fully-diluted ownership. ### Can Consolidation Vehicles work for employee holders? We recommend focusing on former employees who hold exercised options. # Stakeholder Experience Source: https://help.rollups.com/consolidate/experience Investors who are being invited to a consolidation vehicle have to complete an online form, complete KYC, and digitally sign an agreement. The specific experience varies depending on the configuration of your Consolidation Vehicle. For a preview of the experience, please contact the Rollups team to learn more. ### Why do investors need to complete KYC? We require KYC to be able to process distributions of cash (or public stock) for the investors. ### What documents are investors signing? They are reviewing terms and conditions, completing KYC, and completing the Consolidation Vehicle agreement, which governs how their holdings will be consolidated. Some Consolidation Vehicles are also configured with a proxy or power of attorney regarding future corporate actions. ### I have more questions Please contact us at [help@rollups.com](mailto:help@rollups.com) to learn more. # Stakeholder FAQ Source: https://help.rollups.com/consolidate/for-investors/faq A Consolidation Vehicle helps companies manage the administrative overhead incurred by large cap tables and streamlines future transactions such as future financings or acquisitions. ### Does signing this impact my economic stake in the company? No – this does not change your effective ownership in the company. Instead, it allows the company to more easily manage stakeholders by consolidating many into a single line on their cap table. Some Consolidation Vehicles are also configured with a proxy or power of attorney. ### Does this impact QSBS? No. It is merely a corporate transaction to make legal and administrative tasks simpler for the company. ### How will future distributions work? * For stock of a private company, the single entity for the consolidation vehicle holds the stock. * For stock of a public company, the single entity for the consolidation vehicle holds the stock and disburses it out to investors in-kind through a transfer to their brokerage or provides investors with the option to sell. * For cash proceeds, the single entity for the consolidation vehicle receives the proceeds and manages the disbursement to the investors' accounts. ### I have more questions Please contact us at [help@rollups.com](mailto:help@rollups.com) to learn more. # Management Source: https://help.rollups.com/consolidate/management Managing your Consolidation Vehicle depends heavily on your configuration. When you set up your Consolidation Vehicle, you will get a guide with more information. ### Adding other team members You can add additional team members to your company dashboard. To manage Consolidation Vehicles, you must give them "Admin" privileges. ### I lost the guide that was sent to my inbox We're happy to resend it your way – please reach out to your account manager or to [help@rollups.com](mailto:help@rollups.com) ### I have more questions Please contact us at [help@rollups.com](mailto:help@rollups.com) to learn more. # Overview Source: https://help.rollups.com/consolidate/overview ## Consolidation Vehicles Consolidation Vehicles are a way for companies to simplify their cap table by taking multiple investors and consolidating them into a single entity. ## How to get started Contact us at [help@rollups.com](mailto:help@rollups.com) to get started with your Consolidation Vehicle. ## FAQs Consolidation Vehicles: * Make future transactions (such as equity financings or acquisitions) easier * Clean up the cap table to make it easier to manage * Clean up many SAFE issuances into a single row per set of terms. Yes. While this is not tax advice, the process of consolidation does not change the QSBS status of the stock. Consolidation Vehicles do not involve a SPV or partnership entity – investors maintain their ownership for tax purposes, and would be able to claim QSBS just as they would without a Consolidation Vehicle. We are currently supporting U.S.-based C corporations, focusing on those that have raised venture capital. # Demand List Source: https://help.rollups.com/control-os/demand-list # Demand List Demand List gives buyers and sellers a company-approved place to submit non-binding interest. ## What Demand List is for Without a structured process, secondary interest often comes through scattered emails, introductions, and spreadsheets. Demand List gives your company a single workflow for collecting and reviewing interest. Use Demand List when your company wants to: * Share an approved submission link with potential buyers or sellers. * Review buyer and seller interest in one place. * Add interest manually when it comes from another source. * Match buyers and sellers when the company is ready to review a potential transaction. * Move approved transactions into a transfer workflow. Demand List submissions are non-binding indications of interest. They do not guarantee that a transaction will happen. ## Invite buyers and sellers Invite links let buyers and sellers submit interest through the company-approved process. 1. Open **ControlOS**. 2. Select **Demand List**. 3. Select **Invite buyers and sellers**. 4. Create or copy an invite link. 5. Share the link with the intended audience. If a link should no longer be used, delete it so new submissions are no longer accepted through that link. ## Review submitted interest The Demand List table shows submitted buyer and seller interest. Use it to review submissions, understand where there may be overlap, and decide whether a potential match is worth exploring. Open a submission to review the available details. If a submission should no longer be considered, cancel it. ## Add interest manually Company admins can add buyer or seller interest manually when it comes from another channel. 1. Open **Demand List**. 2. Select **Add**. 3. Choose whether you are adding buy interest or sell interest. 4. Enter the requested details. 5. Submit the indication. Manual entries help keep Demand List complete even when the first conversation happened outside ControlOS. ## Bulk import interest If your team already has a list of interested buyers or sellers, use the bulk import workflow. 1. Open **Demand List**. 2. Select **Add**. 3. Choose the relevant import option. 4. Download or complete the template. 5. Upload the completed file. 6. Review and submit the import. ## Create a match A match connects one seller indication with one or more buyer indications. Create a match when your company wants participants to review proposed terms. 1. Open **Demand List**. 2. Select **Create Match**. 3. Choose the relevant seller and buyer interest. 4. Review the match details. 5. Review the intro email. 6. Submit the match. After a match is created, participants receive instructions to review the proposed terms. ## Approve or reject a match After participants review terms, the company can decide whether the match should proceed. Approve a match when the company is ready to let the transaction move forward. Reject a match when the company does not want it to proceed. Company approval may still be required even if both participants accept the proposed terms. ## Best practices * Use Demand List invite links instead of collecting interest only by email. * Share links only with the intended audience. * Delete old invite links when they should no longer be used. * Review submissions before creating a match. * Approve matches only after reviewing participant terms and company policy. * Keep notification users current so new submissions and matches are not missed. # Overview Source: https://help.rollups.com/control-os/for-investors/overview # ControlOS for investors Investors and buyers may use ControlOS when a company has created an approved process for secondary interest or transfers. ## What you can do in ControlOS Depending on the company's setup, you may be able to: * Submit interest in buying securities. * Review a proposed match with a seller. * Accept or decline proposed terms. * Sign transfer documents. * Send transfer payment. * Track transfer progress. The exact workflow depends on the company and the transaction. Follow the steps shown in your ControlOS link. ## Submit buy interest If the company sends you a Demand List invite link, use that link to submit your interest. 1. Open the invite link. 2. Choose the buying option. 3. Enter the requested interest details. 4. Review your submission. 5. Submit. 6. Complete email verification if prompted. Your submission is non-binding. It does not guarantee allocation, company approval, or completion of a transaction. ## After you submit After you submit, the company can review your interest in ControlOS. You may receive updates if: * The company reviews your submission. * The company creates a potential match. * You are asked to review match terms. * A transfer workflow begins. ## Review a proposed match If the company matches your interest with a seller, you may receive a link to review proposed terms. Review the details carefully before accepting. The company may still need to approve the match after you accept terms. ## Complete a transfer If the match moves forward, you may receive a Transfer Portal link. The transfer page will show your next steps, which may include reviewing documents, signing, sending payment, or confirming payment was sent. Only send payment using the instructions shown in the transfer workflow. If anything looks unclear, contact the company point of contact before sending funds. ## Best practices * Use the company-authorized link. * Submit accurate interest details. * Review match terms carefully before accepting. * Confirm whether you are buying personally or through an entity. * Send payment only using the instructions shown in the workflow. * Track the transfer until it is complete. # Overview Source: https://help.rollups.com/control-os/for-shareholders/overview # ControlOS for shareholders Shareholders and sellers may use ControlOS when a company has created an approved process for secondary interest or transfers. ## What you can do in ControlOS Depending on the company's setup, you may be able to: * Submit interest in selling securities. * Review a proposed match with a buyer. * Accept or decline proposed terms. * Sign transfer documents. * Provide payment instructions. * Track transfer progress. The exact workflow depends on the company and the transaction. Follow the steps shown in your ControlOS link. ## Submit sell interest If the company sends you a Demand List invite link, use that link to submit your interest. 1. Open the invite link. 2. Choose the selling option. 3. Enter the requested sale details. 4. Review your submission. 5. Submit. 6. Complete email verification if prompted. Your submission is non-binding. It does not guarantee that the company will approve, match, or complete a transaction. ## After you submit After you submit, the company can review your interest in ControlOS. You may receive updates if: * The company reviews your submission. * The company creates a potential match. * You are asked to review match terms. * A transfer workflow begins. You do not need to contact the company immediately after submitting unless instructed. ## Review a proposed match If the company matches your interest with a buyer, you may receive a link to review proposed terms. Review the details carefully before accepting. The company may still need to approve the match after you accept terms. ## Complete a transfer If the match moves forward, you may receive a Transfer Portal link. The transfer page will show your next steps, which may include reviewing documents, signing, adding payment instructions, or confirming payment was received. Do not sign or confirm anything that looks incorrect. Contact the company point of contact if you have questions. ## Best practices * Use the company-authorized link instead of sending details through informal channels. * Enter your legal name and holding information carefully. * Review transfer documents before signing. * Provide accurate payment information. * Track the transfer until it is complete. # Overview Source: https://help.rollups.com/control-os/overview # ControlOS ControlOS helps companies bring secondary market activity into a company-approved process. It gives your team one place to monitor activity, collect interest from buyers and sellers, review potential matches, and manage transfers when they are ready to move forward. ## What is ControlOS? Secondary transactions can quickly become hard to manage when interest is spread across emails, spreadsheets, brokers, marketplaces, and one-off conversations. ControlOS helps companies create a more structured workflow. ControlOS includes three products: * **Scanner** helps your team monitor secondary market activity and keep track of relevant indications. * **Demand List** gives buyers and sellers a company-authorized place to express interest. * **Transfer Portal** helps manage the transfer process once a transaction is ready to proceed. Companies can use one product or all three, depending on how they want to manage secondary activity. ## Who uses ControlOS? ControlOS supports the main groups involved in a secondary transaction: * **Company admins** use ControlOS to review activity, manage buyer and seller interest, approve workflows, and oversee transfers. * **Shareholders and sellers** may use ControlOS to submit interest, review terms, sign documents, and track transfer progress. * **Investors and buyers** may use ControlOS to submit interest, review terms, sign documents, send payment, and track transfer progress. ## What companies can do with ControlOS With ControlOS, your company can: * Keep track of secondary market activity. * Give buyers and sellers an approved way to submit interest. * Review potential matches before they move forward. * Keep transfer steps organized in one workflow. * Send notifications to the right team members. * Download records for internal review. ## How the workflow usually works ControlOS can support a few different workflows, but a typical process looks like this: 1. Your company configures ControlOS and decides which products to use. 2. Scanner helps your team monitor secondary market activity. 3. Demand List gives potential buyers and sellers a company-approved place to submit interest. 4. Your team reviews interest and decides whether a potential match should move forward. 5. If a transaction is approved, Transfer Portal helps organize documents, signatures, payment confirmations, and final company review. ## Have a specific question? Learn how companies use Scanner to monitor secondary market activity. Learn how buyers and sellers can submit interest through a company-approved process. Learn how transfer workflows move from approval to completion. Send ControlOS alerts to a Slack channel your team already monitors. Learn what shareholders and sellers can expect when using ControlOS. Learn what investors and buyers can expect when using ControlOS. ControlOS workflows vary by company. If something in your experience looks different from this guide, follow the instructions shown in your ControlOS workflow or contact [help@rollups.com](mailto:help@rollups.com). # Scanner Source: https://help.rollups.com/control-os/scanner # Scanner Scanner helps your company monitor secondary market activity and decide when follow-up is needed. ## What Scanner is for Companies often learn about secondary interest from many different places: investors, employees, marketplaces, brokers, emails, and internal conversations. Scanner gives your team a central place to review relevant activity and keep a record of how the company responded. Use Scanner when you want to: * See recent secondary market activity in one place. * Add activity your team learned about outside of automated monitoring. * Preserve evidence or context for a listing. * Decide whether the company needs to follow up. * Export Scanner activity for internal review. ## Reviewing activity The Scanner page gives company admins a view of active secondary indications. Open an item to review the available context and decide whether any action is needed. Your team can use Scanner as a lightweight operating queue: review new activity, add context if helpful, and keep track of whether the company has responded. ## Add an offline indication Use an offline indication when your team learns about activity outside of the normal monitoring workflow. 1. Open **ControlOS**. 2. Select **Scanner**. 3. Open **Actions**. 4. Select **Add Offline Indications**. 5. Add the details your team has available. 6. Select **Add Indication**. The new indication appears in Scanner and can be reviewed alongside other activity. ## Request a scan Use **Request Scan** when you want ControlOS to check secondary sources for your company. 1. Open **ControlOS**. 2. Select **Scanner**. 3. Open **Actions**. 4. Select **Request Scan**. 5. Confirm your company website. 6. Select **Continue**. Scanner will show the request status while it is being processed. ## Upload evidence Evidence helps your team preserve context for a listing or indication. 1. Open **Scanner**. 2. Open an indication. 3. Go to **Evidence**. 4. Upload a screenshot or supporting file. This is useful when your team wants a record of where an indication appeared and what was visible at the time. ## Send a takedown request If your team decides an indication should be removed from a source platform, Scanner can help prepare and send a takedown request. 1. Open **Scanner**. 2. Open the relevant indication. 3. Select **Send takedown request**. 4. Add recipients and any message details. 5. Review the preview. 6. Select **Send Request**. Use this only after your team has confirmed that the request is appropriate. ## Best practices * Review new Scanner items regularly. * Add offline indications when activity comes in through email or another channel. * Upload screenshots when context matters. * Confirm details before sending takedown requests. * Keep the company point of contact current so follow-up reaches the right person. # Slack notifications Source: https://help.rollups.com/control-os/slack-notifications # ControlOS Slack app The ControlOS Slack app sends ControlOS alerts to a Slack channel selected by your team. It is useful when the people reviewing secondary activity already coordinate work in Slack. ## What Slack notifications are for ControlOS can send Slack notifications for activity across Scanner, Demand List, and Transfer Portal. Teams commonly use Slack notifications to stay on top of: * New secondary activity that needs review. * New buyer or seller interest. * Matches that need company attention. * Transfer steps that need review or signatures. Each message includes context and, when relevant, a link back to the related item in ControlOS. ## Before you install Before connecting Slack, make sure: * You can manage company settings in ControlOS. * Your company has ControlOS set up. * You have permission to add Slack apps to the workspace and channel. * Your team knows which Slack channel should receive ControlOS alerts. We recommend using a dedicated channel, such as `#controlos-alerts`, `#scanner-alerts`, or `#secondary-transfers`, instead of a broad company-wide channel. ## Install the Slack app 1. Open **ControlOS**. 2. Go to **Configuration**. 3. Select **Integrations**. 4. Find **Slack**. 5. Open the Slack actions menu. 6. Choose **Manage** or **Add channel**. 7. Select the Slack workspace and channel that should receive ControlOS messages. 8. Review the requested permissions. 9. Approve the installation. 10. Return to ControlOS. 11. Confirm the Slack channel appears under **Active integrations**. After installation, ControlOS can begin posting supported alerts to that channel. ## Confirm the installation works Send a test post before relying on the integration for live workflows. 1. In ControlOS, go to **Configuration**. 2. Select **Integrations**. 3. Find **Slack** under **Active integrations**. 4. Open the Slack actions menu. 5. Choose **Send test Slack post**. 6. Confirm the selected Slack channel receives the test message. If the test message appears, the Slack channel connection is working. ## Add another Slack channel You can connect additional Slack channels if more than one team needs ControlOS alerts. 1. Go to **Configuration**. 2. Select **Integrations**. 3. Find **Slack**. 4. Open the Slack actions menu. 5. Choose **Add channel**. 6. Select another Slack channel during the Slack authorization flow. 7. Confirm the new channel appears under **Active integrations**. ## Disconnect Slack To stop posting ControlOS messages to a Slack channel: 1. Go to **Configuration**. 2. Select **Integrations**. 3. Find **Slack** under **Active integrations**. 4. Open the connected channels list. 5. Select the channel you want to remove. 6. Confirm the disconnect action. ControlOS will stop posting to that Slack channel after it is disconnected. ## Troubleshooting If you do not see the Slack integration, confirm you can manage company settings in ControlOS and that ControlOS is set up for your company. If Slack does not let you approve the app, confirm you have permission to install Slack apps or ask a Slack workspace admin to approve it. If the test message does not appear, confirm you selected the intended Slack channel and that the app was not removed from Slack. If needed, disconnect and reconnect the channel. If a ControlOS alert links to a page you cannot open, confirm you are signed in with the right account and have access to the related ControlOS product. # Transfer Portal Source: https://help.rollups.com/control-os/transfer-portal # Transfer Portal Transfer Portal helps your company manage the transfer process after a buyer and seller are ready to proceed. ## What Transfer Portal is for Once a secondary transaction is approved, there are still several steps to coordinate: documents, signatures, payment confirmations, company approvals, and cap table updates. Transfer Portal keeps those steps organized. Use Transfer Portal when your company wants to: * Prepare a transfer before initiating it. * Start participant workflows. * Track progress across buyer, seller, spouse, and company actions. * Keep transfer documents and status in one place. * Confirm payment and fee steps. * Mark completed transfers for cap table reconciliation. ## Create a draft transfer Use a draft when your team wants to prepare transfer details before initiating the workflow. 1. Open **ControlOS**. 2. Select **Transfer Portal**. 3. Select **Create Draft Transfer**. 4. Enter the transfer details. 5. Review and save the draft. Drafts can be reviewed before participants receive instructions. ## Initiate a transfer Initiating a transfer starts the participant workflow. 1. Open **Transfer Portal**. 2. Open a draft transfer or eligible transfer. 3. Select **Initiate Transfer**. 4. Review the message participants will receive. 5. Confirm initiation. Once initiated, participants receive instructions for their next steps. ## Review transfer details Open a transfer to see its current status, parties, documents, timeline, and required actions. If the company needs to act, the transfer page will show the next available step. Use the timeline to understand who needs to act next and where the transfer stands. ## Approve or reject a transfer Some workflows require company review before the transfer can continue. To approve, open the transfer, review the details, and select the available approval action. To reject, select the available rejection action and provide the requested reason. ## Company signatures If the company must sign a transfer document, the assigned company signatory receives a signature request. The signatory should review the transfer agreement, confirm their information, apply their signature, and submit the signed document. The transfer timeline updates after the signature is complete. ## Payment and fees Transfer Portal can help track transfer payment and transfer fee steps. Depending on the workflow, buyers or sellers may be asked to confirm that payment or fees were sent or received. Company admins can review payment status from the transfer page and update records when appropriate. ## Mark a transfer as transferred When required signatures and payment steps are complete, the company can mark the transfer as transferred and record the completion date. Completed transfers can then be reconciled against the cap table. ## Reconcile a transfer Reconciliation is the final company step after a transfer is executed. 1. Open **Transfer Portal**. 2. Go to the completed transfer. 3. Update the cap table with the executed transfer. 4. Mark the transfer as reconciled or complete the available reconciliation action. ## Best practices * Configure transfer roles before initiating transfers. * Review transfer agreement templates before live use. * Configure transfer fee rules before the first transfer. * Keep company signatory details current. * Reconcile completed transfers promptly. * Use the timeline to understand who needs to act next. # Accounts and settings Source: https://help.rollups.com/platform/administration/dashboard ## Login & Access ### What login methods are supported? You can log in with a "magic link" sent to your email, or log in with AngelList. ### As a company administrator, can I use my AngelList account to log in? Yes. You can also log in to your Rollups dashboard by sending a magic link. ### I used to use AngelList Stack / AngelList Equity for my cap table. Can I log in with the same account? Yes. During the transition period, you can manage your RUVs from stack.angellist.com as well. After July 2026, the link you use to manage RUVs will be through Rollups.com. *** ## Company Settings ### How do I change my logo? You can change your logo by navigating to Company > Overview and clicking Upload Logo. *** ## Permissions ### How do I add people to the dashboard? Can I give someone read-only permissions or otherwise restrict access? Navigate to Company > Permissions > Add New and input the user's information and permission level. You can use the pre-set permission level based on role or modify it to fit your specific company's needs. ### How do I make sure someone does/doesn't get AngelList dashboard notifications? Under Company > Permissions, select the specific user and toggle their notification settings. ### Can I share my investor dashboard with my back office or legal team? For sure! Log in to your dashboard, then head to the account settings and add an additional user. *** ## Pricing Plans Review current Rollups RUV pricing on the [RUV pricing page](https://rollups.com/ruv#pricing). If you're unsure which pricing plan applies to your RUV, contact us at [help@rollups.com](mailto:help@rollups.com). ## Platform Security ### How do you use our data? We do not sell or transfer your private data. Our full terms and conditions provide additional detail on how we protect your data [here](https://app.rollups.com/terms). ### Is your platform secure? We have successfully completed a SOC 2 audit which assesses a service organization’s internal controls governing its services and data. These controls include security, availability, processing integrity, confidentiality, and privacy as [outlined](https://www.aicpa.org/topic/audit-assurance/audit-and-assurance-greater-than-soc-2) by the American Institute of Certified Public Accountants (AICPA). You can find additional information on our information security [here](https://app.rollups.com/security). *** ### I have a question that isn't answered here. Who can I reach out to? We'll be happy to help you at [team@rollups.com](mailto:team@rollups.com). ### Can you provide us with legal advice or act as a transfer agent? We cannot provide legal advice. We do not provide transfer agent services. Our focus is on supporting private U.S. companies that rarely require a formal transfer agent. # Overview Source: https://help.rollups.com/platform/overview How Rollups helps companies consolidate stakeholders ## About Rollups ### What is Rollups? Rollups ([rollups.com](http://rollups.com)) builds products for founders and companies: * [Roll Up Vehicles (RUVs)](/ruv/overview) * [Consolidation Vehicles (CVs)](/consolidate/overview) ### I'm in the wrong place. * Fund GPs / LPs / investors: log in at [Venture.AngelList.com](https://venture.angellist.com/) * AngelList cap table administrators: log in at [Stack.AngelList.com](http://stack.angellist.com) * Stakeholders of startups that use AngelList cap table: log in at [Stack.AngelList.com](http://Stack.angellist.com) ### Is Rollups software or a service? Rollups is a web-based application for companies to launch, manage, and track [Roll Up Vehicles](/ruv/overview) (RUVs), and [Consolidation Vehicles](/consolidate/overview) (CVs). Rollups is also a team of experts that support companies' fundraising rounds and stakeholder consolidation efforts. ### Do investors use Rollups? Rollups is where companies manage RUVs and CVs. Investors use their AngelList accounts to invest in RUVs, track their RUV investments, and receive documents. ### What is the relationship between Rollups.com and AngelList? Rollups LLC is a subsidiary of AngelList. Rollups is the dedicated brand for building products for companies. AngelList infrastructure continues to power the Roll Up Vehicle investment experience. ## Platform information For more information about how to log in to or navigate Rollups.com, go here: Accounts & Login Instructions # RUV vs Direct Source: https://help.rollups.com/platform/ruv-vs-direct ## Direct vs RUV: two valid ways to bring investors onto your cap table Founders usually choose between two paths when raising from multiple angels, operators, or friends & family: 1. Add each investor directly to the cap table 2. Pool them into a single line using a Roll Up Vehicle (RUV) Both approaches work. The real difference is how cost and admin scale as your company grows. RUV vs direct ## The simplest way to think about it * Direct investors → each person you add becomes an ongoing cost (legal, admin, cap table fees, future signatures & consents, etc.) — those costs compound over time * RUV → one fixed cost and one stakeholder on the cap table, even if you add 5, 50, or 250 people ## Where the cost actually comes from | Cost driver | When it shows up | Direct investors | With an RUV | | :- | :- | :- | :- | | Onboarding (KYC, investment doc execution, wire coordination) | At time of investment | Repeated per investor | Done once at the vehicle level (investor-level items are managed by our team) | | Cap table fees (software / admin) | Annual | \~\$100–\$200 per investor, per year | One entry for RUV (no per-investor lines/cost) | | Stockholder consents & signatures | Every corporate action (eg: financing, M\&A, equity plan update, amendment, etc.) | One signature per investor | One signature total | | Legal/admin for stockholder changes | Anytime investor updates ownership (entity transfers, secondary, etc.) | Repeated per investor | Handled at vehicle level | | Distributions | Liquidity event | Separate tax docs + wire info and execution per investor | One wire info and execution + one tax flow | | Audit / tax touchpoints | Each year or diligence event | Repeated per investor | One per vehicle | One direct investor is more than just one action today — it’s **\~100 small actions** over the life of the company. ### Other items that matter just as much (if not more) ✓ **Faster rounds** — one signature instead of chasing 10–20 people\ ✓ **Cleaner diligence** — makes diligence for future VCs faster with one (familiar) cap table line\ ✓ **Less founder time lost** — fewer follow-ups, fewer admin loops, fewer repeats\ ✓ **Cleaner narrative** — avoids the common “messy cap table” risk, which leads to slowdown in future financings and M\&A reviews These don’t show up as fees, but they do show up in **time, speed, and attention** (usually more expensive than pure dollar cost). ## When direct is totally fine ✓ You only have 1–2 investors\ ✓ The investor is a large fund or someone who needs their own line on the cap table\ ✓ You don't mind the legal/admin costs and any delays from signature executions in future Direct is the right choice when simplicity today doesn’t create complexity later. ## When an RUV usually makes more sense ✓ You're raising from a group of strategic angels / operators and friends & family\ ✓ You want one clean cap table line instead of a growing list of individual investors\ ✓ You want future rounds and stockholder consents to move faster (one signature vs many)\ ✓ You want to prevent legal/admin costs from compounding over time RUV is how founders avoid turning today’s raise into tomorrow’s cap table burden. ## Founder takeaway Direct is simplest when the group is small and static. Once you start bringing in multiple individual checks, the long-term cost of managing them (cap table fees, legal/admin costs, etc.) often ends up being multiples of the one-time RUV fee. An RUV keeps that cost flat by turning many small investors into a single stakeholder on the cap table. So, founders typically weigh the “right” option based on how many people they expect to add and how much admin they wish to carry forward. Set one up and start inviting investors in under 5 minutes # Closing an RUV Source: https://help.rollups.com/ruv/closing-an-ruv ## Starting the Closing Process When you are ready to close your RUV, simply follow the instructions in the closing checklist. Within your RUV dashboard, select "RUV Closing Checklist," as seen here: RUV closing checklist step 1 **You'll be prompted to complete the following steps:** 1. **Add and confirm your bank information.** This is where you would like the funds to be disbursed. RUV closing checklist add bank account *Add the bank account where you’d like to receive RUV funds.* RUV closing checklist save bank account *Select your bank account and press Save.*
2. **Confirm the existing commitments and pause your RUV to new commitments.** This closes the round to new investors and confirms that the amount collected is the final amount that you would like to close with. RUV closing checklist confirm commitments
3. **Submit your final deal documents.** You can either generate a standard Y Combinator SAFE with your terms, upload your own investment documents, or provide an e-signature link to your deal documents. You can either upload your deal documents or provide an e-signature link. You can find the signature block for your investment documents by selecting "View signature block." You'll be prompted to loop in your attorneys to send the closing documents. This will send an email, cc'ing you, that includes the round information, the signature block, and the documents needed to close the investment. **Typical equity round documents include:** * pro forma/cap table * Stock Purchase Agreement * Disclosure Schedule * Voting Agreement * Right of First Refusal and Co-Sale Agreement * Investors' Rights Agreement * Amended & Restated Certificate of Incorporation You can send the signature packet on the thread or via an e-signature platform. If you are sending draft equity financing documents, confirm the valuation and specify the price per share and the exact wire amount based on the total raise in the RUV. We cannot wire funds until all the investors have funded their commitments and completed the KYC review. RUV closing checklist submit deal documents SAFE
4. **Select "Review and Close RUV."** This will lead to an overview of your round, allowing you to review your RUV fundraise. You will be shown the RUV invoice as well. At this point, you can "Confirm and begin transfer" to fully complete the closing process. RUV closing checklist review and close RUV save ## Can I update the closing deadline? If you are not ready to close, you can update the deadline from your dashboard \[Close Date > Pen]. RUV edit closing deadline ## Get RUV Signature Block AngelList will provide the signature block that has the legal name of the RUV, its address, and signatory information; this information is unique for each RUV. The signature block is available on your dashboard by clicking ‘RUV Closing Checklist,’ > ‘Submit deal documents’ > ‘View signature block.’ RUV closing checklist signature block ## Can I close the RUV to new investors? Yes, you can close the RUV to new investors by selecting ‘Actions’ in the top right-hand corner and then selecting ‘Close Round.’ RUV closing checklist close round to new investors ## If I close the RUV, will pending investors be able to complete the process? Yes, anyone who has already signed will be able to complete the investor closing flow, but new investors will not be able to commit to the RUV. We can begin the closing process on our end even if all the investors have not completed the flow. That said, we will need all the investors to be marked as "completed" before we can wire the funds. ## Can I do multiple closes? No, we're unable to do multiple closes or rolling closes. We can only close the RUV once, when all investors have committed and funded their investments. # RUV FAQ for Investors Source: https://help.rollups.com/ruv/for-investors/ruv-faq ## Understanding RUVs ### What are Roll Up Vehicles (RUVs)? RUVs are special purpose vehicles that allow founders to consolidate multiple investors into a single entity (the RUV), which then signs the investment documents and sends a single wire to the company. They save founders from managing multiple investors' paperwork and legal costs, both now and in future rounds. Rollups and AngelList handle the entity formation, collection of funds, tax filings, and post-investment activities for the lifetime of the RUV. * Click here for visual guides to help complete your investment in the RUV. ### Why do companies use Roll Up Vehicles? RUVs allow companies to have a cleaner cap table, which can position them better for future fundraises or M\&A transactions. RUVs also allow the company to accept investors that they otherwise would not accept directly due to the check size or logistical constraints. In addition, we find that companies often save tens of thousands of dollars on cap table costs and administration as compared to accepting direct checks. Our estimates suggest that a seed stage company that is considering using an RUV for 45 angels will save \$75,000 over the lifetime of the company (when compared to the costs of allowing 45 direct investments). ### What is the legal structure of the RUV? RUVs are structured as series of Delaware limited partnerships. Each RUV is a distinct series under a master partnership called "Roll Up Vehicles, LP". An example RUV legal name would be "LD Fund I, a series of Roll Up Vehicles, LP". This is the entity name that will appear on the company's cap table and sign the investment documents. The fund's general partner is Fund GP, LLC, a Rollups- and AngelList-approved entity. The RUV's Investment Adviser is Platform Advisor, LLC (unless otherwise indicated). RUVs are administered by Belltower Fund Group, Rollups and AngelList's preferred fund administrator. RUV Legal Structure Rollups ### How are these legally different from normal AngelList SPVs? RUVs are specifically designed for companies in a way that addresses important compliance and conflict of interest issues, while AngelList SPVs are more suited for venture funds and syndicates. RUVs utilize the same AngelList SPV documents, which you may have seen before, but without formal advisory involvement from an external third party (specifically, the RUV offering does not involve a "Fund Lead" or "Sub-Adviser" and there are no management fees or carry charged on the vehicle). Rather, Platform Advisor, LLC performs the role of an Investment Adviser that acts in the best interest of the investors in the RUV. Any decisions are based on standard market practices that align with similarly situated shareholders. ### Is this different from making a direct investment? Yes. In a direct investment, you invest in the company directly. With an RUV, you invest through a limited partnership vehicle, and that vehicle makes one investment in the company on behalf of all participating RUV investors. ## What is the difference between investing directly vs through an RUV vs through an SPV? | | **Direct** | **RUV** | **SPV** | | - | - | - | - | | **Definitions** | Direct means investors participate in the company’s round individually. | RUV stands for Roll Up Vehicle and is purpose-built for companies to pool investors into a single vehicle, compliantly. | SPV stands for Special Purpose Vehicle and is built for VCs to pool investors into a single vehicle. | | **What does it mean?** | - Investors sign Company financing docs (SAFE/equity round docs); wire funds directly to Company | - Investors sign RUV’s subscription docs; wire funds to RUV

- Then RUV signs Company’s financing docs; wires funds to Company.

- RUV managed through Rollups & AngelList by Company | - Investors invest via pooled vehicle, run by the VC (or GP) that is running the SPV who serves as its Manager / General Partner (the “lead”)

- Investors sign SPV’s subscription docs; wire funds to SPV

- Then SPV signs Company’s financing docs; wires funds to Company

- SPV managed through AngelList by VC | | **Who makes decisions?** | Each investor manages their own investment, including legal reviews, signatures, consents, and notices. | Centrally managed through Rollups & AngelList\*, as per standard market practices followed by similarly situated investors. | SPV lead manages and decides on behalf of all investors. | | **Cap table representation** | Investors are direct shareholders on company’s cap table. | Investors are Limited Partners in a pooled vehicle (i.e. RUV). The RUV is a direct shareholder on company’s cap table. | Investors are Limited Partners in a pooled vehicle (i.e. SPV). The SPV is a direct shareholder on company’s cap table. | | **Investor economics** | Investors keep full ownership of their investment in the company. | Investors retain full 1:1 ownership economics (no fees/carry deducted). | Investor ownership and returns are potentially reduced by fees and carry paid to the VC/GP. | | **Costs to Company & Investors** | Low upfront costs for company and investors, but legal, admin and cap table costs compound over time. | Company pays nothing to start raising, then pays a flat one-time admin fee when finished raising the RUV. Investors pay nothing (no admin fee, SPV management fee, or carry). | Company generally pays no fee. Investors often pay various fees: one-time or ongoing admin and management fees, and carried interest. | | **Investor voting rights** | Each investor holds and exercises their own standard rights tied to their position. | RUV holds the standard rights tied to its position. Generally, the RUV exercises these neutrally through AngelList & Rollups\*. Companies may handle certain routine votes. | SPV holds the rights; the lead decides how they’re used on behalf of all investors. | | **Pro-rata rights** | Each investor negotiates directly with the company. | Not standard, but companies may offer pro-rata to individual RUV investors (via direct allocation or through a new RUV). | SPV lead negotiates with the company; if they secure pro-rata, they decide how to share or use it. | | **Pay-to-Play** | If the company sets pay-to-play terms, investors must participate directly or face dilution. | If the company sets pay-to-play, the company may set up a new RUV and call on investors for more capital. | If the company sets pay-to-play, the lead decides whether the SPV participates and may call on investors for more capital. | | **Exit management** | Investors self-manage the exit logistics | Professionally managed through Rollups & AngelList – investors receive cash distributions or share delivery, if applicable. | SPV lead manages on behalf of the group, with SPV admin support if available. | *\*RUVs use a standardized, platform-advised structure where Rollups & AngelList-approved entities, via Fund GP, LLC, and Platform Advisor, LLC, serve as the legal General Partner and Investment Adviser respectively, to manage fund compliance. Platform Advisor, LLC is an* [*Exempt Reporting Advisor*](https://www.angellist.com/learn/exempt-reporting-advisor) *and makes required annual filings with the SEC.*

This comparison chart is provided for a high-level overview only of the most common configuration for RUVs and should not be considered a replacement for reading the legal documents. Please consult the RUV fund documents (LPA, PPM, and Subscription Agreement) and any applicable disclosures for full details. ### When should I consider direct investment instead of an RUV? You may want to consider a direct investment if you're an institutional investor (such as a large venture capital fund) that cannot delegate voting rights, cannot invest in other funds, or both you and the company want to maintain direct negotiations for all future decisions. ## General Questions ### How easy is it for me as an investor? Investors often say that investing through RUVs is significantly easier than making direct investments. RUVs allow investors to complete their commitment within minutes and fund their commitment over ACH or wire. Crypto is no longer available as a funding mechanism. We are working on a longer term solution to bring it back. ### Do I need to be accredited? Yes. All investors in RUVs must be [accredited](https://help.angellist.com/hc/en-us/articles/360048803251-Accredited-Investors). For most Roll Up Vehicles, a self-attestation of accreditation status is collected during the investment process. ### Does AngelList perform a KYC check? Yes. We verify investor identity as required for banking purposes. After completing the investment flow, we automatically verify individual investors using their name, address, and date of birth. For entity investors that don't pass automatic verification, our KYC team will request additional documentation via email. Once verified, you can reuse this KYC-approved entity for future investments on AngelList. ### What information do I need to provide for KYC? For individual investors: Name, address, date of birth, social security number/tax ID, government-issued ID (if requested). For entity investors: Entity details and documentation, beneficial owner information, additional documents based on entity type and jurisdiction. ### How much does an RUV cost for investors? The cost of the RUV administration is generally paid for by the company, so you generally incur no additional administrative cost for making your investment. Any potential state filing fees (i.e. [Blue Sky Fees](https://learn.angellist.com/articles/blue-sky-laws#toc_3_H2)) are also paid for by the company. ## Investment Documents ### **What documents will I sign?** As an investor in the RUV, you do not sign the actual investment docs (like a share purchase agreement or a SAFE). Instead, by closing online, you subscribe to the special purpose vehicle (i.e. the RUV), which is the entity that will sign the actual investment docs with the company. Specifically, you are e-signing (on AngelList) RUV closing documents that consist of: 1. **The (RUV) Limited Partnership Agreement** * This is where the parties establish respective rights and obligations to the fund, as well as the rules, processes, and procedures that shall govern the business and affairs of the fund. 2. **The (RUV) Subscription Agreement and Privacy Notice** * This document outlines the mechanics that surround the flow of funds to the RUV. 3. **The Private Placement Memorandum (PPM)** * The PPM describes the terms of the offering, details about the investment vehicle, and the risks of the investment, among other things. Here's the default RUV closing docs if you'd like to review: [draft-ruv-closing-docs.zip](https://storage.googleapis.com/al-stack-public/uploads/mwrTe0/Yosemiteai-Demo-ClosingDoc.zip) Once the RUV is finalized, you will be able to access the executed RUV closing documents from your [AngelList Investor Dashboard](https://venture.angellist.com/v/i/portfolio/dashboard). ### Will I get a copy of the financing documents? The documents you sign and will receive are related to the RUV commitment itself. We generally do not share the underlying company financing docs with RUV investors, though you may ask the company for those documents. As the Investment Adviser, AngelList's approved entity reviews the financing documents before signing them to ensure the investment terms generally match what the company disclosed to you on the platform. ### What if the investment terms are changed after my commitment? If any material investment terms disclosed when you committed later change in a way that materially disadvantages investors, we will notify you and give you the option to opt out of the investment. Examples of changes that may trigger an opt-out option include adverse changes to the funding instrument, valuations, or discount terms. # **Rights & Restrictions** ## How does the voting proxy work? The proxy gives the company the right to vote on behalf of the RUV for non-Material Matters. For Material Matters, the AngelList-approved Investment Adviser makes the voting decisions based on standard market practices that align with similarly situated investors. Material Matters can generally be separated into two categories: **1. Anything impacting the rights, privileges, and responsibilities of the investors** ***(Ex: If the preferred stock that investors acquire comes with certain rights and there is an instance where they could potentially lose those rights).*** **2. Any changes to the company** *(Ex: If the company is preparing for an IPO, going for a merger, or undertaking a major corporate restructuring, such as when the company is splitting off or rolling into another entity).* Below is a sample of the Proxy. [Sample Proxy for RUV](https://storage.googleapis.com/al-stack-public/uploads/TLsyDc/Sample_Proxy_for_RUV.docx) ## How are pro-rata rights handled? RUVs generally do not have pro-rata rights in the portfolio company's future financing rounds. While some companies may offer pro-rata rights, pro-rata rights vary in strength, and can often be waived or removed at the company's discretion. ## What about pay-to-play provisions? RUVs generally do not participate in pay-to-play financings. The company would retain the discretion to offer, or not offer, the ability for RUV investors to participate directly. ## Will I be entitled to a token warrant if the deal's terms included one? If the deal includes a token warrant, it is offered to the RUV, and the company agrees to the provisions of Rollups & AngelList's RUV Token Warrant pricing & guidelines, then the RUV may purchase a token warrant for the vehicle. The exact distribution and exercise mechanisms vary, but should the warrant be exercised and sold into USD, the proceeds are sent to the RUV and distributed back to you pro rata (as an RUV investor). ## Are there transfer restrictions on the members? Yes. Generally, you will not be able to freely sell or have your investment redeemed. The RUV is a good instrument for long-term investors. The RUV template documents contain customary transfer restrictions that prevent limited partners in the RUV from transferring their interests in most cases. These are specified in Article 6 of the LPA. That said, the LPA allows transfers for estate planning purposes. In those cases, email [invest@angellist.com](mailto:invest@angellist.com) to initiate a transfer and we'll guide you through the process. ## What about liquidity & exits? If a secondary liquidity opportunity is presented to the RUV by the company, the investment adviser will generally not sell shares in a secondary sale opportunity. For an exit, when we receive distribution proceeds, we will distribute them to LPs. In some cases (like an IPO or acquisition by a public company), we may directly disburse stock to the brokerage accounts of the RUV members, depending on the feasibility, volume, and fees associated with the transaction (which are passed through to the RUV). # Tax & Reporting ### Do QSBS benefits flow through to investors? RUVs are Delaware limited partnerships that are pass-through entities, so any eligible QSBS benefit or other benefits would flow through when investing in an RUV\*. *\*Not tax advice. Consult your own tax advisor.* ### Will I receive a K-1? The RUV will issue a K-1 to you, but it generally will be a \$0 K-1 in the first year (we are required to create one in the first year of the RUV). Future years will only have a K-1 issued if there is a distribution or other taxable activity. ## Other articles that may be useful 1. [What are the tax consequences for non-U.S. investors?](https://help.venture.angel.co/hc/en-us/articles/360048160431-What-are-the-tax-consequences-for-non-U-S-investors-in-syndicates-) 2. [I'm foreign. Do I need to file a U.S. tax return?](https://help.venture.angel.co/hc/en-us/articles/360047686012-I-m-foreign-Do-I-need-to-file-a-US-tax-return-) 3. [When will I receive my K-1 for the prior tax year?](https://help.angellist.com/hc/en-us/articles/360047685832-When-will-I-receive-my-K-1-for-the-prior-tax-year) 4. [My tax package says I won't receive a K-1 for the year, why not?](https://help.venture.angel.co/hc/en-us/articles/360047685812-I-invested-in-a-fund-during-the-past-tax-season-but-my-tax-package-summary-says-I-won-t-receive-a-K-1-for-the-year-Why-not-) [Link to more Investor Tax FAQs](https://help.angellist.com/hc/en-us/sections/33513623589645-Legal-Regulatory-Taxes) Browse more FAQs about Account Settings, Funding Investments, Portfolio Management, Transfers, Distributions, Withdrawals, Legal, Regulatory, & Taxes. *Note: This FAQ is for informational purposes only. Please consult your legal and tax advisors for professional advice. Rollups & AngelList provide software and document templates but cannot provide legal advice.* Have other questions? Email us at [team@rollups.com](mailto:team@rollups.com) # Guide to Invest in an RUV Source: https://help.rollups.com/ruv/for-investors/ruv-guide # Getting Started ## **What does the investment process look like?** The process is designed to be completed within minutes using e-signatures and multiple funding options. Below are step-by-step guides to what you will see: