Roll Up Vehicles are special purpose vehicles that make an investment into a company. RUVs provide a way for founders to efficiently allow investors into a financing round without incurring expensive legal fees or making the company’s cap table more complicated. Instead of directly investing in the company, you would subscribe to a special purpose vehicle which will then invest into the company on the terms listed on the RUV investment page. Companies prefer to use RUVs to aggregate multiple investor checks into a single entity. Normally to close investors, companies have to incur additional costs from lawyers and cap table vendors for every additional shareholder. The RUV allows companies to expand investor access, control closing costs, and ensure that the cap table is as simple as possible. Here’s how the process works, at a high level. The menu on the left contains additional detail related to setting up, running, and closing RUVs.
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Step 1
Day 1

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Submit your RUV Request Form

You will provide the company’s legal name, round terms, and specific risks and disclosures. See screenshots of steps below, and tour the [RUV request form]
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Step 2
Day 1

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AngelList Reviews the Application

We review your information to see if we can support your company. We approve the RUV, which means you can start inviting your investors by generating links to your RUV’s private deal page with custom minimum, maximum, or exact investment amounts through your Dashboard.
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Step 3
Day 1 and beyond

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Invite investors to commit to your RUV

Investors close into the RUV & wire investment capital to AngelList to be held until close of the RUV. AngelList automates the signature collection, and handles accreditation and KYC.Investors are e-signing (on AngelList) RUV documents that subscribe them to a special purpose vehicle (the RUV). The RUV documents consist of:
  1. The (RUV) 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.
You track all of this progress in your dashboard (which investors have signed, who has wires pending, etc). AngelList follows up with investors for information if necessary.
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Step 4

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Close your RUV

Once you want to close, visit your RUV admin page where you will find 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 blocks are available on your dashboard by clicking View Closing Instructions.