Investment Team Meeting Notes

Stock Purchase Agreement and Finding Documents

  • Stock purchase agreements can typically be found in draft form.
  • GAAP financial statements list current holdings, including converted convertible notes.

Vitalize and Exploro Investments

  • The group discusses adding the Exploro investment, which was previously missed.

Directors and Officers Insurance (D&O)

  • It is crucial for companies with board members to have D&O insurance to cover fiduciary duties in case of lawsuits.
  • The company sends an annual survey to portfolio companies to gather paperwork related to D&O insurance and EINs.

MedPilot and Vitalize History

  • MedPilot, an Ohio-based company, changed its name to Vitalize.
  • Initial investment in MedPilot was made out of Angel Fund three.

Investments Section in Visible

  • In Visible, the following investments were made:
    • A million dollars out of C4.
    • Convertible note in 2019.
    • Follow-on investments in Series B and C rounds via C4 and Acceleration funds.
  • Deal documents should ideally be attached to the investment record in Visible.

Entering Investments in Visible

  • The team discusses the process of entering new investments into Visible, including attaching deal documents.
  • Recent investments include Exploro, Bloom Filter, and Thrivable.
  • Deal docs can be just added as files.

TandemStride Investment

  • The group walks through the process of adding the TandemStride investment into Visible, including where to attach relevant documents.
  • TandemStride is running a series C2 round.

Questionnaire

  • A questionnaire is used to gather information about new investments.
  • The questionnaire covers important information requested by the Angel Capital Association and the state of Ohio, including tax structure, articles, EIN, FTEs, and total investment.
  • The importance of regularly reviewing and updating the questionnaire to ensure it captures all necessary information.

Total Investment and Round Size

  • The document shows a request amount of 125,000125,000, indicating a total investment of 250,000250,000. The total round size is being determined.

Allocating Questionnaire to Michael Leonard

  • Michael Leonard will complete the questionnaire for Tandem Stride initially, due to his familiarity with the company.
  • Michael's contact information: michael.leonard@northcoast.bc.
  • The discussion emphasizes the importance of optimizing the system and avoiding working outside of it.

Adding Tandem Stride to Visible

  • Tandem Stride is added as a company in Visible, with Michael Leonard as the primary contact for the short term.
  • A request is sent to Michael to complete the questionnaire.

Investment Process and Delays

  • The team discusses previous efforts to line up investments, which were delayed for various reasons.

Adding Investment Details for Tandem Stride

  • The process to add the investment for Tandem Stride (250,000250,000) is reviewed, focusing on where to attach the deal documents.
  • Tandem Stride investment series: Series C2, total investment: 1.5million1.5 million.
    • The round size is modified to 4,049,009.994,049,009.99.
  • It is an equity investment out of seed fund five.

Seed Fund Five

  • Seed Fund Five is created in Visible, with a formation date of 10/07/2025.

Schedule of Purchasers

  • The schedule of purchasers shows Vertical Angel Fund Five invested 250,001250,001, receiving 223,490 shares at 1.11861.1186/share.

Attaching Documents in Visible

  • Deal documents for Tandem Stride are uploaded to the additional information section in Visible.

Document Naming Convention

  • The file naming convention includes the company name and round details for easy identification.

Locating Attached Files

  • Attachments are found in the files section rather than directly within the investment details.
  • To edit the file, the file will still be down there to figure out which investment goes to what file.

IML, OTF, and SSBCI

  • There will be no OTF or SSBCI-related steps for Tandem Stride in Q2.

Exploro Investment Details

  • Exploro's 50,00050,000 SAFE note is being added to Visible.
  • Discussion on whether to classify it as pre-seed or growth and they name it as a "SAFE".

SAFE Note Terms

  • Review of SAFE note terms, whether it's uncapped.
  • The Exploro SAFE note has a discount rate of 75% and is uncapped.

Clarifying Round Details

  • Seeking clarification on the difference between round details and investment details in Visible.

Y Combinator SAFE Documents

  • Reference to Y Combinator documents and different types of SAFE agreements (most favorable nation, capped, and uncapped).
  • The group also touches base on whether the note is capped or uncapped.

Document Renaming and Organization

  • The correct file naming conventions are discussed by the team.
  • Discussion of document naming conventions and organizational system in Visible, with a standard format for consistency.

Cloverpop Example

  • Also, different deal docks have a number system to organize the order of deals.

Next Steps and Action Items

  • Michael will handle the Tandem Stride questionnaire.
  • Drayna will proceed with adding the IML details.
  • The tasks for this week include:
    • Signing documents with the state for SSBCI loan.
    • Watching out for emails with other projects.

Scheduling a Follow-Up Meeting

  • A follow-up meeting is scheduled for Wednesday at 8 AM to discuss progress and next steps.