AirTree’s Subscription Agreement for Kiwi companies

Emily Close
May 28, 2020 · 2 min read

AirTree VC is one of the largest VC funds in ANZ investing Aussie and Kiwi founders. We have $0.6bn under management and 50 companies in our portfolio including some breakout success stories such as Canva, Secure Code Warrior, A Cloud Guru and Pet Circle.

We typically partner with teams in their first funding round and support them over multiple rounds during their company journey. So we know that when it’s your first time launching a company there are one million +1 things you need to get up to speed with, fast. And when you start fundraising, that list just gets longer.

To help out where we can, we’ve open-sourced loads of the resources you might need when working with a typical VC — from how our investment process works to what our seed stage term sheet looks like.

Knowledge is power!

We know the legal stuff can often be the murkiest, so we’ve also shared more about what the legal DD process looks like, and if you’re based in Australia, the standard docs you may need to work through when closing out your seed round.

Given we invest in both Aussie and Kiwi founders, we wanted to make sure that the important docs worked for founders in NZ too!!

So today we’re open-sourcing our: New Zealand Subscription Agreement. This is one of the documents used to help formalise the non-binding term sheet. It typically sets out the mechanics of the investment and includes company (and sometimes founder) warranties.

👉📝 Access our New Zealand Subscription Agreement here. 📝👈

To work through any questions you might have on this Agreement and any other legal stuff — we’re hosting a “Legal lunch & learn” with Murray Whyte from Avid Legal, who kindly helped us put together this Agreement.

On Wednesday 24 June 2020 @ 12pm NZT we’ll be discussing:

  • What the process looks like when you get to the legal DD stage
  • What documents you need and when
  • The standard terms you’d expect in a Subscription Agreement
  • Any deal-breakers — the legal terms investors and founders can’t live without
  • Typical costs and time involved in the process
  • Any differences you might see across different geos and types of investors

And anything else you’d like to know when it comes to this phase of the process!

We’d love you to join us.

Emily, John & Murray

A full list of AirTree’s Open Source VC resources can be accessed here.


A venture capital fund in Aus and NZ.

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