Market-standard deviations flagged
Liquidation preference, anti-dilution, and drag-along analyzed before negotiation.
Founder
VentureUS/UK/EU SAFE Notes
Clean cap table clauses protect equity.
Standard SAFE
VentureFundraising legal
Prepare diligence without legal scramble
From term sheet analysis to due diligence preparation. Investment templates for Portuguese and EU jurisdiction. Specialist lawyer when you need one.
Round readiness
3+Weeks saved
Clear costsBefore escalation
24-48hLawyer SLA
I - The round
Fundraising needs documents ready before investors ask.
Outlex turns term sheets, investment documents, and diligence requests into a clear preparation workflow.
Legal diligenceSeed - Series B+
Term sheet, data room, and lawyer review on the same path.
Each stage has its own documents, risks, and escalation points.
Pre-Seed / SeedSAFE / Convertible Note, Founder's Agreement
Series ATerm Sheet, Subscription Agreement
Series B+Multi-jurisdiction Agreements, ESOP Documentation
Templates by stage
SAFE, convertible notes, shareholder agreements, and board resolutions connected to round context.
Specialist lawyer when needed
Fundraising-specialized lawyer, AI-briefed before the call. 24-48h SLA.
By stage
Each round asks for a different legal package.
The page keeps stage segmentation so founders see what they need now and what comes next.
01
Pre-Seed / SeedReady-to-sign templates. AI fills fields contextually.
02
Series ATerm sheet analysis with market-standard deviations flagged automatically.
03
Series B+Complete due diligence preparation with automated document organization.
Legal & Statutory Strip
Statutory articles and standard agreements
for this workflow.
Applicable articles, court precedents, and verified guardrails embedded into every document.
Founder
Companies CodeCSC Art. 270 (Share Capital)
Capital increases executed with registry compliance.
Registry ready
Companies CodeGeneral Counsel
GovernanceSHA Drag-Along & Tag-Along
Shareholder minority rights and exit alignment.
Exit alignment
GovernanceFinance Lead
PreferencesLiquidation Preference Waterfall
Verify senior preference payouts before distribution.
Waterfall model
PreferencesOperations
ReportingInvestor Information Rights
Standard quarterly reporting covenants built in.
Reporting covenants
ReportingFounder
RetentionFounder Reverse Vesting
Clawback clauses protect long term commitment.
Clawback shield
RetentionFounder Dilemma
"Our lead investor asks for a 2x non-participating liquidation preference and senior ranking. Should we push back?"
SOURCE:NVCA / European Standard Deal Precedents (2026)
Market Precedent · Seed & Series A
Yes, absolutely push back. Over 92% of European Seed and Series A transactions standardize on a 1x non-participating liquidation preference. A 2x preference creates a severe downside hurdle: in a €15M exit following a €5M raise, the investor takes €10M off the top before common founders receive anything.
Recommended Operational Action: Amend multiple to 1.0x non-participating, pari passu with ordinary shares upon conversion.
The Empathy Reframe
“Never negotiate your cap table in panic at midnight. Understand exactly what you are giving away before you put pen to paper.”
PRODUCT PROOF · AUDITVERIFIED AUDIT
// Clause 4.1 · Liquidation Preference Multiple
Liquidation preference on Class A Preferred Shares shall equal two times (2.0x) the Original Issue Price shall equal one times (1.0x) the Original Issue Price (non-participating).
✓ Aligned with European VC benchmark (92% standard)
Natural scale product frame (380px–420px max). Zero full-width stretching.
Raise with legal context
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Term sheets · Diligence data room · 24-48h lawyer SLA