What professionals are saying about VIMA

Temasek is pleased to have played a role as part of the working group for this initiative, and to have closely collaborated with law firms, VC firms, associations and other industry stakeholders in launching this project.  We believe the VIMA kit will help both start-ups and investors more easily navigate the financing process, reducing transaction time, costs and sometimes, friction. We hope the model agreements will gain widespread adoption, as investors transact across the region, and help to sustain an active and vibrant VC industry in Singapore.

Gregory Tan, Temasek, MD of Legal & Regulatory, Chair and member of the Working Group (Oct 2018)

SVCA is pleased to see the VC Investment Model Agreements finally come to fruition. VIMA fosters a greater understanding of investment terms by   entrepreneurs facilitating smoother and more nuanced negotiations between the VCs and entrepreneurs of Southeast Asia. This will strengthen the investment ecosystem for the benefit of both investor and investee alike.

Thomas Lanyi, Chairman, Singapore Venture Capital & Private Equity Association (Oct 2018)

We are glad to see the introduction of such standard form contracts as it means that we no longer need to draft such contracts from scratch. This will definitely make the process simpler, faster and more cost efficient. The availability of the VC Investment Model Agreements, and especially the lexicon, will be helpful for new founders raising their initial round of financing.

Jeffrey Tiong, Founder & CEO, PatSnap Pte Ltd (Oct 2018)

We believe that the VC Investment Model Agreements is a great initiative that will help to bring clarity and consistency to VC documentation. Over time, people’s confidence in the VC investment process will also grow. I’m glad to see that the model agreements seek to provide a balance between the interests of the VCs and the founders. We are definitely supportive of this initiative and hope to see more standard form contracts covering more advanced financing rounds in the future.

Chua Kee Lock, Managing Partner, Vertex Ventures SE Asia & India (Oct 2018)

In developing VIMA, we focused on the essential requirements of start-ups and investors in Singapore for early stage financing. We are confident that VIMA will find relevance and gain adoption in start-up and venture financing transactions, and hopefully reduce the time, efforts, and occasional frictions encountered in investment discussions.

Ms Satbir Walia, Partner, Clifford Chance; a member of the Working Group (Oct 2018)

We at WongPartnership LLP are glad to partner SAL and SVCA on this initiative. This is in line with our firm’s growing venture capital/startup practice and increasing focus on providing the players in this space with holistic, practical and effective solutions to help them navigate the legalities of the investment process. Our aim and broader goal is to develop long-term partnerships and foster the growth and vibrancy of the venture capital/startup eco-system in Singapore.

Ng Wai King, Partner, WongPartnership LLP, a member of the Working Group (Oct 2018)

VIMA could be a game-changer in facilitating VC deals. It enhances the critical relationships between founders and investors by providing transparency and objectivity.

Yeo Wico, Partner, Allen & Gledhill LLP (Oct 2018)

Investors and entrepreneurs will now have access to a set of standard legal documentation which would allow parties to focus on deal-specific matters, and reduce transaction costs and time in achieving a satisfactory closing.

Ho Ying Ming, Partner, Shook Lin & Bok LLP (Oct 2018)

The Model Agreements is the culmination of legal professionals active in the venture capital industry to make quality legal advice and documentation accessible by the youngest companies. We hope that the standardisation of these documents make it easier for entrepreneurs to focus on what they do best – building their company.

Kelvin Goh, General Counsel and Executive Director, OpenSpace Ventures (Oct 2018)

By creating these open source documents that provide fair terms, deals can be closed with less time spent on negotiations and costs. This is especially critical for entrepreneurs as they can secure funding quickly and get back into building what matters most - the company.

Angela Toy , Head of Operations & Finance, Golden Gate Ventures (Oct 2018)

In a growing VC environment, dozens, if not hundreds of financing rounds will be completed each year involving companies and/or investors from Singapore. Like other developed VC jurisdictions around the world, the use of the model agreements seeks to create a neutral “mid-market” position from which businesses and companies are able to negotiate the terms of the agreement.

Joel Seow, Counsel, Sidley Austin LLP, Singapore (Oct 2018)

Standardization has played an important role in facilitating the vibrant venture capital and technology startup ecosystem in the U.S., and this project highlights Singapore’s continuing leadership in and commitment to the Asian ecosystem.

Peter Werner, Partner, Cooley LLP (Oct 2018)

We applaud the Singapore Academy of Law and the Singapore Venture Capital and Private Equity Association for driving business growth and supporting the emerging company ecosystem.

Barry Taylor, Partner, Wilson Sonsini Goodrich & Rosati, PC (Oct 2018)

Singapore has emerged as South East Asia’s hub for venture capital activity. It is therefore vital that investors and entrepreneurs have access standardised investment and governance documentation.

James Clayton-Payne, Counsel, Shearman & Sterling LLP (Oct 2018)

We also hope to encourage startups and VCs in the region to adopt the model agreements. This will help to facilitate more early-stage financing deals in the region.

Jonathan Lim, Director, Startup and Global Innovation Alliance, Enterprise Singapore (Oct 2018)

We are excited and honoured to be able to be part of SAL and SVCA’s efforts to strengthen the tech ecocsystem in Singapore. We believe this effort will contribute towards the growth of the VC sector in Singapore and benefit the local VC community too.

GIC

This initiative and the model agreements will be able to shorten parties’ learning curve on the essential documents required and focus their minds on the important issues that should be tackled during any financing exercise. The model agreements are also user friendly and will be of great help to investors and investees.

Howard Cheam, Partner, Capital Markets, Rajah & Tann Singapore LLP (Oct 2018)

Both as a choice of governing law and a location in which to establish, Singapore has become increasingly important both to venture investors and entrepreneurs seeking to raise funds. Providing both with a means of executing early stage investments with a minimum of fuss should help greatly in consolidating Singapore’s position in this respect.

Damian Adams, Partner, Corporate, Simmons & Simmons JWS (Oct 2018)

This is a timely and useful initiative to help standardize fair legal terms and lower the overall legal cost for early stage investing. AngelCentral is happy to have participated in this project and will definitely recommend the VIMA to suitable investors and startups within our community.

Huang Shao Ning, Managing Director, AngelCentral Pte Ltd (Oct 2018)

We observe that where the terms of an investment round provide a framework for collegiality and long-term alignment between founders and investors, then this is a catalyst for building strong, innovative, and dynamic global companies. The VIMA firmly cements Singapore’s position as the “go to” jurisdiction and ecosystem in Southeast Asia for entrepreneurs as well as for international investors seeking to provide innovative companies from this region with the capital and mentorship they need to achieve regional and global scale.

Morrison & Foerster LLP (Oct 2018)

The Model Agreements published represent a very important first step toward establishing a more mature venture capital ecosystem in Singapore and Southeast Asia. This project brought together various participants with the shared aim of producing a set of documents that is accessible to every participant in the venture capital community but does not prejudge the outcome of the commercial negotiations for any given investment.

Jaewon Yoon, Head of Legal, Jungle Ventures (Oct 2018)

The VIMA initiative is a step in the right direction for the growth of the VC ecosystem, as it will help create a common language for startups, VC investors, and professional practitioners alike. Costs and time to completion will also be reduced, allowing founders to focus on the real work of building their companies to solve problems from Singapore for the world.

SGInnovate (Oct 2018)