The Key Investor InformationSheet (KIIS), which is presented below, contain the rights offered by the Campaign Owner to Investors in exchange for their capital. This can be modified through discussions between prospective Investors and the Campaign Owner on the Forum and during investor meetings. If an agreement modifying the Investment Terms is reached and approved by TokePortal, then the Campaign Owner will communicate this, extending it to all previous investors. Such modifications are typically favorable to investors, but investors have the right to reject the modification, meaning they can withdraw their investment intent, which must be communicated to TokePortal by the last day of the Campaign. Withdrawal is free of charge. The paid deposit is refunded by the Campaign Owner after the campaign closes.
In crowdfunding, the terms are typically considered founder-friendly because, unlike institutional investor practices where the capital-seeking company receives a prepared term sheet, the Campaign Owner determines its own terms and pricing – which, of course, the platform operator reviews. The KIIS is usually a tabulated list containing 15-20 essential pieces of information covering three key areas:
- Investor rights, i.e., rights associated with the share (governance, dividend, and rights in the event of exit or bankruptcy).
- Provisions related to company governance (rights regarding founders’ active participation, employee motivation, and decision-making).
- Information rights (rights to insights into the company’s results and decisions). The ECSPR regulation’s Annex I contains the KIIS template: [ECSPR Regulation KIIS Template](https://eur-lex.europa.eu/legal-content/HU/TXT/HTML/?uri=CELEX:32020R1503#d1e32-45-1)
For campaigns closed before November 10, 2023, we used the term sheet, so we include their explanation here.
If the investment in the Campaign occurs through an SPV, the Investment Conditions must be fulfilled by the Target Company (and then the Campaign Owner also refers to the Target Company). Each term sheet is different, so their thorough study is essential in every case.
The Key Investor InformationSheet (KIIS), which is presented below, contain the rights offered by the Campaign Owner to Investors in exchange for their capital. This can be modified through discussions between prospective Investors and the Campaign Owner on the Forum and during investor meetings. If an agreement modifying the Investment Terms is reached and approved by TokePortal, then the Campaign Owner will communicate this, extending it to all previous investors. Such modifications are typically favorable to investors, but investors have the right to reject the modification, meaning they can withdraw their investment intent, which must be communicated to TokePortal by the last day of the Campaign. Withdrawal is free of charge. The paid deposit is refunded by the Campaign Owner after the campaign closes.
In crowdfunding, the terms are typically considered founder-friendly because, unlike institutional investor practices where the capital-seeking company receives a prepared term sheet, the Campaign Owner determines its own terms and pricing – which, of course, the platform operator reviews. The KIIS is usually a tabulated list containing 15-20 essential pieces of information covering three key areas:
- Investor rights, i.e., rights associated with the share (governance, dividend, and rights in the event of exit or bankruptcy).
- Provisions related to company governance (rights regarding founders’ active participation, employee motivation, and decision-making).
- Information rights (rights to insights into the company’s results and decisions). The ECSPR regulation’s Annex I contains the KIIS template: [ECSPR Regulation KIIS Template](https://eur-lex.europa.eu/legal-content/HU/TXT/HTML/?uri=CELEX:32020R1503#d1e32-45-1)
For campaigns closed before November 10, 2023, we used the term sheet, so we include their explanation here.
If the investment in the Campaign occurs through an SPV, the Investment Conditions must be fulfilled by the Target Company (and then the Campaign Owner also refers to the Target Company). Each term sheet is different, so their thorough study is essential in every case.