The initial status for a new raise offer is 'Ready to invite'. When you're ready to send an offer, click 'Invite' and follow the confirmation steps before it’s sent to your investor -
Review and Confirm the investors contact information:
Confirm the investment amount added is correct:
Preview the contract:
Send for signing! This will send the investor an email with the Offer to Invest.
After sending the new offer, there are four different status' the offer will display before the investment is finalised.
'Waiting for stakeholder to confirm' - The investor has not taken any steps in accepting the offer. The first thing they need to do is confirm they would like to proceed with the investment amount.
'Waiting for stakeholder details' - The investor needs to add their contact details before proceeding.
'Waiting for contract' - this means they have completed the 'add details' step but they have not clicked on the next button, which is 'View contracts'. When they click this, it will generate the contract (i.e. Subscription Agreement, SAFE Note or Convertible Note) and it will be ready for the investor to sign.
'Waiting for signatures' - this means the investor has opened the contract but they exited without signing. You will be able to track all signatories through the Pending Signatures tab under Documents. After signing, the company directors will be prompted to countersign.
'Update payment' - once the document has been signed, it's time for the investor to transfer the funds. The bank details will be displayed in the offer in their Cake account. You can remind them via the Actions tab.
'Issue Shares' or 'Issue Note' - Once payment is confirmed, click 'Issue Shares' or 'Issue Note' to complete the process. This will generate the share certificate (or update the Cap Table for a note raise). See this article for steps to ensure you Share Certificate template is setup.
This will also issue the investor with the relevant number of shares in the Cap Table or if it's a note, through the Notes tab under equity.
The investor will see a progress bar on their offer, guiding them through each step. For more info, direct investors to the guide on How to Accept an Offer to Invest.
