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Templates, guides and calculators for founders running their own round — no signup required.
Raise funds now, set a valuation later with an ASA
FounderCatalyst's Advanced Subscription Agreement (ASA) allows you to secure investment before your formal funding round, giving you the flexibility to grow your business while deferring your company's valuation.
No credit card required.
Invest now, convert later
An Advanced Subscription Agreement (ASA) is a simple, flexible funding instrument that allows investors to put money into your company now, with their investment converting into shares at a later date - typically at the next priced funding round.
This means you can raise capital quickly without the complexity of agreeing a valuation upfront, giving you the runway to grow and demonstrate traction before setting your price.
Key benefits
Why it matters
An ASA lets you move quickly when investors are ready, without the delays and costs of a full funding round. It's the ideal bridge between your current stage and your next major raise.
What's Included
Everything you need to run a smooth, compliant ASA — all in one place:
What documents are produced?
The platform will produce and automatically populate the following legal documents:
- Initial Term Sheet
- Shareholder Resolutions
- Board minutes
- Advance Subscription Agreements
- Share Certificates
- Non-Disclosure Agreements
- Investor Disclaimers (aligned with FCA rules)
All documents are generated and signed electronically via our platform.
Model your ASA scenarios
See how discounts and valuation caps affect the number of shares your ASA investor receives at conversion.
ASA Scenario Modeller
See how different terms affect the number of shares your ASA investor receives.
Optional ASA Terms
Without a discount or valuation cap, the ASA converts at the same subscription price as all investors in the priced round. At the longstop date, conversion uses the longstop valuation.
When a discount or cap is applied, the ASA investor converts at whichever gives the lower price per share (more shares). At the longstop date, discount and cap are irrelevant - the longstop valuation always applies.
| Scenario | No terms | Shares | Price / share | Shares |
|---|---|---|---|---|
| Funding round at £1,500,000 | £562.43 | 88 | £562.43 | 88 |
| Longstop at £1,200,000 | £449.94 | 111 | £449.94(longstop) | 111 |
ASA terminology and conversions can be confusing. Our guide breaks down what it all means, how investors receive their shares, and how pricing is determined.
Ryen used an ASA to raise funds flexibly
“Setting up our ASA through FounderCatalyst was a lot simpler than I expected. The platform made the whole process intuitive and if we had any questions, the FC team were on hand to answer any questions; they always responded quickly and ensured we had what we needed to confidently move forward. Honestly, it couldn't have been easier.”
One price, everything included
No percentage of your raise. No hidden fees. No surprises.
12 months · Unlimited ASAs · No percentage fees
- Unlimited ASAs over 12 months
- Generated ASA paperwork per investor
- Online signing & secure storage
- Conversion support at the next priced round
- Expert guidance throughout
- Membership in the FounderCatalyst community
Or mix and match ASAs, Agile and Priced rounds, as often as you like.
- Unlimited ASA, Agile & Priced rounds
- £100k fundraising cap
- SEIS/EIS advance assurance
- SEIS/EIS compliance and certificates
- Unlimited expert support
Everything in Launchpad, with no fundraising cap.
- Unlimited ASA, Agile & Priced rounds
- No fundraising cap
- SEIS/EIS advance assurance
- SEIS/EIS compliance and certificates
- Unlimited expert support
Start your ASA and raise capital now
With FounderCatalyst, setting up an ASA is simple. Secure the funding you need now, allowing you to focus on building a successful business while deferring valuation decisions. No credit card required.
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