MISSION
The Agreement of Cooperation for Due Diligence Sharing, or “Angel Treaty,” has been fostering cooperation among investors in startup companies since its inauguration in 2006. The Treaty operates as a “multilateral” agreement among signatories that numbered 45 angel groups and small venture capital firms in 2023. As such, a signatory asking another signatory to share its due diligence materials can give a degree of comfort regarding the potential liability associated with sharing materials.
OPERATION
The Treaty operates as a commitment by a given manager or managing partner to bind his angel group or investors to hold harmless other investors from liability for collecting and sharing their due diligence materials. See Resources for suggested materials for doing so.
Caveat: Adherence to the Treaty’s obligations is not policed by any third party. Its sponsors and author expressly disclaim any obligation to do so. It is incumbent upon anyone that seeks to rely on the Treaty to verify that the members of a given signatory were properly bound in accordance with its terms.
HISTORY
Since its inception in 2006 under the auspices of the Angel Capital Association Northeast, the Angel Treaty has grown organically with the support of its original signatories and now includes angel groups from across the United States and Canada. Angel Treaty signatories are angel groups or small venture funds that connect entrepreneurs with investors, and which provide early and seed-stage capital to new and growing businesses. Signatories generally invest in entrepreneurial ventures seeking between $100,000 and $3,000,000 in funding.
The treaty was originated by William F. Swiggart, a Boston area business law attorney and angel investor. This site is supported and maintained by original signatories Beacon Angels and other angel groups to better promulgate and sustain the Angel Treaty throughout the angel community.
Angel Treaty 