How Do Closings Work?

A closing saves the raise's terms so investors join under fixed terms. You don't need to set one up: Review & Open creates the first one, called First Closing, when you open the raise. See How Do I Open a Raise?.

Add another closing only when later investors should join under different terms, such as a second close.

Add a later closing

1. Open the raise and go to the Setup tab.
2. Open Advanced Settings, then click Add a Closing in Closings. If anything blocks this, it is listed under To add a closing, first.
3. Enter a Closing Name and Why Add This Closing.
4. Choose Approval to Join, which says when an investor counts as joined:
   • When You Accept the Pledge; Payment Can Follow
   • When You Accept the Pledge and Some Funds Arrive
   • When the Full Pledged Amount Arrives (the default, and what Review & Open uses)
5. Check the confirmation and click Save for Approval.

This saves the current terms, deadline, class terms, issuer and document order. No investments are accepted yet.

Approve, stop, and close

Click View Closing to see its saved terms. Depending on its status and your permissions:

• Approve and Open Closing: a finance approver opens a pending closing.
• Cancel Closing: cancels a pending closing.
• Stop New Applications: stops new applications on an open closing.
• Review Final Closure: a finance approver completes the closing.

Approving asks for your password and an emailed code. If no one else in your workspace has Finance Approver permission, the person who added it can approve it. Otherwise a different person must approve it.

Good to know

• Once two closings are open, each new application picks one.
• Later changes to the raise apply to later closings. All closings share the raise's maximum.
• Edits that don't change the terms, like deal page text, keep a closing current.
• Joining is the last step, after the pledge is accepted, the forms are signed, and the funds this group requires arrive. Investors with nothing left blocking them appear under Ready to Join on the raise's Investors tab.

Join Investors

1. Under Ready to Join, check the investors, or click Select All.
2. Keep the note (Approved application, signed documents and funds received.) or change it if something is unusual.
3. Click Prepare to Join.
4. A finance approver (or you, if no one else in your workspace can approve) checks the rows under Waiting for Approval and clicks Approve Joining. One password and emailed code covers the whole selection.

Each investor keeps their own record of what was checked. Any investor whose details changed is skipped and listed, and the rest still go through. You can also prepare one investor at a time from the Joining section of their review window.

Syndelo is in preview. eSign and investor payments require live provider setup; a demo or sandbox action does not complete a live transaction. Confirm availability for your workspace before relying on either.