What is StartupDocs?

I, Erik Byrenius, took this initiative to help entrepreneurs focus on running their businesses, instead of spending time and money on unnecessary legal paperwork and negotiations. My legal partner Mattias Larsson has been along from the very beginning.

As an angel investor, I see many term sheets. Quite often, they are written with primarily the interests of the investors or the founders in mind. This is not the best starting point for a successful relationship! Why not start negotiations based on a fair and balanced term sheet instead? I’m convinced that this approach long-term will benefit both the company and all shareholders.

In addition to the investment documents (term sheet, subscription agreement and shareholders’ agreement), I have also created a founders’ agreement, a guide to stock options in Swedish startups and a guide and template for unit economics.

It’s all free – this is my way of giving back to the startup community. You are free to use, modify and share the documents, but you may not commercially exploit them.


  • Term Sheet

    Balanced and standardized, for seed round. Both VC firms, angel investors, entrepreneurs and lawyers have been involved in the process. Use this term sheet as the starting point for negotiations in your seed round.

  • Subscription and Shareholders’ Agreement

    Based on the term sheet. Everything you need for your seed round.

  • Founders’ Agreement

    Similar to the shareholders’ agreement, but adapted to a company without any investors, i.e. an agreement only between the founders.

  • The Ultimate Guide to Stock Options

    The ultimate guide to stock options in Swedish startups. Also includes the documents you need to get started.

  • Unit Economics

    A beginner’s guide to understanding customer value and costs: CLTV, CAC and cohorts. Includes a unit economics spreadsheet template.

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Unit Economics: CLTV, CAC and cohorts

How much is a customer worth? How much does it cost to acquire customer?

If you can’t answer these basic questions, it’s hard to know if your business is sustainable or not. Your unit economics analysis will help you answer these questions. In this blog post, I will guide you through how I use unit economics to better understand a business. We’ll take a look at customer lifetime value (CLTV), retention data and customer acquisition cost (CAC), as well as discuss how to use them.


Founders’ Agreement

When you join forces with your co-founders to start a new business, legal stuff is probably one of the last things you want to spend time on – especially the sometimes sensitive subject of commitment, cooperation and ownership. Nevertheless, agreeing on these topics from day one may be save you a lot of arguments and headache down the road. That’s why you should have a founder’s agreement.


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Many people have helped me making this initiative a reality. Thanks to everyone who has engaged in discussions and provided me with insights regarding what terms are normal in Swedish seed rounds and stock option programs.

There are a few people who have put some extra effort into this:

  • First and foremost, huge thanks to my legal partner Mattias Larsson for making this possible. If you have any legal questions about the documents, or need help with other legal topics, don’t hesitate to contact him.
  • I also very much appreciate the invaluable support from Magnus Sandberg who has provided a lot of help with the legal documents and many interesting discussions.
  • Johan Crona at ALMI Invest has been great at giving feedback relating to all the legal documents.
  • Without Isak Utegård, this website would look like it was born in the ’90s. Thanks for helping me out with the web design and the implementation of it!
  • Thanks to Jacqueline Sibert who designed the logotype. She also helps startups with web and app design.