Tribeca Early Stage Partners began as an “Angel Club,” according to John McEvoy, Managing Partner and Investment Committee Member at Tribeca Early Stage Partners.
After some time, they wanted to start charging carry on their deals. “We needed to form single purpose LLCs,” said John, “to collect all our investments into one bucket, so we could then take carry.”
They knew managing this process would be complex and wanted to find a service provider who could both manage the LLCs and handle the K1s from a tax perspective. If they couldn’t find such a provider, they would be “piecemealing” a solution together between hiring a law firm to manage LLCs and an accounting firm to handle the taxes, according to John.
Tribeca Early Stage Partners chose to work with Assure.
“We planned on a lot of LLCs and deals over the years, and we knew it would become a nightmare to handle on our own. Assure offered pretty much a turnkey service at a reasonable price, so we went with them,” said John.
When Tribeca brings in a new deal, they use Assure’s platform, Glassboard, to assign the investors as well as the percentage and amount of their contribution. The platform sends out the documents that need to be signed and collects the monetary contribution.
“It’s two or three minutes to click through the doc,” explains John, “and they have the bank accounts set up, we provide a deadline, and people start wiring the money.”
Another major convenience is the ability to easily monitor the status of each investor’s submissions through Glassboard. “Assure manages it. We’re letting them lead and push the process, and we’re there in support,” said John.
Streamlined Deal Management—Assure manages the process of follow-up and reminders to ensure investors get their paperwork and payments in by the deadline.
Saved Time—Assure’s Glassboard platform allows Tribeca Early Stage Partners to easily upload new deals in a matter of minutes.