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.

As a seed 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.

The Swedish site startupdocs.se was first launched 2015 and now, 2017, this Norwegian version is released. The documents are based on the established Swedish documents, but adapted to Norwegian law by Schjødt.

In addition to the investment documents (term sheet, subscription agreement and shareholders’ agreement), I have also created a founders’ agreement and employment agreements.

It’s all free – this is my way of giving back to the Nordic 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.

  • Employment Agreement

    Standardized employment agreements for permanent and probationary employments, as well as for temporary employments with hourly wage and for managing directors.


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Subscription and Shareholders’ Agreement

After you have agreed on the term sheet (signed or not), the investor will start the final parts of the due diligence while the subscription agreement and shareholders’ agreement (Norwegian: aksjonæravtale) are drafted. When the due diligence is complete it’s time to sign the subscription agreement and shareholders’ agreement.


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 helped out in creating this new standard.

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

  • First and foremost, huge thanks to my Norwegian legal partners Kevin Ruben and Kaare M. Risung at Schjødt for making this possible by adapting the documents to Norwegian law. If you have any legal questions, don’t hesitate to contact them for consultation.
  • Also thanks to my Swedish legal partner Mattias Larsson for working really hard on developing the original Swedish versions of these documents, on which these Norwegian agreements are based.
  • Thanks to Olivier Mukuta and Anne Worsøe for helping out with the Norwegian launch.