What Professionals Have Been Saying

Here are what professionals in the industry have been saying about the VIMA project since its inception in 2018:

“Temasek is pleased to be part of the working group for the VIMA initiative since its successful launch in 2018. Encouraged by widespread industry adoption, the team has further iterated VIMA to provide additional guidance and market reference for users such as law firms, start-ups, investors and other industry stakeholders as they transact across the region. This updated edition will contain more annotations and alternative provisions for users, including a suite of documents for pre-Series A transactions. These model agreements will help reduce transaction time, costs and sometimes, friction between transacting parties. We believe the VIMA are an invaluable practical toolkit that will help sustain an active and vibrant VC industry in Singapore.” - Gregory Tan, Temasek, Deputy General Counsel, Legal & Regulatory, Chair and member of the Working Group

“The Law Society of Singapore is pleased to have been part of SAL and SVCA’s combined efforts in enhancing the Venture Capital Investment Model Agreements (“VIMA”).  Since its inaugural launch in October 2018, VIMA has shown itself to be of great practical use to founders, investors, and legal practitioners. The Law Society of Singapore looks forward to future collaboration with the SAL and the SVCA to further refine this valuable resource and continue to provide perspectives from the legal profession in Singapore.” - The Law Society of Singapore

“We are heartened to see the further refinement of VIMA to reflect the South-East Asian start-up / venture capital eco-system’s growing sophistication, nuances and market norms. Having been part of the VIMA working group since the first iteration of VIMA in 2018, our firm is a strong believer in Singapore’s vibrancy as a hub for start-up and venture capital activity and we have seen our start-up / venture capital practice similarly grow from strength to strength as we partner with both investors and start-ups in a holistic and long-term manner.” – WongPartnership LLP, a member of the Working Group

“As a core working group member of the VIMA initiative from day one, we are happy to see the increasing adoption of VIMA by market participants over the years.  We are also excited to be involved in the development of the new VIMA 2.0 suite, which involved close collaboration between the working group, industry users and key stakeholders. We will continue to be a part of the development of the venture capital and startup ecosystem in Singapore, and are excited about the possibilities that the VIMA initiative will open for individuals looking to begin their startup journey.” – Allen & Gledhill LLP, a member of the Working Group

“The VIMA firmly cements Singapore’s position as the “go to” jurisdiction and ecosystem in Southeast Asia for entrepreneurs as well as for international investors seeking to provide innovative companies from this region with the capital and mentorship they need to achieve regional and global scale.” - Morrison & Foerster, a member of the Working Group

“We are pleased to contribute our experiences over the years to the Singapore tech start-up ecosystem to forge a set of starting documents that would benefit the community. We are especially pleased to work alongside our colleagues in the legal fraternity and the venture capital industry in a collective collegiate atmosphere.” – Reedsmith, a member of the Working Group

“VIMA 2.0 is the culmination of a further investment by the VC and legal community in an extended and improved set of model agreements. … It has been a useful exercise for the community to engage and hopefully lead to better conversations at the negotiation table.” – fsLAW, a member of the Working Group

" The updated suite of documents will be a welcome addition to the venture capital space in Singapore and signifies the commitment between law firms and industry stakeholders to further develop and streamline Singapore’s growing start-up scene. We are confident that this initiative will give  entrepreneurs the confidence to navigate the otherwise daunting fund-raising process in a more efficient way." – Duane Morris & Selvam LLP, a member of the Working Group

“This set of standardized venture capital fundraising documentation has not only helped our clients reduce the time taken to close early-stage fundraising rounds, but it has also enabled us to provide stronger support to our clients by concentrating on higher value-adding services.” – Rajah & Tann Singapore LLP, a member of the Working Group

“We are delighted to have been part of SAL and SVCA's initiative to develop the technology and venture capital ecosystem in Singapore and more broadly across Southeast Asia. This aligns with Withers tech’s well-established VC and startup practice in Asia, and reinforces our commitment to facilitate and refine the VC investment process.” – Withersworldwide, a member of the Working Group

“The Model Agreements is the culmination of legal professionals active in the venture capital industry coming together to make quality legal advice and documentation accessible by the youngest companies. We hope that the standardisation of these documents makes it easier for entrepreneurs to focus on what they do best – building their company.” - Kelvin Goh, General Counsel and Executive Director, OpenSpace Ventures, a member of the Working Group

“With the release of VIMA 2.0 documents, we hope to see an even greater level of maturity and alignment in how the participants in the Southeast Asia start-up ecosystem approach early-stage investment deal terms.  VIMA 2.0 has been the most inclusive process to date, with a larger working group selected from various stakeholders in the ecosystem and a much more extensive industry consultation process compared to the past.  My sincerest hope is for all of us to build on the VIMA 2.0 process and engage in even more inclusive and in-depth dialogue as we continue to iterate.  Many thanks to SAL and SVCA, without whom this project would not have been possible.” - Jaewon Yoon, General Counsel, Go-Ventures, a member of the Working Group

“As a late-stage, venture-backed company who has raised almost $500m across multiple rounds, having a balanced and well drafted set of transaction documents, starting at Series A, reduces deal friction and facilitates the closing of later rounds. VIMA 2.0 provides that starting point and sharpens the balance between founders and investors.” - Daniel Song, General Counsel, Biofourmis, a member of the Working Group

“The further development and expansion of the VIMA model agreements, together with new legislation facilitating diversity and growth of fund investment ecosystem in Singapore, will certainly cement Singapore and Singapore law as the go-to jurisdiction and governing law for the VC industry in South-East Asia and, hopefully in due course, rest of Asia.” –  White & Case LLP

“The VIMA documents have been a great resource, contributing to maintaining Singapore’s importance to founders, entrepreneurs and investors alike … With the documents in use for a number of years, the VIMA 2.0 project has updated the documents to address lessons learnt … and emerging market trends, and to expand the package of documents to offer a wider set of templates.  All of this allowing everyone involved in the process to more efficiently and collaboratively cover their legal needs and focus their time and energies into the ventures themselves.” - Norton Rose Fulbright team

“Investors and entrepreneurs will now have access to a set of standard legal documentation which would allow parties to focus on deal-specific matters, and reduce transaction costs and time in achieving a satisfactory closing.” - Shook Lin & Bok LLP, a member of the Working Group

The Singapore International Mediation Centre congratulates SAL and SVCA on VIMA 2.0. This is a valuable resource for investors around the world so that they can focus their energies on building their companies. Using the model clauses which include mediation as a method of dispute resolution provides businesses with a time- and cost-effective means of managing issues across borders, while safeguarding relationships in a fast-moving VC environment. These are key considerations in any VC hub.” – Singapore International Mediation Centre

“With dozens of deals executed with VIMA, and many others concluded based on a VIMA foundation, Quest Ventures is one of the most active Singapore-based investors helping founders at the beginning of their startup journey with a standardised suite of legal documents based on best practices.” - Quest Ventures 

“As part of our mission to empower startups by automating legals and enabling agile fundraising, SeedLegals are proud to have contributed to VIMA 2.0 along with the other collaborators from across the startup and VC ecosystem. Founders tell us that legal documentation can be one of the toughest parts of fundraising - having market-standard docs is a powerful step to bring startups and investors together to do better deals, faster.” - SeedLegals

“Given the volume of early-stage transactions that are happening in Singapore, these documents form a very useful baseline and starting point for the drafting of transaction agreements in a myriad of early-stage deals. The time and cost savings from finding suitable precedents can be channelled towards tailoring the precedents to the client’s needs and having a mutual understanding on terms with counterparties. We …  look forward to adapting these documents for the benefit of our clients.”  - Dentons Rodyk

“The development and adoption of the VIMA kit is beginning to transform the VC space in SE Asia… The VIMA kit is helping create a market-standard reference point, introducing efficiencies and reducing the time and cost of getting early-stage deals papered.”- Allen & Overy (Asia) Pte Ltd

“VIMA 2.0 documentation provides a practical and approachable starting point for documenting initial rounds of venture capital fundraising and related arrangements and is reflective of the latest cutting edge developments in the ever-evolving VC ecosystem.” - Milbank LLP

" The broad involvement of industry groups, law firms, investors and other key parties in VIMA ensures that all perspectives are taken into consideration in the final product and minimizes friction at the deal table while prioritizing a fair and balanced outcome for all stakeholders." –Wavemaker Pacific Partners

“The VIMA investment documents … are particularly beneficial for very early-stage founders who have limited access to adequate legal assistance when closing their initial investment rounds. This helps build a healthy startup environment and makes it that much easier for founders to incorporate in Singapore… VIMA investment documents are well positioned to become a helpful starting point for founders raising early investments, while also providing provide a solid legal foundation for the evolution of startup legal documentation in subsequent rounds.” – Jungle Ventures  

“VIMA 2.0 reflects the evolution and maturing of market terms, … and highlights Singapore’s continuing leadership in and commitment to the Asian venture capital and technology startup ecosystem.” - Cooley LLP

“An excellent initiative that will serve to further enhance Singapore’s vibrant and robust startup ecosystem, the VIMA will greatly facilitate the venture investing process and minimise costs for startups. ” –Monk’s Hill Ventures

“We are confident that VIMA will further facilitate deals in the private equity / venture capital sector in Singapore through its ease of use and accessibility for early-stage companies and investors alike.” - Baker & McKenzie. Wong & Leow

“Investors and entrepreneurs will continue to benefit from consistent and effective standardised documentation.” - Jones Day

“… (VIMA) provides investors and entrepreneurs with access to standardised investment and governance documentation that protect their interests whilst making the investment process simpler, faster, more transparent and cost efficient.” –Latham & Watkins LLP

“With the tremendous growth in Southeast Asia’s venture ecosystem and Singapore’s prominence as the regional hub for start-ups and VC investments, alignment around a standardized set of terms is becoming increasingly important in furthering negotiations.” - Gunderson Dettmer Singapore LLP

“[T]he VIMA model documents are an important element in facilitating the investment process, striking a fair balance between both investor and start up interests, as well as continuing to push the boundaries in areas such as legaltech and innovation.” -Linklaters Singapore Pte Ltd

"We believe that the VIMA kit will streamline the investment process for startups … and will further enhance and strengthen the startup ecosystem in Singapore and set the standard for the entire region." –KK Fund

“Venture funding has grown astronomically in Southeast Asia in the last few years and with that the use of the VIMA templates. [T]he generation of VIMA 2.0 will augment further growth and maturity of venture funding in Southeast Asia.” - Bird and Bird LLP

“VIMA 2.0 clearly builds on the great work previously done by SAL and the additional documents will provide startup founders with more clarity as they accelerate their growth.” – PwC Singapore

“This is a timely and useful initiative to help standardize fair legal terms and lower the overall legal cost for early stage investing. AngelCentral is happy to have participated in this project and will definitely recommend the VIMA to suitable investors and startups within our community.” – AngelCentral

“We are glad to see the introduction of such standard form contracts as it means that we no longer need to draft such contracts from scratch. This will definitely make the process simpler, faster and more cost efficient. The availability of the VC Investment Model Agreements, and especially the lexicon, will be helpful for new founders raising their initial round of financing”. - PatSnap Pte Ltd

“We believe that the VC Investment Model Agreements is a great initiative that will help to bring clarity and consistency to VC documentation…. I’m glad to see that the model agreements seek to provide a balance between the interests of the VCs and the founders. We are definitely supportive of this initiative and hope to see more standard form contracts covering more advanced financing rounds in the future.” - Vertex Ventures

“By creating these open source documents that provide fair terms, deals can be closed with less time spent on negotiations and costs. This is especially critical for entrepreneurs as they can secure funding quickly and get back into building what matters most - the company.” - Golden Gate Ventures

“We also hope to encourage startups and VCs in the region to adopt the model agreements. This will help to facilitate more early-stage financing deals in the region.” - Enterprise Singapore

“We are excited and honoured to be able to be part of SAL and SVCA’s efforts to strengthen the tech ecocsystem in Singapore. We believe this effort will contribute towards the growth of the VC sector in Singapore and benefit the local VC community too.” - GIC

“Singapore has become increasingly important both to venture investors and entrepreneurs seeking to raise funds. Providing both with a means of executing early stage investments with a minimum of fuss should help greatly in consolidating Singapore’s position in this respect.” - Simmons & Simmons JWS

“The VIMA initiative is a step in the right direction for the growth of the VC ecosystem, as it will help create a common language for startups, VC investors, and professional practitioners alike. Costs and time to completion will also be reduced, allowing founders to focus on the real work of building their companies to solve problems from Singapore for the world.” – SGInnovate

“In a growing VC environment, dozens, if not hundreds of financing rounds will be completed each year involving companies and/or investors from Singapore. Like other developed VC jurisdictions around the world, the use of the model agreements seeks to create a neutral “mid-market” position from which businesses and companies are able to negotiate the terms of the agreement.” - Sidley Austin LLP

“Singapore has emerged as South East Asia’s hub for venture capital activity. It is therefore vital that investors and entrepreneurs have access to standardised investment and governance documentation.” - Shearman & Sterling LLP