Part E - Stages & Timeline for GFRS 2022 and the WBAF Angel Investment Fund
Stage 0:
1 July 2022 – 15 October 2022
The online application platform is open to receive applications from around the world. www.wbaf2022.org/GFRS
Stage 1
1 July 2022 – 15 October 2022
The GFRS 2022 Investors Committee scores applications online on the platform. WBAF sends Acceptance Letters to applicants who are eligible for WBAF 2022 and/or GFRS 2022.
Stage 2
26 October 2022
100 selected startups and/or scaleups pitch on the Global Fundraising Stage.
Stage 3
26 October 2022
Startups are ranked by the WBAF Angel Investment Fund. The Executive Investment Committee of the WBAF Angel Investment Fund (WBAF Fund) announces the startups or scaleups for next steps and official due diligence.
Stage 4
27 October – 30 November 2022
Startups announced at the end of the GFRS 2022 on 26 October propose their local co-investor(s).
Stage 5
30 November 2022 – 31 January 2023
The WBAF Fund conducts a due diligence on co-investor(s) that have been proposed by the startup, and approves (or rejects) co-investor(s). The Fund signs a Memorandum of Understanding (MOU) with approved co-investor(s) for next steps. Startups will proceed with next steps only if an MOU is signed by the co-investor(s) and the Fund. Please note that GFRS is a co-investment platform for cross-border investments. The Fund does not move to the due diligence stage without a local co-investor. Co-investors should (1) be a qualified angel investor with a good track record, (2) speak fluent English, and (3) reside permanently in the same country as the startup venture.
Stage 6
1 February 2023 – 31 March 2023
The Fund conducts the due diligence stage of the startup venture in cooperation with the approved co-investor. The WBAF Fund moves to the next stage only if the official due diligence report is positive.
Stage 7
1 April 2023 – 30 May 2023
The Executive Investment Committee of the WBAF Angel Investment Fund decides on investment terms and conditions, valuations, and other important investment conditions. The term sheet is defined at this stage.
Stage 8
1 June 2023
The WBAF Fund sends investment proposal to the co-founders of the startup venture. The proposals include the terms and conditions and other investment conditions,.
Stage 9
1 June 2023 – 30 June 2023
The WBAF Fund discusses the terms with the startup venture co-founders to agree on the final terms. The WBAF Fund moves to the next stage only if the WBAF Fund and startup venture agree on the shareholders agreement and the investor terms agreement.
Stage 10
1 July 2023 – 31 August 2023
The WBAF Fund calls for raising funds for the agreed amount of investment for the startup venture. The WBAF Fund moves to the next stage only if the WBAF Fund raises the agreed capital for the startup venture.
Stage 11
1 September 2023
The term sheet is signed by the WBAF Angel Investment Fund and the startup venture. Official investment registration process will be completed. The WBAF Fund will transfer the capital to the bank account of the startup venture. The co-investor transfers his/her/their capital to the bank account of the startup as well.
The WBAF Fund moves to the next stage only if all processes are completed. For example, if a co-investor fails to send their capital to the startup venture, or if the term sheet / shareholders agreement / investment agreement is not signed, or if official local process are not fully completed, the WBAF Fund will not proceed with the next step.
Please note that the WBAF Fund is responsible for its investors, so must complete all processes fully before sending capital as an investment. This stage has no definitive last date, because all these procedures may change from country to country. However, if all processes are not completed by 31 December 2023, the WBAF Fund will withdraw from the investment and will send the raised funds back to Fund’s investors.
Stage 12
not later than 31 December 2023
The WBAF Fund announces the investment through an international press release.
By working together across borders, with a common vision, and with these smart dynamics in mind, we are well placed to bring about positive change in the global economy
Join the World Leaders Programme, Apply for the Global Fundraising Stage, Become an investor of the WBAF Angel Investment Fund, Learn more about WBAF Business School Programmes, Request mentoring, Become an accredited mentor, Become a WBAF Speaker, Become faculty member of the WBAF Business School, Become a WBAF Institutional Member