In the venture capital landscape, coordinating multiple investors in a single round can be complex and prone to operational delays. To address this challenge, Francesco Dagnino and Stefano Corrà present the new Conditional Subscription Agreement (CSA), developed by LEXIA in collaboration with Italian Tech Alliance, based on an idea by Weltix, and featured in an article published on BeBeez Italia.
The CSA provides a standardized contractual framework designed to align the timing of lead investors with that of private capital raised through online platforms. Its aim is to reduce execution risk and streamline the operational aspects typical of multi-investor transactions.
The model integrates a regulated ECSP digital infrastructure, allowing private investors to participate in deals through a supervised system, with funds held in escrow until the completion of the transaction.
In the Italian VC market, characterized by increasingly larger rounds and more complex investment structures, the CSA is proposed as a potential benchmark standard for seamlessly and transparently integrating private capital into institutional venture capital, promoting efficiency, order, and speed in transactions.
