How Odin's pricing works

All details of Odin’s pricing is hosted here, for your reference.

Odin makes money by charging fees for deals that are completed on the Odin platform. The pricing outlined in the linked spreadsheet applies to both Primary and Secondary deals.

Deal fees constitute the main part of this pricing, which is always charged as a percentage of the total amount raised for syndicated deals, with a minimum and a cap.

Deal fee percentages depend on the pricing tier you agree to. There are three options - Base, Core and Headliner. Deal fees are capped at both ends, with a floor price and a ceiling price. On the one hand this means syndicates can’t viably raise extremely small amounts (<~$40k), and on the other it means there is a reasonable limit to the amount you are charged.

Syndicates that transact more frequently also have the option of taking out an Odin subscription, which introduces monthly or annual subscription fees in return for lower deal fees.

Subscription fees are invoiced either monthly in advance or annually up-front. These are always to be paid by the Syndicate Lead, via bank transfer to Odin’s named bank account.

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Who can pay Odin’s fee?

There are three options for paying Odin's platform fee:

• Syndicate Lead - If you would like to pay Odin’s fee yourself, we will simply invoice you during the closing process. Many syndicate leads offset Odin’s fee by charging their own investors a management fee / deal fee. We can then deduct our fee from the amount we send to you at closing. You can read more on this below.
• Investee Company - You can specify that the company you are syndicating the deal into pays Odin’s fees. In this case, ordinarily we deduct our fee from the amount that we wire to the company, and provide them with an invoice, which is marked as already paid. If required, Odin can also invoice the investee company for the fees during the closing process, and they would then pay the invoice before we wire the investment. If you think the company will prefer to do this, just inform our team about it.
• Investors (pro-rata) - Most of the time, syndicate leads opt to split Odin’s fees among their investors, pro-rata to the amount they invest.
  • What does “pro-rata” mean? The fee amount is set according to the investor’s ticket size - i.e. someone investing £50k will pay 10x more of the fee than someone investing £5k. At the point of closing, Odin will calculate the final fee, net it out from the total amount wired to Odin by your investors, and send the remainder to the investee company.
  • If you are pro-rating the fee among your investors, it can be useful to work out what Odin’s fee will be in advance, based on the size of the allocation and other factors. You can use our fee calculator to do this. This allows you to ensure you raise exactly the right amount of money if you’re trying to fill a specific allocation.
  • However, if you are unsure, it can be prudent to just add eg. a 5% Syndicate Lead Fee on top and opt to pay Odin’s fees out of this, with the balance paid to you at close. This is typically easier to manage in practice than working out how to pro-rate Odin’s fee.

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Additional costs

Although the vast majority of the cost in using Odin is wrapped up in deal and subscription fees, there are additional fees that apply in certain cases. These costs are typically paid by whoever is covering Odin’s fee (i.e. Syndicate Lead, Investee Company or Investors, pro-rata). Please bear in mind that they are IN ADDITION to any % fee and any fee cap:

• Notarisation - When you invest in companies in certain countries (e.g. Germany, the Netherlands and Spain), there is a requirement for additional paperwork, which needs to be wet-signed, legalised by a notary and often apostilled (stamped with an official government seal). This is an external cost, and requires one of our directors to attend a notary in person to sign at an appointed time, and then have the original documents couriered to the investee company.
• Rolling Closes - If you wish to reopen a closed deal, or draw down some funds for a deal now and the rest later, you can do so, but this adds administrative complexity. All closes must be investments in the same company on the exact same legal terms, within six months of the first investment. In practice, Odin typically calculates initial fees on the first close, which are paid at that point. The additional Rolling Close fee plus any additional % fee is payable after the second close.
• Foreign Exchange (FX) - In addition to the FX fees charged by our bank, Odin's FX fee applies if you raise money in one currency and wire funds to the investee company in a different currency. Odin does not permit wires from individual investors in currencies other than the deal currency as a general rule - that isn’t the purpose of this fee. If this happens accidentally (it is possible if, e.g. you run a USD deal and the investor already has details for Odin’s GBP account, and sends us GBP), we will not charge an FX fee and we’ll handle the conversion, but we will pass on any FX charges from our bank and the overall value of that investor’s transfer may be reduced.
• Side Letters - If you require a specific side letter to be drafted and signed by investors, we can handle this. The fee may exceed what is stated in our pricing sheet if there are any particular nuances/complexities and additional legal counsel hours are required to produce the letter.
• Follow-on Deals - We charge the same fee % for follow on deals as per initial deals into an investee company, however we offer lower minimum fee amounts.
• US Investors - For every US investor, Odin is required to file additional paperwork with the SEC and IRS to comply with FATCA. This is annual and needs to be done in perpetuity for the lifetime of their investment. This ensures the investor is not penalised on capital gains made via foreign investment vehicles (like Odin Bare Trust SPVs).