If you’ve ever seen a sub doc, I don’t need to convince you why they’re terrible. Signing up for Robinhood takes a couple of minutes. Investing into a private fund takes far longer. Compare Robinhood’s workflow to this:
- Investors spend hours filling out non-standard legal agreements with 100–200 question questionnaires where not every questionapplies to them. Even professional investors make mistakes and have to revise entire docs. - Fund managers have no idea where their investors are once they send out sub docs and have a hard time coordinating their investors, law firms, fund administrators, and more. - Anyone who needs data from the sub doc has to manually transcribe information from executed PDFs into their destination of choice.
We built Passthrough to fix that. We take any sub doc and create a custom workflow that looks a lot like TurboTax. Investors only see one question at a time and only the questions that matter to them. Fund managers can track the raise live and nudge someone along towards the close. Because the data’s structured, fund managers, law firms, and fund administrators can export the data into whatever format they need.
When an investor completes a sub doc on Passthrough, they’re passively providing us with their identity. Passthrough’s goal is to give them control of it and allow it to be interoperable across future sub docs and anywhere else that it needs to be applied.