Startup Estonia, a government initiative, has updated its package of 29 free model legal documents used by startups and investors, Invest in Estonia reports. The new versions were published in September 2026. They were drafted by Estonian law firms and are promoted together with the Estonian Private Equity and Venture Capital Association.
The revised option agreement takes part-time work into account for vesting, lets the company choose whether options are exercised only on a sale or during a set period, and, with the company's consent, allows the exercise price to be settled with shares or from the proceeds of a sale. New in the package are a short share purchase agreement for cases where Estonian law lets a share change hands without a notary, and two Estonian-law variants of a SAFE (Simple Agreement for Future Equity): one sets a valuation cap, the other a discount.
For the first time the investment agreements and the due diligence checklist cover artificial intelligence, cybersecurity and sanctions. They are used by both newly established startups and unicorns
, said Antti Perli of Ellex Raidla, who led the update. The package was first published in 2017 and last updated in 2023, and Startup Estonia advises users to adapt the documents to their own case.
Source: Invest in Estonia, . The text above is our own summary; the words in quotation marks are the source's.
What this means for an Estonian entrepreneur
Founders of an Estonian company preparing a funding round can start from the updated templates, but the terms still have to fit the company's own articles of association and shareholder structure. Before signing, check how options, a SAFE or a share purchase without notarisation fit the company's existing agreements and the register entries.
We prepare the documents and register filings of an investment round in an Estonian company. Investment round documentation for an Estonian company
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