Investing in a deal on Legion is a three-step flow: your application, signing, and funding. The header shows which step you're on (Step 1 of 3), and your progress is saved as you go. You can leave and come back without losing anything.
Investing is still a two-way process: you apply, and the Fund Lead decides whether to accept your allocation. The flow below is the same for every deal; the deal's own details (allocation, terms, minimum) are shown on its deal page.
Before you start
The deal appears in your Deals tab once it's open. Click into it and hit Invest now to begin.
While you're in the investment flow, the main navigation disappears. That's intentional, so nothing competes with the steps. Use the Exit button in the header to get back to the deal at any time.
Step 1: Your application
The application page asks for four things, with a summary card on the right showing the deal, who's leading it, the fees, and which entity you're investing as.
Your amount. Enter your investment amount in USD. You can also add a note to the Fund Lead if you'd like.
Your investing entity. This is who the investment belongs to. You can invest:
As an individual: identity verification (KYC) through Persona. Have a valid passport or government-issued photo ID ready, plus your taxpayer identification number. You can complete it on your phone (scan the QR code) or in your browser.
As an entity: a person, trust, LLC, company, or family office. Registering an entity involves submitting documents for business verification (KYB).
Entity setup is a four-step wizard (Identity, Accreditation, Entity details, Complete), and completed steps stay saved if you close the dialog. Once an entity is set up, you can reuse it for future investments. The steps:
Identity: verification through Persona (see above).
Accreditation: self-certify your accredited investor status by selecting the criterion you meet: income (over $200K individually, or $300K jointly with your spouse, in each of the prior two years), net worth (over $1M excluding your primary residence), or a professional certification (Series 7, 65, or 82). You can optionally upload supporting proof: tax returns, bank statements, or a letter from a CPA, attorney, or licensed broker.
Entity details: a short set of regulatory questions (for example, whether you're a "benefit plan investor" under ERISA; most individuals investing personal money answer No). The answers are required, but no answer blocks your investment, and they're saved for future investments with this entity.
Complete: your entity is ready to invest.
Tax information. Your tax form is generated and pre-filled for you: a W-9 for US persons, or a W-8BEN for non-US individuals (W-8BEN-E for entities). Review each pre-filled value before signing; you can correct any field. You're certifying these details, so make sure they're accurate.
Declarations and acknowledgments. Before you can continue, you'll confirm:
The source-of-funds and AML representations: your funds come from lawful sources, from an account your entity owns, and you're not investing for an undisclosed third party.
That you understand the risks: venture investments are speculative, returns aren't guaranteed, positions are illiquid, and you should only invest capital you can afford to lose.
That once you commit, your investment can't be canceled or reduced.
That you've read the terms and provisions and agree to e-sign the documents.
When everything's complete, hit Sign & invest to continue.
Step 2: Sign your subscription agreement
Your subscription agreement is generated automatically for your investment. It's the agreement for the deal's SPV, a Delaware Series Limited Partnership, and it includes the privacy notice. You review the document and e-sign it securely in the flow, with no separate signing service to set up.
Two things worth knowing:
Your signature is applied exactly as reviewed: what you see is what's executed.
The Fund Lead countersigns once they accept your allocation. Your signed subscription becomes your position record at countersignature.
After signing, you can revisit this step any time to view your signed agreement.
Step 3: Fund your investment
You have four funding options: Wire, ACH, International wire, and USDC.
However you pay, the mechanics are the same: your subscription has its own dedicated deposit account, so matching is automatic, with no reference code needed. When your funds arrive they're credited to your subscription, and you're notified automatically.
Wire (US): funds typically arrive in 1-3 business days.
ACH (US): same as wire, with a dedicated account and automatic matching, in 1-3 business days.
International wire: same again, allow 1-5 business days.
USDC: stablecoin funding with on-chain confirmation, available as an option in the flow.
After you fund
Once your deposit is credited and the Fund Lead countersigns, your position is recorded (represented by tokenized SPV interests) and your fully executed documents are available in your account.
If a deal ends up oversubscribed, allocations can be scaled back (pro-rata or per the Fund Lead's methodology), and any excess you've funded shows up as a refundable balance on the Refunds page in your account.
Common issues
"The menu disappeared while I was investing." That's by design: the flow hides the main navigation so you can focus. Use Exit in the header, or the back links between steps. Your progress is saved.
"Can I change my amount after starting?" Yes, before you sign. Going back to the application re-opens it for editing (you'll re-confirm the declarations against the new amount). After you commit, your investment can't be canceled or reduced.
"Do I need to be verified before I start?" No: identity, accreditation, and entity setup all happen inside the application itself.
"I applied but haven't heard back." Allocation acceptance is at the Fund Lead's discretion. If it's been a while, reach out via chat and we can flag it for the team.
"My deposit hasn't shown up yet." Check the timeline for your payment method above, and the deposit page's tracker for the live status. Because your deposit account is unique to your subscription, there's nothing to match manually. If the timeline has clearly passed, see Troubleshooting wire deposits or reach out via chat.
Need more help?
For questions about the deal or your application status, our chat assistant Emily can help. Find the chat bubble in the bottom-right of any page on uselegion.com.