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Does XX act like a Single-Purpose-Vehicle (SPV)?

From the standpoint of a founder, the services provided by XX work the same as a SPV. Exactly like if you had raised from an SPV on a site like AngelList, there is only one entity on your cap table, and there is only one person who needs to sign any documents.

However, legally speaking, an SPV is an investment fund, and XX is comprised of two entities that together provides the services of an SEC-registered transfer agent, a custodian, and a Lead Investor.