Welcome to the new site. Problems, use store.hemrock.com
Hemrock
Sign in

License Agreement

Licensing terms for products and services provided by Unstructured Ventures LLC. Covers spreadsheet templates, source-available software, and hosted web tools.

This Agreement is between you, the licensee, and Unstructured Ventures LLC (the "Company"), a limited liability company headquartered and registered in the Commonwealth of Pennsylvania and organized under the laws of the State of Delaware. The Company owns the products and services described below.

Hemrock ships three kinds of products, each governed by a different set of terms. The right column of the table tells you which terms apply to what you bought.

Product type Examples Terms below
Spreadsheet templates and customizations Standard Financial Model, Venture Capital Model, Cap Table & Exit Waterfall, Fund Economics Tool (Excel/Sheets), audit and custom-model services "Spreadsheet templates and services"
Source-available software Hemrock Reporting, Send K-1s, the @tdavidson/fund-economics-tool npm package "Source-available software"
Hosted web tools The Fund Economics Tool on hemrock.com, including share links and the multi-user collaboration license "Hosted web tools"

If you bought multiple kinds of products, the relevant section applies to each.

Spreadsheet templates and services

This section governs Hemrock's spreadsheet templates and any custom-model or advisory work delivered to your organization (collectively, the "Product" or "Service" in this section).

Scope of use

This Agreement grants a non-exclusive, non-transferable right to use and incorporate the Product or Service in personal and corporate projects for the organization that purchased it.

  • Use and incorporate the Product or Service in personal and commercial projects for your organization, including financial models, business plans, pitch decks, and similar.
  • Modify the Product or Service to fit your project.
  • If an organization is the licensee, all employees of that organization may use the license.

Limitations

  • No redistribution, sublicense, or resale of the Product or Service.
  • No distribution, license, or sale of derivative, recompiled, reverse-engineered, or modified versions.
  • Use in projects for other organizations requires a separate license for each organization, customer, or project.
  • The Product and Service are provided "as is" without warranty of any kind, express or implied.
  • The Company owns all right, title, intellectual property, and interest in the Product and Service. The structure, formulas, design, text, graphics, selection, and arrangement are copyright © of the Company, all rights reserved.

Cure period

If you violate the terms above and the violation is capable of cure, the Company will give you written notice (at the email you used to purchase, or to a publicly listed contact for your organization). You have thirty (30) days from that notice to cure the violation. If you cure within that window, this Agreement continues without interruption. If you do not, your license terminates at the end of the cure period.

Some violations cannot be cured, including but not limited to redistribution of the Product or public distribution of a modified version. Those terminate the license immediately.

Source-available software

This section governs Hemrock's source-available software products. Each repository ships its own LICENSE file with the full, binding terms; the summaries below are not a substitute for reading them. The current set:

These products are source-available, not open source. They are free for a single fund management company to apply to its own funds, SPVs, and team. Service providers (fund administrators, outsourced CFOs, consultants) using a product across multiple clients, SaaS or white-label distribution, and any embedded use in a commercial product require a paid commercial license.

Each repository's LICENSE file additionally provides:

  • A Personal Evaluation and Educational Use grant: any individual may use the software for personal, non-commercial evaluation, learning, research, or hobby projects, indefinitely for genuine non-commercial use.
  • A 30-day cure period for material breaches that are capable of cure, before the license terminates.

For commercial licensing inquiries on any source-available product, email hello@hemrock.com.

Hosted web tools

Hosted web tools live on hemrock.com (e.g. the Fund Economics Tool). Use of the hosted experience is subject to:

  • This Agreement, the Terms of Service, and the Privacy Policy.
  • Any tool-specific entitlement license you have purchased. The current entitlement-licensed feature on the Fund Economics Tool's hosted surface is the Web collaboration license (multi-user editing for a model owner; invitees edit for free).
  • Free hosted features (saving models, generating share links, forking from a public share link) require an active Hemrock account but no separate purchase.

The Company may suspend or terminate hosted access for violations of these terms, with reasonable notice and a 30-day cure period for curable violations, mirroring the cure language in the source-available product licenses.

When you purchase the Fund Economics Tool spreadsheet template, the hosted version of the same product (currently free for any signed-in account regardless of purchase) is included as part of that purchase: the same email address you paid with grants access to both surfaces.

The Company is not a financial advisor, planner, broker, or tax advisor. Products and Services are designed to educate and inform entrepreneurs and investors. They include benchmark data and structure to help you create projections, but you will need to modify assumptions and structure to fit your business.

Your situation is unique, and any information obtained through the Product or Service may not be appropriate for you. Before making final decisions or implementing a financial strategy, consult an accountant or other advisor who knows your specific situation. You are responsible for the accuracy of the information in the model and associated materials.

Liability

The Company's liability to you for costs, damages, or losses arising from your use of any Product or Service, including third-party claims against you, is limited to a refund of the license fee paid for the Product and any fees paid for the Service in question. The Company is not liable for consequential damages.

For source-available software products, the per-repository LICENSE file's limitation of liability (typically capped at USD $100) applies in addition to the limit above; the lower applicable cap controls.

Warranty disclaimer

TO THE FULLEST EXTENT PERMITTED BY LAW, WE AND OUR AFFILIATES, SUPPLIERS, AND DISTRIBUTORS MAKE NO WARRANTIES, EITHER EXPRESS OR IMPLIED, ABOUT THE PRODUCTS AND SERVICES. THE PRODUCTS AND SERVICES ARE PROVIDED "AS IS." WE DISCLAIM ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. INFORMATION AND OPINIONS RECEIVED VIA THE PRODUCT, SERVICE, OR WEBSITE SHOULD NOT BE RELIED UPON FOR PERSONAL, MEDICAL, LEGAL, OR FINANCIAL DECISIONS. CONSULT AN APPROPRIATE PROFESSIONAL FOR ADVICE TAILORED TO YOUR SITUATION.

Limitation of liability

TO THE FULLEST EXTENT PERMITTED BY LAW, IN NO EVENT WILL WE, OUR AFFILIATES, SUPPLIERS, OR DISTRIBUTORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, EXEMPLARY, OR CONSEQUENTIAL DAMAGES OR ANY LOSS OF USE, DATA, BUSINESS, OR PROFITS, REGARDLESS OF LEGAL THEORY, WHETHER OR NOT WE HAVE BEEN WARNED OF THE POSSIBILITY OF SUCH DAMAGES, AND EVEN IF A REMEDY FAILS OF ITS ESSENTIAL PURPOSE.

Governing law

This Agreement is governed by the laws of the Commonwealth of Pennsylvania and the applicable laws of the United States. Legal proceedings related to this Agreement may only be brought in the courts of Pennsylvania. You agree to service of process at the email address on your original order.

Contact

Notices to Unstructured Ventures LLC may be sent by email to hello@hemrock.com or by post to:

Unstructured Ventures, LLC
6360 Broad St, #5226
Pittsburgh, PA 15206
USA

Updated April 28, 2026