Enhanced Model Term Sheet
The most comprehensive market analytics on venture deal terms
Access hundreds of data points that detail the usage and frequency of deal terms embedded in the newest model term sheet template from NVCA and Aumni.
Access hundreds of data points that detail the usage and frequency of deal terms embedded in the newest model term sheet template from NVCA and Aumni.
The National Venture Capital Association (NVCA) has partnered with Aumni, an investment analytics company, to launch the Enhanced Model Term Sheet, containing hyperlinked data points, detailing the usage and frequency of legal terms found in this model agreement.
These insights are the result of analyzing over 35,000 financing transactions, representing more than 17,000 unique investors and spanning a decade of data.
Median Fully Diluted Ownership Percent Purchased by the New Money Equity Class Across Stages
Average Fully Diluted Ownership Percent Purchased by Lead Investor Across Stages
Average Percentage of Round Purchased by Lead Investor Across Stages
Median SAFE vs Convertible Note Discount Against the New Money Price Per Share (all Stages)
Median Convertible Security (All Types) Discount Against the New Money Price
Percentage of Equity Classes that Deviate from 1x Liquidation Preference Multiplier
Frequency of Participating Preferred Across stages
Frequency of Pay-to-Play Provision Across Stage
Frequency of Redemption Rights Across Stages
Median Lead Investor Counsel Fee Cap Across Stage
Frequency of Registration Rights Across Stages
Median Major Investor Threshold as a Percent of New Money in the Round Across Stage
Average Major Investor Threshold as a Percent of Fully Diluted Ownership Across Stages
Percentage of Equity Financings with Employee Vesting Protocol Covenant
Percentage of Equity Financings Including Drag Along Rights