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Enhanced Model Term Sheet

Access market insights to venture deal terms

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 40,000 financing transactions, representing more than 20,000 unique investors and spanning a decade of data.

Example deal term insights found in the Enhanced Model Term Sheet

Avg. fully diluted ownership % purchased by lead investor across stages

Frequency of Pay-to-Play Provision Across Stages

Median SAFE vs convertible note discount against the new money price per share

Additional deal term insights embedded in the Enhanced Model Term Sheet

  • 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

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