Term sheets
Safe Financing Documents
US companies
- Safe: Valuation Cap, no Discount
- Safe: Discount, no Valuation Cap
- Safe: MFN, no Valuation Cap, no Discount
- Pro Rata Side Letter
- Safe User Guide
Non-US companies
Series A Term Sheet Template
Below is what a Series A term sheet looks like with standard and clean terms from a good Silicon Valley VC. Bracketed items (besides the names of the company and lead investor) are always or frequently negotiated. Items not in brackets are sometimes negotiated, but this has more to do with the idiosyncratic features of the company or the situation, and generally aren’t terms that parties intend to heavily bargain over during the negotiation.
Term sheets
Safe Financing Documents
US companies
- Safe: Valuation Cap, no Discount
- Safe: Discount, no Valuation Cap
- Safe: MFN, no Valuation Cap, no Discount
- Pro Rata Side Letter
- Safe User Guide
Non-US companies
Series A Term Sheet Template
Below is what a Series A term sheet looks like with standard and clean terms from a good Silicon Valley VC. Bracketed items (besides the names of the company and lead investor) are always or frequently negotiated. Items not in brackets are sometimes negotiated, but this has more to do with the idiosyncratic features of the company or the situation, and generally aren’t terms that parties intend to heavily bargain over during the negotiation.