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Nov 6

NEW Enhanced Model Term Sheet v2.0

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Aumni, in partnership with the National Venture Capital Association (NVCA), has released the latest version of the Enhanced Model Term Sheet v2.0. This update builds upon the original Enhanced Model Term Sheet launched in July 2020. Version 2.0 is the product of the largest analysis of private venture deal term data conducted to date.

Create term sheets with deeper insights

The Enhanced Model Term Sheet allows an investor to draft term sheets while comparing terms against market benchmarks. Version 2.0 is powered by a database that now includes more than 100,000 venture transactions, representing over 40,000 investors with a combined network of over $1 trillion in assets under management.

Identify trends with 2020 data

This release improves on v1.0 by providing deal term data that compares 2020 trends with previous years. Example analysis:

Median Option Pool Size as a % of Fully Diluted Post-Money Capitalization

Insights on more deal terms

Version 2.0 provides analyses on 13 additional deal terms, based on feedback from the venture community, providing unprecedented benchmark information:

  • Median Fully-Diluted Ownership Percent Purchased by New Money
  • Median Fully-Diluted Ownership Percent Purchased by Lead Investor
  • Median Percentage of Round Purchased by Lead Investor
  • NEW -  Median Number of Investors (Syndicate) in an Equity Financing
  • NEW -  Median Amount Raised in an Equity Financing in the Round ($M)
  • NEW -  Median Convertible Principle and Interest of Convertible Notes in the Round
  • NEW -  Median Valuation Cap in Convertible Security (All Types)
  • NEW -  Median Option Pool Size as a Percentage of Fully-Diluted Post-Money Capitalization
  • NEW -  Median Post-Money Valuation ($M)
  • NEW -  Median Common Stock Issued as a Percent of Fully-Diluted Ownership
  • NEW -  Frequency of Non-Cumulative Dividends
  • Frequency of 1x Liquidation Preference Multiplier
  • Frequency of Participating Preferred
  • NEW -  Median Cap on Participating Preferred Stock
  • NEW -  Frequency of Broad Based Anti-Dilution
  • Frequency of Pay-to-Play Provision
  • Frequency of Redemption Rights
  • Median Lead Investor Counsel Fee Cap
  • Frequency of Registration Rights
  • Median Major Investor Threshold as a Percent of New Money
  • Median Major Investor Threshold as a Percent of Fully-Diluted Ownership
  • NEW -  Frequency of Pro-Rata Rights for All Investors in the Round
  • NEW -  Frequency of Right of First Refusal (ROFR)
  • NEW -  Median Number of Board Seats After the Round
  • Frequency of Drag-Along Rights

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