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Nov 6

NEW Enhanced Model Term Sheet v3.0

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Create term sheets based on unprecedented market insights

Aumni, in partnership with the National Venture Capital Association (NVCA), is proud to offer the latest version of the Enhanced Model Term Sheet v3.0. This update builds upon the original Enhanced Model Term Sheet launched in July 2020. Version 3.0 is the product of the most extensive analysis of private venture deal term data.

The Enhanced Model Term Sheet allows an investor to draft term sheets while comparing terms against market benchmarks. Version 3.0 is powered by a database that tracks more than 200,000 venture transactions, representing over 90,000 investors.

Identify trends with 2021 data compared to the previous five years

This release provides deal term data that compares 2021 market benchmarks with aggregate benchmarks from the previous five years.

Example analysis:

Insights on more deal terms than ever before

Version 3.0 provides analyses on nine additional deal terms, providing unprecedented benchmark information across 33 terms:

  • 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 Major Investor Threshold $
  • Median Number of Investors (Syndicate) in an Equity Financing 
  • Median Amount Raised in an Equity Financing in the Round ($M)
  • NEW - Median Months in Between Financing 
  • NEW - Median % change in Amount Raised Between Rounds
  • Median Convertible Outstanding in the Round (Principle and Interest) 
  • Median Valuation Cap in Convertible Security (All Types)
  • NEW - Percentage of 20% or less Convertible Discount
  • NEW - Percentage of 8% or less Dividend Rate
  • Median Option Pool Size as a Percentage of Fully-Diluted Post-Money Capitalization
  • NEW - Median % Change in Option Pool Shares
  • Median Post-Money Valuation ($M)
  • NEW - Median % change in Valuation Between Rounds
  • Median Common Stock Issued as a Percent of Fully-Diluted Ownership
  • Percentage of Non-Cumulative Dividends
  • NEW - Percentage of 8% or Less Dividend Rate
  • Percentage of 1x Liquidation Preference Multiplier
  • Percentage of Non-Participating Preferred
  • Percentage of Broad Based Anti-Dilution
  • Percentage of Pay-to-Play Provision
  • Percentage of Redemption Rights
  • Median Lead Investor Counsel Fee Cap
  • Percentage of Registration Rights
  • Median Major Investor Threshold as a Percent of New Money
  • Median Major Investor Threshold as a Percent of Fully-Diluted Ownership
  • Percentage of Pro-Rata Rights for All Investors in the Round
  • NEW - Percentage of Pro Rata Rights for Major Investors
  • NEW - Percentage of Employee Vesting
  • Percentage of Right of First Refusal (ROFR)
  • Median Number of Board Seats After the Round
  • Percentage of Drag-Along Rights

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