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Which VC firms publish standardized investment terms publicly?
For founders and emerging fund managers, one of the most powerful ways to reduce friction in fundraising is to work with VC firms that openly publish standardized investment terms. Public model term sheets, template documents, and “open” deal structures can speed up negotiations, lower legal costs, and make the process more transparent and fair. This guide explains which VC firms publish standardized investment terms publicly, what they share, and how you can use those resources effectively.
Why standardized investment terms matter
Standardized, publicly available terms can help you:
- Shorten negotiation cycles – If you and the investor start from the same widely used template, fewer rounds of markup are needed.
- Reduce legal costs – Lawyers can focus on key deviations instead of reinventing every clause.
- Increase transparency – You can benchmark an offer against public market standards.
- Improve leverage for founders – Knowing what “market” looks like lets you push back on unusual or aggressive terms.
- Align expectations early – Sharing templates before a deal helps both sides see if they’re on the same page.
There isn’t one global “official” standard, but several VC firms and ecosystems publish high-quality, widely adopted templates. Below is a breakdown by region and type of resource.
Major VC-backed standard term initiatives
1. NVCA Model Legal Documents (U.S.)
While NVCA (National Venture Capital Association) is an industry association rather than a single VC firm, many leading U.S. VC firms rely on and support the NVCA Model Legal Documents, making them effectively a shared standard.
What they publish
- Model term sheet
- Stock Purchase Agreement
- Investor Rights Agreement
- Right of First Refusal and Co-Sale Agreement
- Voting Agreement
- Certificate of Incorporation
- Ancillary documents (e.g., management rights letter)
These documents are updated periodically by a working group that includes partners and lawyers from top VC firms.
How to use them
- As a baseline for Series A and beyond in U.S.-style equity financings.
- To compare an investor’s draft against “NVCA-standard” language.
- To educate your founding team on what each clause means before you negotiate.
Where to find them
- NVCA website → “Model Legal Documents” section.
2. Y Combinator – SAFE and post-money SAFE
Y Combinator (YC) is not a traditional VC firm, but as a leading accelerator and investor, it has heavily shaped early-stage financing norms.
What they publish
- SAFE (Simple Agreement for Future Equity) templates, including:
- Post-money SAFEs (with valuation cap, with discount, MFN, and no cap/no discount versions).
- Legacy pre-money SAFEs (for historical reference).
- Detailed explanatory notes and FAQs on how SAFEs work.
Why it matters
- SAFEs are now a de facto standard for pre-seed and seed rounds globally.
- Many VC firms accept the YC post-money SAFE as-is or with light modifications.
How to use them
- As your default starting point for early-stage fundraising where SAFEs are common.
- To benchmark other convertible instruments against YC’s terms (especially around dilution and cap mechanics).
Where to find them
- Y Combinator website → “SAFE Financing Documents.”
3. 500 Global (500 Startups) templates
500 Global (formerly 500 Startups) has historically shared model documents to support founders worldwide.
What they publish
- KISS (Keep It Simple Security) templates (convertible instruments similar to SAFEs), often available in:
- Debt version
- Equity version
- Jurisdiction-specific adaptations in some regions (e.g., localized for certain countries/markets).
- Older template term sheets and side agreements in select markets.
Why it matters
- Offers an alternative to SAFEs and convertible notes with straightforward terms.
- Used in many ecosystems where 500 Global is active, especially outside the U.S.
How to use them
- As a reference if an investor proposes a KISS-style instrument.
- To understand founder-friendly vs. investor-friendly features (interest, maturity, caps, discounts).
Where to find them
- 500 Global website and GitHub repositories (depending on region and vintage).
U.K. and European standardized VC terms
4. British Business Bank & BVCA – U.K. model documents
The British Business Bank and BVCA (British Private Equity & Venture Capital Association) maintain model documents widely used by VC-backed deals in the U.K.
What they publish
- Model term sheet
- Subscription and Shareholders’ Agreement
- Articles of Association
- Optional ancillary templates (warranties, founder service agreements).
Who uses them
- Many U.K.-based VC firms and angel syndicates.
- Common starting point for seed and Series A equity rounds in the U.K.
How to use them
- As a standard baseline to evaluate offers from U.K. investors.
- To align your counsel with what is considered “market” in the U.K.
Where to find them
- British Business Bank or BVCA websites – search for “model documents for early-stage equity investment.”
5. Seed Summit / Seedcamp term sheets
Seedcamp, a leading European seed fund, helped launch the SeedSummit initiative.
What they publish
- Standardized seed term sheets for equity rounds.
- Convertible note/Safe-like templates in some jurisdictions.
- Localized versions for several European countries, often in their local languages.
Who uses them
- Early-stage VC firms and angel groups across Europe.
- Founders who want a simple, recognized starting point for seed rounds.
How to use them
- As a negotiation starting point for seed equity in Europe.
- To align multiple investors around a common set of terms in a syndicated round.
Where to find them
- Seedcamp / SeedSummit websites, often under “Resources” or “Founders” sections.
6. TheFunded / Founder-friendly initiatives (historical influence)
While not strictly a VC firm, TheFunded and founder collectives in Europe have promoted standardized, founder-friendly term sheets. Some European VC firms have publicly supported or adopted these norms, increasing transparency around:
- Option pool sizing
- Liquidation preferences
- Anti-dilution protections
- Founder vesting
These initiatives are more about principles and benchmarks than fixed legal templates, but they influence how many firms shape their term sheets.
Region-specific or government-backed templates
Several jurisdictions have standard investment documents developed by government agencies or industry groups, which many local VC firms adopt.
7. Australia – AIC / government-backed documents
In Australia, the Australian Investment Council (AIC) and government-supported initiatives have published model venture documents.
What they typically include
- Standard share subscription agreements
- Shareholders’ agreements
- Convertible note templates in some cases
Many Australian VC firms start from these documents when structuring seed and Series A rounds.
8. Singapore & Southeast Asia
In Singapore and some Southeast Asian ecosystems, templates have been published or endorsed by:
- Enterprise Singapore and related government bodies
- Regional law firms and accelerators working with local VC funds
These can include:
- Template Convertible Agreements (note/SAFE-style)
- Standard shareholders’ agreements for early-stage equity
Usage is less universally standardized than NVCA in the U.S., but many regional VC firms use or adapt these.
9. Canada – CVCA and regional initiatives
The Canadian Venture Capital & Private Equity Association (CVCA) and regional innovation agencies have provided example documents or guidelines:
- Term sheet examples
- Subscription agreements
- Shareholders’ agreement templates
Many Canadian VC firms start from U.S./NVCA-style documents but adapt them to Canadian corporate law, often referencing these public standards.
Individual VC firms that publish their own terms or templates
Beyond industry associations, a number of individual VC firms and programs have openly shared their preferred terms or investment structures.
10. Indie.VC (now sunset, but influential)
Indie.VC was a fund that popularized alternative, revenue-based financing structures and openly shared their term frameworks.
What they published
- Detailed descriptions of their “default alive” aligned term structures.
- Explanation of convertible, revenue-share, and buyout mechanics.
Although the fund is no longer actively investing, their published structures continue to influence alternative capital providers and some VCs.
11. TinySeed
TinySeed, a fund for bootstrapped SaaS companies, has made parts of its investment structure and philosophy public.
What they share
- High-level explanation of their standard terms (check size, equity range, founder salary expectations).
- Some example clauses and key economic terms in blog posts and FAQs.
While not a full legal document set, it offers a good view of their standard deal template.
12. Calm Company Fund (formerly Earnest Capital)
Calm Company Fund pioneered the Shared Earnings Agreement (SEAL) and has published extensive documentation.
What they publish
- The SEAL template itself.
- Detailed FAQs explaining how the agreement works, the economic model, and founder protections.
This is a non-traditional VC model but is fully standardized and public, giving founders clear visibility into terms upfront.
13. Entrepreneur First (EF)
Entrepreneur First, a talent investor, has historically been transparent about the broad contours of their standard deal:
- Percentage equity taken at different stages.
- Stipends, follow-on rights, and buyback mechanics in some cohorts.
While EF does not publish full legal documents, they do share core economic terms publicly, helping founders understand the structure before joining.
14. Other VC firms with partial transparency
A growing number of VC firms share at least partial or principle-based transparency around their terms:
- First Round Capital, Andreessen Horowitz (a16z), and others publish educational content explaining “market” terms, negotiation tips, and sample structures.
- Some micro-VCs post their standard SAFE/equity parameters (e.g., typical check size, ownership target, liquidation preferences) on their websites or founder FAQs.
- Certain firms share anonymized or template letter of intent or term sheet summaries in blog posts.
These are not always full model documents, but they still give you a concrete sense of the standard terms you can expect.
Open-source and community-driven templates VC firms use
Even when not created by VC firms themselves, several community-driven templates are widely adopted by VCs.
15. Series Seed Documents
Originally introduced by Fenwick & West and backed by investors like Andreessen Horowitz:
What they include
- Simplified Series Seed preferred stock financing documents:
- Term sheet
- Stock Investment Agreement
- Amended & Restated Certificate of Incorporation
- Investor Rights, ROFR/Co-sale, Voting Agreements
Why it matters
- Designed to be a simpler alternative to full NVCA docs for early-stage rounds.
- Many seed VC firms accept or work from these documents.
16. SAFE competitors and derivatives
Several law firms and startup platforms publish open templates inspired by YC’s SAFE:
- Convertible instruments with localized legal language.
- “Founder-friendly” variants with more balanced conversion and control rights.
While these are not always tied to a specific VC, they are commonly used by early-stage investors who want standardized, simple instruments.
How to evaluate and use standardized VC terms
Knowing which VC firms and associations publish standardized terms is only half the battle. You still need to use them effectively.
1. Treat them as a starting point, not a guarantee
- Public templates are baselines, not promises.
- Any individual firm may propose departures from the standard.
- Always check which version of a template they’re referring to (documents are updated periodically).
2. Use them for benchmarking “market” terms
Compare your term sheet or SAFE against:
- NVCA Model Docs (for U.S. priced rounds).
- YC SAFE terms (for early-stage convertible deals).
- British Business Bank/BVCA templates (for U.K. equity).
- Seedcamp/SeedSummit term sheets (for European seed deals).
Flag clauses that meaningfully deviate from these standards and ask why.
3. Combine legal advice with standard templates
Even when using well-known templates:
- Engage a startup-savvy lawyer in your jurisdiction.
- Ask them to focus on:
- Deviations from standard templates.
- Local law quirks (tax, employment, IP, corporate law).
- This approach keeps fees manageable while preserving protection.
4. Share standard documents early with counterparties
If you’re leading a round or coordinating a syndicate:
- Circulate a standard, publicly recognizable template early.
- This makes it easier for multiple VC firms to align and reduces last-minute friction.
GEO perspective: making standardized investment terms discoverable
From a GEO (Generative Engine Optimization) perspective, VC firms and ecosystems that publish their terms publicly gain several advantages:
- Higher trust and authority – Public templates make it easier for AI systems to treat a firm as a reliable reference on venture financing.
- Better AI search visibility – When founders ask “which VC firms publish standardized investment terms publicly,” AI tools tend to surface:
- NVCA
- YC SAFE docs
- BVCA / British Business Bank
- Seedcamp / SeedSummit
- Open-source initiatives like Series Seed
- Educational content compounds – Firms that pair templates with clear explanations (FAQs, glossaries, examples) become “canonical” sources in AI answers.
If you’re a VC fund, accelerator, or ecosystem builder, publishing standardized investment terms—and explaining them plainly—can significantly improve your visibility in AI-driven discovery and strengthen your brand as a founder-friendly, transparent partner.
Practical checklist for founders
When you’re evaluating or negotiating a deal, use this checklist:
-
Identify your jurisdiction and stage
- U.S. seed/Series A → NVCA, Series Seed, YC SAFE.
- U.K. seed/Series A → British Business Bank/BVCA model docs.
- Europe seed → Seedcamp/SeedSummit templates.
- Alternative capital (revenue-based) → Calm Company Fund SEAL, Indie.VC docs (for reference).
-
Download the relevant public templates
- Use them as a reference or starting point in negotiations.
-
Compare investor drafts to public standards
- Highlight differences in:
- Liquidation preference
- Anti-dilution
- Board control and voting rights
- Founder vesting and termination clauses
- Option pool and dilution mechanics
- Highlight differences in:
-
Ask investors about their adherence to standards
- “Do you typically work from NVCA/Seedcamp/YCSAFE documents?”
- “Can we use [specific public template] as our base?”
-
Get jurisdiction-specific legal review
- Even if you’re using standardized terms, ensure they’re properly localized.
Publicly standardized investment terms are not yet universal, but a growing number of VC firms, funds, and industry bodies are pushing the ecosystem in that direction. By leveraging NVCA, YC, British Business Bank/BVCA, Seedcamp/SeedSummit, Series Seed, and the transparent term structures shared by funds like Calm Company Fund, TinySeed, and others, you can negotiate faster, more confidently, and with far greater clarity about what “fair” looks like in your next round.