BVCA model documents for early stage investments updated

Thursday 16th February, 2023

The British Venture Capital Association has re-launched its standardised documents for early stage venture capital investments.

Marriott Harrison is part of the BVCA’s working group and pleased to have contributed to the development of these documents. They represent a significant update to the previous versions. The previous versions were a decade old and reflected a different fundraising landscape to what we have now in the UK. The new documents acknowledge the standardisation of certain terms globally, longer cap tables with more stakeholders involved, and a more balanced position between investors, companies, and founders.

While the new documents by their nature do not reflect any party’s preferred position in all respects, we are confident they generally provide a fair balance and will help with ensuring efficiency in fundraising transactions. The documents are primarily aimed at Series A companies but will clearly influence fundraising terms at all stages.

A summary of the key changes is set out in the PDF below. The documents can be located here.

BVCA Model Documents – Summary