Venture Capital Term Sheet Guide 2024

Venture Capital Term Sheet Guide 2024

The latest edition of our annual Venture Capital Term Sheet Guide explores the key terms and clauses of 426 final, signed term sheets to empower founders with an objective view of the market standard so that they can negotiate with confidence.

Survey size

21 participating law firms
426 term sheets analysed
4.5bn Pound aggregate investment value

Key takeaways

Seed investment up as investor focus shifts

Seed investments represented 29% of total term sheets analysed, up from 24% in 2022, as investors shifted their focus to earlier stages with many late-stage companies struggling with recaps and down rounds.

CleanTech, Health Tech and AI surge

2023 saw increased CleanTech and AI activity, which represented approximately 20% of term sheets surveyed, and sustained interest in Health Tech. We expect these sectors to remain attractive in 2024.

Cross-border interest in later-stage UK companies

While most Seed (67%) and Series A (57%) investment into UK companies came from local investors, more than half of Series B and C+ investment came from abroad as investor seek stable opportunities.

Download the report here


Become a client

Contact us

Get in touch to learn more about our banking solutions.