Growth

Venture Capital Term Sheet Guide 2024

  • Growth
  • Report
  • 5 minutes read

Read the 2024 edition of our annual Venture Capital Term Sheet Guide which explores the key terms and clauses of 426 final, signed term sheets.

  1. Download the 2024 report, designed to empower founders with an objective view of the market standard so they can negotiate with confidence.
  2. 21 law firms also gave their views of the data, resulting in well-rounded, actionable insights.
  3. 426 term sheets analysed across an aggregate of £4.5bn investment value.

Survey size

A few of the contributing law firms discuss the impact, importance and insights found in the 2024 VC Term Sheet Guide.

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.

Thank you to the participating firms

This material including, without limitation to the statistical information herein, is provided for informational purposes only. The material is based, in part, on information from third-party sources that we believe to be reliable but, which have not been independently verified by us and, for this reason, we do not represent that the information is accurate or complete. The information should not be viewed as tax, investment, legal or other advice, nor is it to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation, offer or recommendation to acquire or dispose of any investment or to engage in any other transaction.

Resources

Venture Capital Term Sheet Guide 2024

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