Venture Capital
Most Australian founders can recite the headline terms of a SAFE — valuation cap, discount, converts at the next priced round. Far fewer can tell you whether the SAFE in front of them is pre-money or …
Somewhere near the bottom of most Australian term sheets sits a line that reads something like “customary investor consent rights / reserved matters”. It attracts far less negotiation than …
Every term sheet tells you something about the relationship you are about to enter. The headline numbers — valuation, round size, dilution — get the most attention, but they are rarely where the real …
Most venture capital deal terms only matter at the margins — until the company hits rough waters. Pay-to-play provisions are one of those terms. In good times, they sit quietly in the …
You have just agreed on a term sheet. The lead investor’s lawyers have sent through the subscription agreement, the shareholders’ agreement, and the company constitution amendments. You …
We’ve previously covered what drag-along and tag-along rights are and why they matter. This post goes deeper — into how these clauses actually operate when an exit is on the table. The theory is …