Term sheet
A short, mostly non-binding document setting out the key terms of an investment before the long-form legals.
Price is only half of it — control, preferences and board seats live here too, so read past the valuation.
Hear it from people who've done it
Get the real-world version of "Term sheet" drawn from hundreds of conversations with founders and investors.
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Due diligence
The investor's verification of your numbers, tech, legals and team before money moves.
Liquidation preference
The rule that decides who gets paid first, and how much, when the company is sold.
Board seat / observer
A right to a seat (and vote) on your board, or to observe without voting.
Lead investor
The investor who sets the terms and price of a round and usually takes the biggest cheque.
Priced round
A raise where you agree a valuation and issue shares at that price, as opposed to a note or SAFE.
Drag-along / tag-along
Drag-along lets a majority force others to join a sale; tag-along lets minorities join one on the same terms.
Information rights
An investor's contractual right to regular financials and updates from the company.
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