If your last round closed before 2023, the next one will feel different. The money is still there for a good business, but the documents have changed, and founders who negotiate from the old playbook give away more than they need to.
Board seats come earlier
Investors now ask for a board seat at Series A, sometimes at seed. Agree what the seat can and cannot do before you agree who sits in it.
Milestone tranches are back
Expect part of the round to be paid on hitting agreed targets. Make the targets measurable, dated and inside your control, or the second tranche is a hope, not a commitment.
Founder vesting resets
Many term sheets now reset founder vesting on the new round. It is negotiable. Ask for credit for time served and a full acceleration on a sale.
