A Beginner’s Guide to Venture Capital Term Sheets: … be smarter than your Venture Capital investor
About Orrick Quick Overview BEIJING BERLIN • One of the world’s largest and best-regarded law firms DÜSSELDORF – More than 1, 100 lawyers in 23 locations in 8 countries FRANKFURT HONG KONG – Named to Law 360’s "Global 20“ list of the world's leading global law firms LONDON LOS ANGELES MILAN MOSCOW MUNICH NEW YORK ORANGE COUNTY PARIS PORTLAND ROME SACRAMENTO SAN FRANCISCO SEATTLE SHANGHAI SILICON VALLEY TAIPEI TOKYO WASHINGTON, D. C. 2 • Focus on emerging companies – More than 1, 000 emerging company clients – More than 100 lawyers in the Silicon Valley office, including founding members of Venture Law Group – Relationships with more than 100 venture capital funds
About Orrick Emerging Companies Practice • • Clients include 5 of The Momentum Index’s Top 50 Technology Companies, 8 companies listed in Green. Tech Media's Top 50 Greentech Startups, and companies listed among The Wall Street Journal's Top 50 Venture-Backed Companies, Business. Week's 50 Best Tech Start-Ups, and Venture. Wire’s 50 Most Innovative Technology Startups • 3 Recognized by Legal 500 as one of the top firms in the U. S. for our venture capital and emerging companies practice As one measure of our market presence, we have acted as either company counsel or investor counsel in venture capital financings for 9 of The Momentum Index’s Top 20 Technology Companies
Domain Knowledge Representative Internet Clients Provider of online higher education (Maveron, Spark Capital, Charles River) Digital content platform (Kleiner Perkins, DAG Ventures) Red Herring 100 Winner - 2010 Sports applications for social networks (Acquired by Yahoo!) TIME: 50 Best Websites 2010 Service and tool for web comments (Union Square, North Bridge) Online relationship service (Sequoia Capital, TCV) Always. On Global 250 - 2011 Small business outsourcing (Kleiner Perkins, NEA) Online genealogy platform (Charles River, Founders Fund) TIME: 50 Best Websites 2008 Wedding planning web site (NYSE: XOXO) Media and merchandise company (NYSE: MSO) E-commerce fulfillment and web design (Bessemer Venture Partners) Lead 411– 2011 Hottest Companies in So. Calif. Russian travel web site (Accel Partners, General Catalyst) Online learning/collaboration platform (Sequoia Capital, Bessemer Venture Partners) 4 Independent sports media site (Oak Investment Partners, Crosslink Capital) TIME: 50 Best Websites 2011 Online payments (Sequoia Capital) Online short-term loans (Lightspeed Venture Partners) Social network for dating (Bessemer Venture Partners) WSJ– Top 50 Venture-Backed Companies
Domain Knowledge Representative Social Media Clients Managing comments across the web (Acquired by Twitter) Social network for travel (Benchmark, Omidyar) Momentum Index Top 50 Travel Companies Video distribution via social media (Lightspeed, Gemini Israel, Gimv) Location-based social networking (Acquired by Facebook) TIME: 50 Best Websites 2010 Job search through social networking (DFJ, Polaris Ventures) Crowd funding for the arts (XAnge Private Equity) Social conference directory (Index Ventures) Social ranking site (Anthemis Group) Tech. Crunch Europas: 2011 Overall Winner Social event planning (True Seed, Founders Fund Angel) Online Q&A knowledge market (Benchmark) TIME: 50 Best Websites 2011 Social advertising analytics (Acquired by American Express) Integrated communication client (Harrison Metal Capital) 5 Website for furthering social causes (Founders Fund, NEA) Social network for travel (Sequoia, True Ventures) Social network for travel (DFJ Esprit) Enterprise social network (USVP, Charles River, Founders Fund) WSJ Top 50 Venture-Backed Companies
Domain Knowledge Representative Gaming Clients Professional-grade equipment for gamers (Acquired by Skull. Candy) Social game developer (Signia Ventures) Social gaming network (TSE: 2432) Social game developer in China (DFJ) Platform for casual and social games (Union Square) On. Hollywood 100 - 2010 Online game networking platform (USVP, Altos Ventures) Distribution platform for digital games (Sequoia Capital) Browser-based game developer in China (Investors not disclosed) Online community game developer (DCM, Altos Ventures) Momentum Index Top 20 Game Companies Mobile social network and gaming (DCM, Keytone Ventures) Always. On Global 250 - 2011 Multiplayer online game developer (NASDAQ: PWRD) Social network for video gaming (Atomico Ventures) 6 Direct-deal marketplace for game publishers (SK Telecom Ventures, XG Capital) Developer of social apps and games (Sequoia, DCM, Lightspeed Venture Partners) Momentum Index Top 20 Game Companies Independent games studio (Undisclosed) Persistent world online games (Acquired by Sega)
Domain Knowledge Representative Digital Media and Advertising Clients Social internet radio (Investors not disclosed) TIME: 50 Best Websites 2011 Interactive video advertising platform (500 Startups, Credo Ventures) Platform for sharing video content (DFJ) Full-service, plug-and-play video solutions (Investors not disclosed) On. Hollywood 100 - 2010 User-controlled radio (Battery Ventures, First Round Capital) Ad revenue optimization service (DFJ, Helion Ventures, Nexus India Capital) Always. On Global 250 - 2011 Digital advertising optimization (Acquired by i. Crossing) Viral video marketing (Amadeus Capital Partners) Momentum Index Top 50 Ad Tech Companies 7 Digital media monitoring company (First Round Capital, JAFCO Ventures) Social media management system (DFJ Espirit) Tech. Crunch Europas –Best Advertising Startup Online ad solutions (Hummer Winblad, Storm Ventures) India’s leading ad network platform (Norwest, DFJ, Helion Venture Partners) Momentum Index Top 50 Ad Tech Companies Modern media company Leading video upload service for Twitter (August Capital, Focus Ventures, Maveron) (Azure Capital Partners, DFJ) Momentum Index Top 50 Ad Tech Companies On. Media 100 - 2012 Online advertising inventory allocation Web-based video encoding Saa. S (Madrona, Sequel, Triangle Peak Partners) Andreessen-Horowitz, Google Ventures) On. Media 100 - 2010
Domain Knowledge Representative Mobile and Wireless Clients Social “gamification” platform (Norwest, El Dorado, Trinity) LAPTOP: 2011 Top 10 Mobile Startups App distribution and developer community (Accel, Tiger Global Management) Always. On Global 250 - 2011 Mobile app creation and distribution (Apax Partners, Motorola Ventures) Video-editing app (500 Startups, Quest Venture Partners) Photo sharing app Acquired by Facebook Apple: 2011 i. Phone App of the Year Mobile family safety applications (Bessemer Venture Partners) Photo sharing app (500 Startups, Quest Venture Partners) Mobile barcode technology (Alven Capital, XAnge Private Equity) i. Phone productivity and collaboration app (Charles River Ventures) Mobile phone virtualization solutions (Chrysalis Ventures, Citrix) Fierce Wireless 15 - 2010 8 Augmented reality photo app (August Capital) Mobile app for standardized test prep App analytics and monetization platform (Investors not disclosed) (DFJ, Menlo Ventures, Inter. West, Union Square) Mobile. Beat Top Consumer Startup – 2010 Always. On Global 250 - 2011 Developer of Talking Tomcat app (Investors not disclosed) Phone and SMS alerts for IT monitoring tools (Baseline Ventures, Harrison Metal Capital) Save web pages to read on any device (Foundation Capital, Google Ventures)
Domain Knowledge Representative Enterprise Software Clients Business intelligence platform mapping (SAP Ventures) On-demand lending automation (Crosspoint, Palomar) Identity management solutions (DFJ Frontier, Compass Technology Group) Online digital signatures (Acquired by Adobe) Web-based ERP solutions (Redpoint, Index Ventures) Online collaboration platform (Eden Ventures, Matrix Partners) 2009 Red Herring Europe 100 Employee compensation software (Mitch Kapor, Jeff Bezos) Scalable, memory-optimized database (First Round Capital, nea: seed) Service provider management software (Bessemer, Catalyst Investors) 2010 Red Herring 100 B 2 B price management and optimization (DCM, Interwest Partners, SAP Ventures) 2010 On. Media 100 9 Enterprise-focused collaboration (Andreessen-Horowitz, Benchmark) Software development and collaboration tools (Investors not disclosed) Always. On Global 250 - 2011 Enterprise collaboration suite (Acquired by Success. Factors) Peer-to-peer videoconferencing (In-Q-Tel) Enterprise social network Communication data solutions (USVP, Charles River, Founders Fund) (Khosla, Atomico, RRE Ventures) WSJ Top 50 Venture-Backed Companies Business. Week 2009 50 Best Tech Startups
Domain Knowledge Representative Cloud Computing Clients (Saa. S, Paa. S) Software and services for private clouds (Acquired by Rack. Space) Enterprise-focused collaboration (Andreessen-Horowitz, Benchmark) Capital-raising platform for startups (500 Startups, Peter Thiel) Messaging security and infrastructure solutions (FTVentures, Ignition Partners) Platform-as-a-Service (Benchmark, Trinity Ventures) Web-based ERP solutions (Redpoint, Index Ventures) Contacts management (Acquired by Salesforce. com) Unified search engine for the cloud (Sequoia Capital) Venture. Wire – 2011 50 Most Innovative Tech Startups Fraud prevention solutions (Foundation Capital, Split Rock Partners) Platform-as-a-Service (Acquired by Salesforce. com) Search engine-as-a-service (Acquired by Linked. In) Service provider management software (Bessemer, Catalyst Investors) 2010 Red Herring 100 Social productivity collaboration Saa. S SAN-less virtualized datacenter Automated call center agents (Acquired by Salesforce. com) (Khosla, Lightspeed) (El Dorado Ventures, Intel Capital) Venture. Wire – 2011 50 Most Innovative Tech Startups 10 Web-based video encoding Saa. S (Andreessen-Horowitz, Google Ventures)
Emerging Company Needs • Emerging Companies face unique challenges Formative Counseling Financing IP Protection “Bet the Company” Technology Transactions • Success leads to even more challenges Additional Financing 11 Addressing Global Markets Exit Strategies Litigation – Sword and Shield
Term Sheets • Why are they important? • European vs. US VCs • VCs vs. Strategic Investors 12
Term Sheets Top 10 Term Sheet Provisions • Liquidation Preference • Anti-dilution Protection • Redemption • Dividends • Pre-emptive Rights • Ro. FR / Drag / Tag • Founders’ Stock • Protective Provisions • Board Representation • Registration Rights 13
Liquidation Preference What is it? • Basic definition: – Investors get their money back before anyone else • Legal definition: – “… a right given to holders of a preferred class of shares whereby such holders, in the event of a liquidation event, are entitled to receive their investment back (plus accrued dividends) before the holders of ordinary shares receive anything. ” • Why is it important? – gives investors “downside protection” – guarantees the investor that they will see the “first money” out in a liquidation scenario 14
Liquidation Preference Tips & Tricks • Tips: – run the exit model (a VC has already done so) – multiple liq. pref. & participation reflect state of economy • Tricks: – horizon / time based inflection point – cap / participation removed above $$ value 15
Anti-dilution Protection What is it? • Basic definition: – Investors get price protection • Legal definition: – “… a mechanism which insures that an investor’s equity stake in a company will not be reduced through subsequent investments in the company at reduced valuations. ” • Why is it important? – gives investors “downside protection” – can discourage “down rounds” 16
Anti-dilution Protection Tips & Tricks • Tips: – full ratchet vs. weighted average – ensure carve-outs are listed – do the math • Tricks: – time-based conversion from full ratchet to weighted average – “pay to play” 17
Redemption What is it? • Basic definition: – Investors get another kind of exit • Legal definition: – “… an investor’s right to require the company to repurchase shares that the investor has purchased (often at a price that is greater than what the investor paid). ” • Why is it important? – another form of “downside protection” (or even insurance policy), but investor may exercise this right if they realise that the company has no real prospect of an exit (the “cash cow” scenario) 18
Redemption Tips & Tricks • Tips: – resist, as not all VCs or investors require it – should be justified by the VC • Tricks: – stagger the redemption (⅓ / ⅓) – ensure carve-out for legal ability to do so 19
Dividends What is it? • Basic definition: – Investors get additional return on their money • Legal definition: – “… distributions to shareholders from the company’s profits, usually on an annual basis at a specified rate. ” • Why is it important? – Investors sometimes want a guaranteed rate of return on their investment 20
Dividends Tips & Tricks • Tips: – resist, as not all VCs or investors require it – if have multiple liquidation preferences, may not be justified • Tricks: – non-cumulative – delay commencement of earning / accruing dividends 21
Pre-emptive Rights What is it? • Basic definition: – Investors get to avoid dilution (and continue to invest) • Legal definition: – “… a right to acquire shares being issued by the company in future offerings at the same price to be paid by the new investors. ” • Why is it important? – allows investors to maintain their same percentage ownership of the company going forward 22
Pre-emption Rights Tips & Tricks • Tips: – bargaining tool to concede (US vs. Europe) – do you want to offer round to 50+ shareholder every time? • Tricks: – ensure participation by all in down rounds for protection – list carve-outs (e. g. convertible notes, venture debt) 23
Right of First Refusal What is it? • Basic definition: – Investors get first dibs on transfers of shares • Legal definition: – “… a right to acquire shares being sold by existing shareholders to third parties. ” • Why is it important? – allows investors to increase their percentage ownership of the company going forward – bargaining tool for the Investor: • complementary (or flip side) to “Co-Sale Right” 24
Right of First Refusal Tips & Tricks • Tips: – ensure broad range of carve-outs (including tax planning) – may not want “offer round” if numerous small shareholders – Company may not always be able to purchase • Tricks: – class by class Ro. FR 25
Drag & Tag What are they? • Drag Along: – What is it? • “. . if a certain threshold percentage of a company’s shareholders agree to sell their shares, then all other shareholders are obliged to sell their shares in connection with such transaction. ” – Why is it important? • insure that a sale of the company will not be blocked by other shareholders • Co-Sale Right: – What is it? • “… rights which entitle an investor to include a percentage of their shares in a purchase by a third party of another shareholder’s sale. ” – Why is it important? • investor is able to control the exit of other shareholders, while ensuring that they are able to participate in exits on a pro rata basis 26
Founders’ Stock What is it? • Basic definition: – Founder no longer really owns his/her shares • Legal definition: – “… the shares held by a founder, typically issued at incorporation, that are subject to reverse vesting. ” • Why is it important? – Investor ensures that Founder is incentivised to remain with the company (“golden handcuffs”) – overcomes the “free rider” problem 27
Founders’ Stock Tips & Tricks • Tips: – know what you’re getting into – define “good leaver / bad leaver” • Tricks: – use bad leaver as the benchmark – bad leaver = fraud, join competitor or “moral turpitude” – credit for “time served” – acceleration -> single & double trigger 28
Protective Provisions What are they? • Basic definition: – Investors (negatively) control the company • Legal definition: – “…veto rights that are given to investors, or some combination of shareholders, which require the company to obtain the prior consent of the investors before taking various corporate actions. ” • Why is it important? – Investors need to have a degree of control over their investments – veto rights over important aspects of the business 29
Protective Provisions Tips & Tricks • Tips: – define the “laundry list” in term sheet – split consents / vetoes between shareholder and board • Tricks: – consent of investor board member = consent of investor shareholder – carve-outs for “ordinary course of business” & budgeted items 30
Board Representation What is it? • Basic definition: – Investor oversees the company • Legal definition: – “… a requirement that the investor receives a seat on the company’s board of directors in consideration for their investment. ” • Why is it important? – allows the Investor to monitor the status of their investment – should be in the company’s best interest, as Investor should bring degree of experience and guidance to the table 31
Board Representation Tips & Tricks • Tips: – define roles for each board seat (including Founder seat) – keep board lean – part of “Information Rights” that Investor will seek • Tricks: – ownership threshold for board seat – if multiple classes, seats on a class-by-class basis (rather than unique to Investor) 32
Registration Rights What are they? • Basic definition: – Investors get to sell if company goes public in the US • Legal definition: – “… contractual rights of investors to require the company to register their shares for sale to the public. ” • Why is it important? – Investor’s shares included as part of IPO or secondary – if eventual exist is IPO in the US 33
Registration Rights Tips & Tricks • Tips: – resist, as not all European VCs require it – not all that relevant anymore • Tricks: – know the difference between: • “demand” • “piggy back” – don’t waste time on it 34
Helpful Resources • The Funded – www. thefunded. com • Venture Hacks – www. venturehacks. com • Brad Feld & Jason Mendelson: – “Venture Deals: Be Smarter than your Lawyer and Venture Capitalist” • Katharine Campbell: – “Smarter Ventures: A Survivor’s Guide to Venture Capital through the New Cycle” 35
Helpful Resources The VCs and other bloggers • Fred Wilson www. avc. com • Mark Suster www. bothsidesofthetable. com • Brad Feld www. feld. com • Chris Dixon cdixon. org • Nic Brisbourne www. theequitykicker. com • Mandatory reading: – www. bvp. com/portfolio/antiportfolio 36
Thanks Chris Grew +44 7771 808 630 Leo Batalov lbatalov@orrick. com +7 495 220 3513 Dale Huxford 37 cgrew@orrick. com dhuxford@orrick. com +44 207 862 4705
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Liquidation Preference Traps • Traps: – high pre-money valuation with multiple / participating liq. pref. – liquidation preference on IPO – participation = “double dip” – accrued cumulative dividends – liq. pref. stack from multiple rounds can be oppressive 39
Anti-dilution Protection Traps • Traps: – high pre-money valuation with full ratchet – when weighted average ≠ weighted average – miscalculating the liquidation preference (money in vs. per share) 40
Redemption Traps • Traps: – full redemption at a single date – multiple return (pseudo liquidation preference) – “we have never exercised our right of redemption” – long term debt on the balance sheet (increasing if dividend as well) 41
Dividends Traps • Traps: – cumulative (accumulate at a specified rate) – multiple rounds + liq. pref. + dividends = mountain – effect on redemption – accounting treatment 42
Dividends Traps • Traps: – VC investor only? – super pre-emptive rights to increase %age holding 43
Right of First Refusal Traps • Traps: – VC investor only – timings 44
Founders’ Stock Traps • Traps: – “standard” good leaver / bad leaver – use good leaver as benchmark = out the door “feet first” 45
Protective Provisions Traps • Traps: – “standard” protective provisions – straightjacket thresholds – Articles (public) vs. Shareholders’ Agreement (private) 46
Board Representation Traps • Traps: – entrenched seat for irrelevant Investor – observers & expenses – director’s fees for Investors 47
Registration Rights Traps • Traps: – more than two “demand” rights – low $$ thresholds to trigger rights – “customary registration rights” 48
Miscellaneous Tips (Part 1) • Tips: – co-terminus: “no shop” and projected closing date – include cap table (pre- and post-closing) – cap liabilities under warranties (duration and quantum) 49
Miscellaneous Trick • Trick: – no confidentiality obligation until signed … 50
Miscellaneous Traps (Part 1) • Traps: – “… as are customary in a transaction of this nature. ” – the two page term sheet (AKA “you’re great & we’re great, so let’s make lost of money together”) – “exploding” term sheet – payment of fees & expenses even if doesn’t close 51
Miscellaneous Tips (Part 2) • Tips: – thresholds: look at cap table – cap on transaction fees and expenses – standardised documentation 52
Miscellaneous Trick • Trick (again): – no confidentiality obligation until signed … 53
Miscellaneous Traps (Part 1) • Traps: – “option pool shuffle” – price adjustments / ratchets – milestones: with or without adjustments – “forced exit” provisions – unwritten terms (typically, founder stock & good leaver / bad leaver) …. 54
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