NVCA Releases 2025 Updates to Model Legal Documents

WASHINGTON, DC –The National Venture Capital Association (NVCA) announced today it has updated five of its model legal documents, which are freely available to venture investors, startups, and other stakeholders in the entrepreneurial ecosystem. The latest revisions address evolving market norms around key deal terms and incorporate recent legal developments, including the introduction of the Outbound Investment Security Program and bulk data regulations. In addition, the updated documents now include mechanics for tranched financings, streamlining the efficiency of transactions involving time or milestone-based funding.

“As the venture landscape evolves, so too must the tools that support it,” said NVCA President and CEO Bobby Franklin. “Thanks to the tireless work of our General Counsel Advisory Board, NVCA’s Model Legal Documents remain the gold standard in the industry—reflecting today’s market realities while promoting transparency, consistency, and efficiency in venture financing.”

The revised documents include:

• Certificate of Incorporation
• Stock Purchase Agreement
• Investors’ Rights Agreement
• Voting Agreement
• Right of First Refusal and Co-Sale Agreement

To access all NVCA model legal documents, please click here. 

NVCA thanks the members of the General Counsel Advisory Board for their generous time and effort in this initiative. The Board was created to maintain and update the model legal documents, helping investors and entrepreneurs make informed decisions to foster the growth of new technologies.

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The National Venture Capital Association (NVCA) empowers the next generation of American companies that will fuel the economy of tomorrow. As the voice of the U.S. venture capital and startup community, NVCA advocates for public policy that supports the American entrepreneurial ecosystem. Serving the venture community as the preeminent trade association, NVCA arms the venture community for success, serving as the leading resource for venture capital data, practical education, peer-led initiatives, and networking. For more information about the NVCA, please visit www.nvca.org.