October 11, 2023

Contact: Robin Ceppos

WASHINGTON, DC– In response to the ever-evolving venture capital landscape, The National Venture Capital Association (NVCA) is pleased to announce significant updates to five of its premier model legal documents, which are freely available to VCs, startups, and other members of the entrepreneurial ecosystem. 

“In today’s era of notable VC investment, where actionable analytics are crucial, NVCA’s Model Legal Documents simplify transactions, establish industry standards, and offer flexibility, along with valuable commentary to navigate the complexities of VC financing,” said NVCA President and CEO Bobby Franklin. “By continually updating these documents, NVCA and the General Counsel Advisory Board democratize access to vital insights and equip the startup ecosystem with the latest resources and best practices.”

The revised model documents have been updated to reflect evolving market norms on key deal terms, address updates to the Delaware General Corporation Law (DGCL), and recent case law. Moreover, they provide additional guidance on timely topics, including the adoption of Diversity, Equity, and Inclusion (DEI) policies, generative AI, direct listings, and trade and economic sanctions.

“The NVCA General Counsel Advisory Board also took significant steps to make these documents more user-friendly, with enhanced flexibility to accommodate multiple financing stages, reduced use of brackets, and simplified, consistent mechanics across all documents,” Franklin added.

NVCA is grateful to the following members of the General Counsel Advisory Board who generously devote their time and efforts to this initiative, empowering venture investors and entrepreneurs to make informed decisions and drive the growth of outstanding new ventures:

  • Stephen Bigler – Richards, Layton & Finger
  • Matthew Bonner – DCM Ventures
  • Jason Doren – ARCH Venture Partners
  • Stephan Eberle – Scale Venture Partners
  • Jennifer Fang – Wilson Sonsini
  • Inga Goldbard – GV
  • Jonathan Gworek – Morse
  • Michael Kendall – Goodwin
  • Danielle Naftulin– Cooley LLP
  • Joe Raffetto – Gunderson Dettmer
  • Sarah Reed (GC AB Founding Member) – RA Capital Management, LP
  • Jeffrey Wolters – Morris, Nichols, Arsht & Tunnell LLP

The revised documents include the Certificate of Incorporation, Stock Purchase Agreement, Voting Agreement, Right of First Refusal and Co-Sale Agreement, and the Investors’ Rights Agreement. To access the documents, please click here


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 NVCA, please visit