Got a term sheet, or about to? This decoder explains every common seed term in plain English, shows the maths with worked examples and gives you scripts to push back.

What’s inside (6 lessons)

1. What a term sheet is, and which parts are binding
2. Economics: valuation, price per share and the option pool shuffle
3. Convertibles: ASAs, SAFEs and how discounts and caps convert
4. Protection terms: liquidation preference, anti-dilution, pre-emption
5. Control terms: board, consents, vesting, drag and tag, warranties
6. 10 red flags, 7 copy-paste pushback scripts and an offer scorecard

A peek inside
An investor puts in £1m for 20% and the company sells for £3m. With a 1x non-participating preference they take £1m. With a participating preference they take £1.4m, and everyone else gets £400k less. Lesson 4 shows exactly why, and what to ask for instead.

Who it’s for: UK founders raising pre-seed or seed, or comparing offers.
What it isn’t: a substitute for a lawyer. Use it to understand the terms and ask better questions, so your legal time costs less.

Includes access to the Founder Fundraising Chat.

Educational content only, not legal, tax or investment advice. Veltrix Ventures is not an investment fund and does not invest in startups.