BVCA model documents for early stage investments updated

The British Venture Capital Association has revised its standardised documents for early-stage venture capital investments. Marriott Harrison are part of the BVCA’s working group and we are pleased to have contributed to these documents. The documents can be located here.

The 2023 versions of the documents, which these 2025 versions replace, received significant updates after nearly a decade of the previous iterations. The updates to the 2025 versions are more incremental and reflect that the 2023 versions have been widely adopted in market since their launch.

While the new documents by their nature do not reflect any party’s preferred position in all respects, we are confident they provide a fair balance and will help with ensuring efficiency in fundraising transactions. Further details of the key changes set out here.