Revised BVCA Model Investment Documents

At a glance

In February 2023, the British Venture Capital Association (BVCA) published revised versions of its standard form documents for use in early stage venture capital investments.

The changes significantly update the previous versions reflecting the maturing UK growth capital market, including the popularity of EIS/VCT investments and the increase in volume of incoming US capital. Their aim is to streamline the investment process and discourage unnecessary negotiation so the parties can focus on transaction-specific issues. They are intended to reflect a balance between the interests of investors, founders and the company, rather than favouring one stakeholder.

The key changes