We worked (pre-COVID) with Glen Waters at PwC on a survey of Seed, Series A and Series B term sheets in 2019. The results of the survey are in the attached document. Unsurprisingly the survey showed that next to the pre-money valuation, the liquidation preference is the most negotiated term sheet provision. 75% of the term sheets included some form of downside protection for the investors.

Since COVID, we have seen investors continuing to invest particularly at Series A and beyond. Pre-money valuations have decreased (but with the decrease not being as deep as initially feared). So far we have not seen investors (as a whole) take a more aggressive approach in their standard term sheets e.g. by changing the basis for anti-dilution calculation or the terms of the liquidation preference.