Drag-along rights, updated October, from 146 companies on GoodStream:
- Present: 84%
- Absent: 16%
One in six of these companies cannot force a holdout to sell. The acquirer's counsel finds that on day one of diligence.
- Present: 84%
- Absent: 16%
One in six of these companies cannot force a holdout to sell. The acquirer's counsel finds that on day one of diligence.
November 4, 2026 at 12:16 PM
Drag-along rights, updated October, from 146 companies on GoodStream:
- Present: 84%
- Absent: 16%
One in six of these companies cannot force a holdout to sell. The acquirer's counsel finds that on day one of diligence.
- Present: 84%
- Absent: 16%
One in six of these companies cannot force a holdout to sell. The acquirer's counsel finds that on day one of diligence.
Option pool at the round, updated October, from 30 priced rounds that state the pool on GoodStream (small sample):
- 25th percentile: 8%
- Median: 10%
- 75th percentile: 10%
The median and the top quartile are both 10%, so the top quarter of pools starts where the median ends.
- 25th percentile: 8%
- Median: 10%
- 75th percentile: 10%
The median and the top quartile are both 10%, so the top quarter of pools starts where the median ends.
November 5, 2026 at 12:17 PM
Option pool at the round, updated October, from 30 priced rounds that state the pool on GoodStream (small sample):
- 25th percentile: 8%
- Median: 10%
- 75th percentile: 10%
The median and the top quartile are both 10%, so the top quarter of pools starts where the median ends.
- 25th percentile: 8%
- Median: 10%
- 75th percentile: 10%
The median and the top quartile are both 10%, so the top quarter of pools starts where the median ends.
Pro-rata rights on SAFEs, updated October, from 139 instruments on GoodStream:
- No pro-rata right: 83%
- Pro-rata right: 17%
One SAFE in six carries a pro-rata right in the instrument itself. If your reserve plan counts on a follow-on, read yours before you wire.
- No pro-rata right: 83%
- Pro-rata right: 17%
One SAFE in six carries a pro-rata right in the instrument itself. If your reserve plan counts on a follow-on, read yours before you wire.
November 3, 2026 at 12:14 PM
Pro-rata rights on SAFEs, updated October, from 139 instruments on GoodStream:
- No pro-rata right: 83%
- Pro-rata right: 17%
One SAFE in six carries a pro-rata right in the instrument itself. If your reserve plan counts on a follow-on, read yours before you wire.
- No pro-rata right: 83%
- Pro-rata right: 17%
One SAFE in six carries a pro-rata right in the instrument itself. If your reserve plan counts on a follow-on, read yours before you wire.
Broad-based weighted average anti-dilution by charter date, updated October, from 164 startup charters on GoodStream:
- 2021 and earlier: 78%
- 2022-2024: 89%
- 2025 and later: 93%
It climbs each period. A recent charter with no anti-dilution clause is the outlier. Ask why.
- 2021 and earlier: 78%
- 2022-2024: 89%
- 2025 and later: 93%
It climbs each period. A recent charter with no anti-dilution clause is the outlier. Ask why.
November 2, 2026 at 11:38 AM
Broad-based weighted average anti-dilution by charter date, updated October, from 164 startup charters on GoodStream:
- 2021 and earlier: 78%
- 2022-2024: 89%
- 2025 and later: 93%
It climbs each period. A recent charter with no anti-dilution clause is the outlier. Ask why.
- 2021 and earlier: 78%
- 2022-2024: 89%
- 2025 and later: 93%
It climbs each period. A recent charter with no anti-dilution clause is the outlier. Ask why.
Information rights in SAFEs and convertible notes, updated October, from 414 instruments on GoodStream:
- No information rights: 76%
- Information rights: 24%
Three in four holders have no contractual right to a financial statement until they convert.
- No information rights: 76%
- Information rights: 24%
Three in four holders have no contractual right to a financial statement until they convert.
October 30, 2026 at 11:25 AM
Information rights in SAFEs and convertible notes, updated October, from 414 instruments on GoodStream:
- No information rights: 76%
- Information rights: 24%
Three in four holders have no contractual right to a financial statement until they convert.
- No information rights: 76%
- Information rights: 24%
Three in four holders have no contractual right to a financial statement until they convert.
Valuation caps on SAFEs and convertible notes, updated October, from 218 instruments on GoodStream:
- Cap: 84%
- No cap: 16%
An uncapped instrument converts at the next round's price less any discount, so the earliest money gets no ceiling.
- Cap: 84%
- No cap: 16%
An uncapped instrument converts at the next round's price less any discount, so the earliest money gets no ceiling.
October 29, 2026 at 11:38 AM
Valuation caps on SAFEs and convertible notes, updated October, from 218 instruments on GoodStream:
- Cap: 84%
- No cap: 16%
An uncapped instrument converts at the next round's price less any discount, so the earliest money gets no ceiling.
- Cap: 84%
- No cap: 16%
An uncapped instrument converts at the next round's price less any discount, so the earliest money gets no ceiling.
Share classes on the cap table, updated October, from 107 companies on GoodStream:
- 5 or more: 44%
- 2 classes: 21%
- 4 classes: 20%
- 3 classes: 8.4%
- 1 class: 7.5%
Five or more classes is the plurality, so model each class's liquidation preference before the next round.
- 5 or more: 44%
- 2 classes: 21%
- 4 classes: 20%
- 3 classes: 8.4%
- 1 class: 7.5%
Five or more classes is the plurality, so model each class's liquidation preference before the next round.
October 28, 2026 at 12:03 PM
Share classes on the cap table, updated October, from 107 companies on GoodStream:
- 5 or more: 44%
- 2 classes: 21%
- 4 classes: 20%
- 3 classes: 8.4%
- 1 class: 7.5%
Five or more classes is the plurality, so model each class's liquidation preference before the next round.
- 5 or more: 44%
- 2 classes: 21%
- 4 classes: 20%
- 3 classes: 8.4%
- 1 class: 7.5%
Five or more classes is the plurality, so model each class's liquidation preference before the next round.
Series A round size, updated October, from 67 rounds on GoodStream:
- 25th percentile: $7.1M
- Median: $11.1M
- 75th percentile: $18M
A round near $11.1M is the median Series A, not a large one. Above $18M is the top quarter.
- 25th percentile: $7.1M
- Median: $11.1M
- 75th percentile: $18M
A round near $11.1M is the median Series A, not a large one. Above $18M is the top quarter.
October 27, 2026 at 11:43 AM
Series A round size, updated October, from 67 rounds on GoodStream:
- 25th percentile: $7.1M
- Median: $11.1M
- 75th percentile: $18M
A round near $11.1M is the median Series A, not a large one. Above $18M is the top quarter.
- 25th percentile: $7.1M
- Median: $11.1M
- 75th percentile: $18M
A round near $11.1M is the median Series A, not a large one. Above $18M is the top quarter.
Convertible instrument mix, updated October, from 415 instruments on GoodStream:
- Convertible note: 55%
- SAFE: 45%
Notes still outnumber SAFEs in these closing binders. If your seed model assumes a SAFE-only stack, check the instrument list before you model the conversion.
- Convertible note: 55%
- SAFE: 45%
Notes still outnumber SAFEs in these closing binders. If your seed model assumes a SAFE-only stack, check the instrument list before you model the conversion.
October 23, 2026 at 11:24 AM
Convertible instrument mix, updated October, from 415 instruments on GoodStream:
- Convertible note: 55%
- SAFE: 45%
Notes still outnumber SAFEs in these closing binders. If your seed model assumes a SAFE-only stack, check the instrument list before you model the conversion.
- Convertible note: 55%
- SAFE: 45%
Notes still outnumber SAFEs in these closing binders. If your seed model assumes a SAFE-only stack, check the instrument list before you model the conversion.
Seed rounds that convert SAFEs or notes, from 107 priced rounds on GoodStream:
- Converts SAFEs or notes: 69%
- New cash only: 31%
Confirm how much of the round is conversion and how much is new money before you set the pre-money.
- Converts SAFEs or notes: 69%
- New cash only: 31%
Confirm how much of the round is conversion and how much is new money before you set the pre-money.
October 22, 2026 at 12:44 PM
Seed rounds that convert SAFEs or notes, from 107 priced rounds on GoodStream:
- Converts SAFEs or notes: 69%
- New cash only: 31%
Confirm how much of the round is conversion and how much is new money before you set the pre-money.
- Converts SAFEs or notes: 69%
- New cash only: 31%
Confirm how much of the round is conversion and how much is new money before you set the pre-money.
Seed round size by period, from 105 priced rounds on GoodStream:
- 2021 and earlier: $2.3M
- 2022 and later: $4.0M
The median Seed moved up after 2021. Price off the later band, not a pre-2022 comparable.
- 2021 and earlier: $2.3M
- 2022 and later: $4.0M
The median Seed moved up after 2021. Price off the later band, not a pre-2022 comparable.
October 20, 2026 at 12:47 PM
Seed round size by period, from 105 priced rounds on GoodStream:
- 2021 and earlier: $2.3M
- 2022 and later: $4.0M
The median Seed moved up after 2021. Price off the later band, not a pre-2022 comparable.
- 2021 and earlier: $2.3M
- 2022 and later: $4.0M
The median Seed moved up after 2021. Price off the later band, not a pre-2022 comparable.
Protective provision thresholds, from 150 startup charters on GoodStream:
- Simple majority on every veto: 79%
- Above a simple majority on at least one veto: 21%
Check each veto's threshold before you count votes on a new series or a conversion.
- Simple majority on every veto: 79%
- Above a simple majority on at least one veto: 21%
Check each veto's threshold before you count votes on a new series or a conversion.
October 20, 2026 at 12:48 AM
Protective provision thresholds, from 150 startup charters on GoodStream:
- Simple majority on every veto: 79%
- Above a simple majority on at least one veto: 21%
Check each veto's threshold before you count votes on a new series or a conversion.
- Simple majority on every veto: 79%
- Above a simple majority on at least one veto: 21%
Check each veto's threshold before you count votes on a new series or a conversion.
The Qualified IPO threshold, updated October, from 131 startup charters on GoodStream:
- $50M: 46%
- $30M: 18%
- $25M: 13%
- $100M: 8.4%
- $40M: 5.3%
The offering size that force-converts all preferred to common, in Article IV. Check yours against a realistic IPO size.
- $50M: 46%
- $30M: 18%
- $25M: 13%
- $100M: 8.4%
- $40M: 5.3%
The offering size that force-converts all preferred to common, in Article IV. Check yours against a realistic IPO size.
October 15, 2026 at 12:43 PM
The Qualified IPO threshold, updated October, from 131 startup charters on GoodStream:
- $50M: 46%
- $30M: 18%
- $25M: 13%
- $100M: 8.4%
- $40M: 5.3%
The offering size that force-converts all preferred to common, in Article IV. Check yours against a realistic IPO size.
- $50M: 46%
- $30M: 18%
- $25M: 13%
- $100M: 8.4%
- $40M: 5.3%
The offering size that force-converts all preferred to common, in Article IV. Check yours against a realistic IPO size.
Most-favored-nation clauses in convertibles, updated October, from 407 instruments on GoodStream:
- No MFN: 90%
- MFN present: 9.6%
An MFN lets the holder take the terms of a later instrument. Read the scope clause before the next SAFE is signed.
- No MFN: 90%
- MFN present: 9.6%
An MFN lets the holder take the terms of a later instrument. Read the scope clause before the next SAFE is signed.
October 14, 2026 at 12:46 PM
Most-favored-nation clauses in convertibles, updated October, from 407 instruments on GoodStream:
- No MFN: 90%
- MFN present: 9.6%
An MFN lets the holder take the terms of a later instrument. Read the scope clause before the next SAFE is signed.
- No MFN: 90%
- MFN present: 9.6%
An MFN lets the holder take the terms of a later instrument. Read the scope clause before the next SAFE is signed.
Pro-rata rights in convertibles, updated October, from 418 instruments on GoodStream:
- No pro-rata right: 89%
- Pro-rata right: 11%
If your model assumes a follow-on from a SAFE or note, read the instrument before you size the reserve. Most do not grant the right.
- No pro-rata right: 89%
- Pro-rata right: 11%
If your model assumes a follow-on from a SAFE or note, read the instrument before you size the reserve. Most do not grant the right.
October 13, 2026 at 11:28 AM
Pro-rata rights in convertibles, updated October, from 418 instruments on GoodStream:
- No pro-rata right: 89%
- Pro-rata right: 11%
If your model assumes a follow-on from a SAFE or note, read the instrument before you size the reserve. Most do not grant the right.
- No pro-rata right: 89%
- Pro-rata right: 11%
If your model assumes a follow-on from a SAFE or note, read the instrument before you size the reserve. Most do not grant the right.
Years from incorporation to the first priced Seed, from 82 companies on GoodStream:
- 25th percentile: 0.7 years
- Median: 1.9 years
- 75th percentile: 3.7 years
A quarter took more than 3.7 years to get there. Check the incorporation date before you call a round late.
- 25th percentile: 0.7 years
- Median: 1.9 years
- 75th percentile: 3.7 years
A quarter took more than 3.7 years to get there. Check the incorporation date before you call a round late.
October 12, 2026 at 11:44 AM
Years from incorporation to the first priced Seed, from 82 companies on GoodStream:
- 25th percentile: 0.7 years
- Median: 1.9 years
- 75th percentile: 3.7 years
A quarter took more than 3.7 years to get there. Check the incorporation date before you call a round late.
- 25th percentile: 0.7 years
- Median: 1.9 years
- 75th percentile: 3.7 years
A quarter took more than 3.7 years to get there. Check the incorporation date before you call a round late.
Preferred veto over new debt, from 190 charters on GoodStream:
- Preferred holders have a veto: 57%
- No preferred veto: 43%
This provision splits almost evenly, so there is no default to assume. Read your protective provisions before you commit to venture debt.
- Preferred holders have a veto: 57%
- No preferred veto: 43%
This provision splits almost evenly, so there is no default to assume. Read your protective provisions before you commit to venture debt.
October 7, 2026 at 11:40 AM
Preferred veto over new debt, from 190 charters on GoodStream:
- Preferred holders have a veto: 57%
- No preferred veto: 43%
This provision splits almost evenly, so there is no default to assume. Read your protective provisions before you commit to venture debt.
- Preferred holders have a veto: 57%
- No preferred veto: 43%
This provision splits almost evenly, so there is no default to assume. Read your protective provisions before you commit to venture debt.
Series A rounds that convert outstanding SAFEs or notes, from 100 priced rounds on GoodStream:
- Converts SAFEs or notes: 62%
- New cash only: 38%
Convertible paper is still clearing at the A. Confirm how much of the round is conversion before you set the pre-money.
- Converts SAFEs or notes: 62%
- New cash only: 38%
Convertible paper is still clearing at the A. Confirm how much of the round is conversion before you set the pre-money.
October 6, 2026 at 2:37 PM
Series A rounds that convert outstanding SAFEs or notes, from 100 priced rounds on GoodStream:
- Converts SAFEs or notes: 62%
- New cash only: 38%
Convertible paper is still clearing at the A. Confirm how much of the round is conversion before you set the pre-money.
- Converts SAFEs or notes: 62%
- New cash only: 38%
Convertible paper is still clearing at the A. Confirm how much of the round is conversion before you set the pre-money.
Round name mix, updated October, from 382 priced rounds on GoodStream:
- Pre-seed: 1.8%
- Seed: 48%
- Series A: 31%
- Series B: 9.7%
- Series C: 5.5%
- Series D: 2.9%
The corpus thins fast above Series A. Check the bucket size before you quote a later-stage benchmark.
- Pre-seed: 1.8%
- Seed: 48%
- Series A: 31%
- Series B: 9.7%
- Series C: 5.5%
- Series D: 2.9%
The corpus thins fast above Series A. Check the bucket size before you quote a later-stage benchmark.
October 5, 2026 at 3:52 PM
Round name mix, updated October, from 382 priced rounds on GoodStream:
- Pre-seed: 1.8%
- Seed: 48%
- Series A: 31%
- Series B: 9.7%
- Series C: 5.5%
- Series D: 2.9%
The corpus thins fast above Series A. Check the bucket size before you quote a later-stage benchmark.
- Pre-seed: 1.8%
- Seed: 48%
- Series A: 31%
- Series B: 9.7%
- Series C: 5.5%
- Series D: 2.9%
The corpus thins fast above Series A. Check the bucket size before you quote a later-stage benchmark.
State of incorporation, updated October, from 286 companies on GoodStream:
- Delaware: 87%
- England and Wales: 1.8%
- Washington: 1.8%
- British Columbia: 1.4%
- Canada: 1.1%
- Cayman Islands: 1.1%
Check which law your checklist assumes before you open a non-Delaware charter.
- Delaware: 87%
- England and Wales: 1.8%
- Washington: 1.8%
- British Columbia: 1.4%
- Canada: 1.1%
- Cayman Islands: 1.1%
Check which law your checklist assumes before you open a non-Delaware charter.
October 5, 2026 at 3:40 PM
State of incorporation, updated October, from 286 companies on GoodStream:
- Delaware: 87%
- England and Wales: 1.8%
- Washington: 1.8%
- British Columbia: 1.4%
- Canada: 1.1%
- Cayman Islands: 1.1%
Check which law your checklist assumes before you open a non-Delaware charter.
- Delaware: 87%
- England and Wales: 1.8%
- Washington: 1.8%
- British Columbia: 1.4%
- Canada: 1.1%
- Cayman Islands: 1.1%
Check which law your checklist assumes before you open a non-Delaware charter.
Right of first refusal on founder shares, from 54 Seed-stage companies on GoodStream:
- Present: 96%
- Absent: 4%
Across all 176 companies in the corpus it is 86%. Check the governance documents for a transfer ROFR before you quote a timeline on a founder secondary.
- Present: 96%
- Absent: 4%
Across all 176 companies in the corpus it is 86%. Check the governance documents for a transfer ROFR before you quote a timeline on a founder secondary.
October 2, 2026 at 3:29 PM
Right of first refusal on founder shares, from 54 Seed-stage companies on GoodStream:
- Present: 96%
- Absent: 4%
Across all 176 companies in the corpus it is 86%. Check the governance documents for a transfer ROFR before you quote a timeline on a founder secondary.
- Present: 96%
- Absent: 4%
Across all 176 companies in the corpus it is 86%. Check the governance documents for a transfer ROFR before you quote a timeline on a founder secondary.
Board size, from 208 companies on GoodStream (smallest buckets not shown):
- 2 seats: 5%
- 3 seats: 36%
- 4 seats: 22%
- 5 seats: 22%
- 6 seats: 7%
- 7 or more: 6%
Count the seats in the charter before you assume there is an independent seat to fill.
- 2 seats: 5%
- 3 seats: 36%
- 4 seats: 22%
- 5 seats: 22%
- 6 seats: 7%
- 7 or more: 6%
Count the seats in the charter before you assume there is an independent seat to fill.
October 2, 2026 at 3:19 PM
Board size, from 208 companies on GoodStream (smallest buckets not shown):
- 2 seats: 5%
- 3 seats: 36%
- 4 seats: 22%
- 5 seats: 22%
- 6 seats: 7%
- 7 or more: 6%
Count the seats in the charter before you assume there is an independent seat to fill.
- 2 seats: 5%
- 3 seats: 36%
- 4 seats: 22%
- 5 seats: 22%
- 6 seats: 7%
- 7 or more: 6%
Count the seats in the charter before you assume there is an independent seat to fill.
Tag-along (co-sale) rights at Series A companies, from 50 companies on GoodStream:
- Present: 94%
- Absent: 6%
Across all 189 companies the figure is 83%. If co-sale is missing from your Series A set, pull the ROFR and co-sale agreement.
- Present: 94%
- Absent: 6%
Across all 189 companies the figure is 83%. If co-sale is missing from your Series A set, pull the ROFR and co-sale agreement.
September 30, 2026 at 3:21 PM
Tag-along (co-sale) rights at Series A companies, from 50 companies on GoodStream:
- Present: 94%
- Absent: 6%
Across all 189 companies the figure is 83%. If co-sale is missing from your Series A set, pull the ROFR and co-sale agreement.
- Present: 94%
- Absent: 6%
Across all 189 companies the figure is 83%. If co-sale is missing from your Series A set, pull the ROFR and co-sale agreement.
See the details here: fineprint.goodstream.com/048
39% of companies carry four or more preferred series | Fine Print No. 048
Most carry more than one series. Pull the cap table before modeling a waterfall. Counted from 166 companies on GoodStream, rebuilt separately and approved by a person.
fineprint.goodstream.com
September 30, 2026 at 3:53 PM
See the details here: fineprint.goodstream.com/048
Information rights in SAFEs, from 151 instruments on GoodStream:
- No information rights: 93.4%
- Information rights: 6.6%
Convertible notes grant the right in 40% of 258 notes. If you hold a SAFE and expect financial statements before conversion, ask for a side letter.
- No information rights: 93.4%
- Information rights: 6.6%
Convertible notes grant the right in 40% of 258 notes. If you hold a SAFE and expect financial statements before conversion, ask for a side letter.
September 30, 2026 at 3:32 PM
Information rights in SAFEs, from 151 instruments on GoodStream:
- No information rights: 93.4%
- Information rights: 6.6%
Convertible notes grant the right in 40% of 258 notes. If you hold a SAFE and expect financial statements before conversion, ask for a side letter.
- No information rights: 93.4%
- Information rights: 6.6%
Convertible notes grant the right in 40% of 258 notes. If you hold a SAFE and expect financial statements before conversion, ask for a side letter.