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What should I know about investor rights?

Certain “advanced rights” are typically granted to larger investors only (dictated by an ownership percentage). If these rights are granted, they will be granted to the SPV rather than the individual investors who own a stake in the SPV.

Pro-rata rights give investors the option to invest in a company's future financing round.

Information rights dictate what company data (such as financial details) an investor has the right to access or request.

The most favored nations clause (MFN) protects early investors by giving them access to the same rights and benefits received by later investors if those rights and benefits are more favorable. MFN rights are typically relevant when an investor uses a SAFE or convertible note and wants to protect their access to a favorable valuation cap, discount, or interest rate given to future investors.