Document Library

The Hungarian Venture Capital and Private Equity Association aims to promote the development and use of consensus-based standard documentation within the Hungarian venture capital and private equity industry.

The purpose of this initiative is to facilitate transaction and corporate financing practices for startups and investors through the use of the template document repository.

HVCA makes these template documents available free of charge in the hope that they will contribute to the education of the Hungarian startup community and, more broadly, businesses seeking venture capital financing, while also accelerating the processes of company formation and early-stage investments. These template documents are intended solely as starting points and should be tailored to the specific circumstances of each case, as no two startups or investment transactions are identical.

The first versions of the documents were released on a pilot basis in December 2025.

The documents were prepared by HVCA’s full and associate members (Hungarian law firms): Impact Ventures, Szecskay Law Firm, A&O Shearman Kádár Law Firm, Jalsovszky Law Firm, Papp Dániel, Csővári Law Firm, Lakatos, Köves and Partners Law Firm, CMS Law Firm, Hubbes and Kovács Law Firm, Day One Capital, FundWise and Interactive Venture Partners.

Please send any comments or questions regarding the documents to HVCA’s Legal Committee at jogibizottsag@hvca.hu.

Neither HVCA nor any HVCA members, fund managers, law firms, or lawyers involved in the preparation of the documents assume any liability for the content of the documents or for any consequences arising from their use, and none of the documents constitutes legal advice with respect to any specific facts or circumstances.

Approval Agreement

The Approval Agreement enables investors to enforce their right to convert the loan into shares, while shareholders undertake an obligation to support and facilitate the conversion process. The purpose of the agreement is to ensure the protection of the interests of both the Company and the investors.

Neither HVCA nor the HVCA members, fund managers, law firms, or attorneys involved in the preparation of the documents assume any responsibility for the content of the documents or for the consequences of their use, and none of the documents shall be considered legal advice with respect to specific facts or circumstances.

General comments and questions regarding the documents should be sent to HVCA’s Legal Committee at jogibizottsag@hvca.hu, as the Legal Committee will continue to update the documents based on feedback from market participants.

Download Approval Agreement (doc, 1 235 663 kB)

Convertible Loan Agreement

Under the Convertible Loan Agreement, the investor provides a seed-stage loan to the Company, which converts into equity in the Company upon the occurrence of events specified in the agreement—such as a qualified financing round or upon the maturity of the loan.

The key contractual terms include, among others, the loan amount, the interest rate, the discount rate, and the valuation cap. The agreement also addresses pre-emption rights, the conversion mechanism, and optional investor rights.

Download Convertible Loan Agreement (doc, 1 261 999 kB)

SAFE

The purpose of the SAFE (Simple Agreement for Future Equity – an agreement relating to future equity participation) is to ensure that, through the investment made under the document, the Investor acquires the right to convert the value of their investment into equity in the Company upon the occurrence of a future event—such as a qualified financing round or a liquidity event.

A further purpose of the SAFE is to provide a simplified, founder-friendly mechanism for early-stage investments, while safeguarding the interests of both the Company and the Investor.

Neither the HVCA nor the HVCA members, fund managers, law firms, or attorneys involved in the preparation of these documents assume any responsibility for the content of the documents or for the consequences of their use, and none of the documents shall be regarded as legal advice with respect to any specific facts or circumstances.

General comments and questions concerning the documents should be sent to the Legal Committee of HVCA at the following email address: jogibizottsag@hvca.hu, as the Legal Committee will continue to update the documents in the future based on feedback from market participants.

Download SAFE (doc, 1 257 037 kB)