The Investor Rights Agreement (IRA) is one of the three primary NVCA financing documents executed at a priced venture financing. Sometimes called "IRRA" for "Investor Rights and Restrictions Agreement," it is an NVCA (National Venture Capital Association) document governing the ongoing rights and protections that preferred shareholders receive post-financing, including information rights, registration rights, pro-rata participation rights, and various consent and approval thresholds. Alongside the Voting Agreement and the Right of First Refusal and Co-Sale Agreement, the IRA is one of the three documents that together implement the substantive terms agreed to in the term sheet.
The major rights typically granted in...