Dividends : 7-12% non-cumulative

Dividends are not the focal point in startup investments. I've even heard an investor say she has never seen a startup actually pay dividends. But its there nonetheless in startup investment contracts.

So what is market? It seems to be...

7-12% Non-Cumulative

Rates
Was unable to find a comprehensive study on this but various sources site different ranges. So the range is somewhat subjective. But its safe to say that anything above 15% should warrant another look.

They are simply a modest deal sweetener and usually range between 5% and 15% - SVB

dividends will range from 5% to 15% depending on how aggressive your investor is - Feld.com

dividend rates range from 7% to 12%, varying somewhat to match interest rates.-Startup company Lawyer

Non-Cumulative vs Cumulative

Venture Beat mentions that 10 percent or less of financings have them [Cumulative].

And Carta published the following data where 4.1% of VC deals they tracked had Cumulative Dividends in Q3 2023, and had maxed at 11.4% in Q4 2022.