1994 Entrepreneur Management Pre-Money Valuation 
David Teten
SEPTEMBER 16, 2014
Angel investors are generally former entrepreneurs and/or executives, who invest in privately-held, early-stage companies. 1994 – present. Villalobos & Payne: “Startup Pre-Money Valuation: The Keystone to Return on Investment” 117. Angel Investment Activity, 2002-2013. Time Period. approx 1999-07.
Feld Thoughts
JULY 14, 2015
The term sheet converts all the convertible debt into a post-money valuation of $100, essentially making the convertible debt worthless. The new money comes in at a pre-money valuation of $100, but includes a complete refresh of founder equity to 40% of the company. So they recapitalize the company.
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