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A Year in Review: 2016

Version One Ventures

At the same time, seed money is still abundant due to the proliferation of micro VC over the past few years. We expect that the financing scene in 2017 will look very similar to 2016. Every 10-15 years, a major cycle reshapes the computing landscape: PC (1981), Internet (1994), Mobile (2007).

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The Silliness Of Recapping Seed Rounds

Feld Thoughts

A company raises $1m of seed money from angels in a convertible note with a $6m cap. Assuming equity is raised at or above that cap, the total dilution, before the new money, is 16.6% (equivalent to an equity financing of $1m at a $6m post money valuation. But in this cycle, I hadn’t seen it in a seed round.