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How and Why To Be an Angel Investor

David Teten

1994 – present. Villalobos & Payne: “Startup Pre-Money Valuation: The Keystone to Return on Investment” 117. Average Angel Returns Over Time. Time Period. Total Investments. Exited Investments. Band of Angels Website FAQ. Sohl: “The Angel Investor Market in 2011: The Recovery Continues”. approx 1999-07.

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The Silliness Of Recapping Seed Rounds

Feld Thoughts

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.