1999 Participating Preferred Startup Valuation 
Both Sides of the Table
JULY 22, 2010
Back in 1999 when I first raised venture capital I had zero knowledge of what a fair term sheet looked like or how to value my company. Other founders, “as a privately held company we don’t disclose our valuation.&# Me, “dude, I’m not a journalist. I turned them down. They were nonplussed.
Feld Thoughts
FEBRUARY 28, 2023
KG companies have decisive tax disadvantages for startups and are, therefore, rarely used in this area. In the USA, the conversion right ensures that holders of preferred shares are not disadvantaged compared to holders of common shares; in Germany, this legal consequence must result directly from the structure of the preferred shares.
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