Feld Thoughts

FEBRUARY 9, 2016

I learned this lesson 127 times between 2000 and 2005. I started investing in 1994 and while there was some bumpiness in 1997 and again in 1999, the real pain happened between 2000 and 2005. I suffered through the next financing after implementing a complex structure, or a sale of the company, or a liquidation.

Cap Table 70

Cap Table Down Round Liquidation Preference Founder 70

Both Sides of the Table

JUNE 5, 2011

Then you can do a little bit of research and find out that very few companies ever achieve this valuation in a trade sale so you’re clearly gunning for an IPO. I raised my A round at a $31.5 It was early 2000. You’re unlikely to want to make this sort of investment with the product or the market not yet validated.

Pre-Money Valuation 336

Pre-Money Valuation Valuation Silicon Valley Stock 336

Both Sides of the Table

JUNE 22, 2011

I know that most people who are close to them tend to deny their existence, as we saw in the great housing bubble of 2002-2007 and the dot com bubble of 1997-2000. New investors hate down rounds. So I’m not advocating panic or a need to rush your funding round. That asset class need not represent the broader market.

Saudi Arabia 309

Saudi Arabia Valuation IPO Technical Review 309

David Teten

AUGUST 7, 2019

“You could argue that when they were [raising] oversubscribed [VC rounds], Facebook, Google, Amazon, etc., The reverse also holds: a Value investment can become Momentum, and then follow with a down round. When you invest in a Momentum company, everyone immediately congratulates you on your wisdom, sales skill, and success. .

Venture Capital 60

Venture Capital Valuation Stock NDA 60

Altgate

MARCH 8, 2009

Growth stage investors are usually the Series B or C investors who come in when the product is in the market but there is little or no revenue and the team is probably in the 20-something range with the goal to ramp it up to 40-50 employees with the new money, build out a sales team, etc. But some will be saved.

Later Stage 34

Later Stage Early Stage Venture Capital Portfolio 34

Scalable Startup

FEBRUARY 1, 2013

And that’s been reflected in the entrepreneurial community, where entrepreneurs, especially between 2000 and 2008, entrepreneurs really only wanted to do — for the most part wanted to do consumer software, because that’s the only software that they could actually get anybody to adopt. Marc Andreessen: No, we have not seen down rounds yet.

Software Review 22

Software Review Startup Venture Capital Stock 22