Both Sides of the Table

JUNE 5, 2011

Early-stage investors in technology startups are only looking for growth-oriented companies that can achieve an “exit&# someday – either via selling your company to a larger company or via an IPO. So rounds tend to be “range bound&# where the top end of the valuation spectrum often being done in boom markets (i.e.

Pre-Money Valuation 336

Pre-Money Valuation Valuation Silicon Valley Stock 336

Agile VC

MAY 26, 2011

A lot of people ask me what it was like raising the Series A round for LinkedIn back in 2003. I thought I’d revisit it and share the story… First, you have to rewind mentally to early 2003. Ok, now you have the context for early 2003. Google is still a private company (their IPO was Aug 2004).

Term Sheet 178

Term Sheet Silicon Valley Technical Review Social Network 178

Both Sides of the Table

SEPTEMBER 5, 2012

As in, “your money into my company will convert at a 15-20% discount to the next round of capital I raise with a maximum price of $8 million pre-money valuation (or whatever the cap was).” You rarely find full ratchets in early-stage deals any more. I thought we got rid of that s**t in 2003?

Ratchet 354

Ratchet Liquidation Preference Equity Stock 354