Both Sides of the Table

DECEMBER 11, 2022

WHEN OUR INDUSTRY CHANGED — THE ERA OF THE UNICORN Aileen Lee of Cowboy Ventures first coined the term Unicorn in 2013, ironically to signal that very few companies ever achieved a $1 billion valuation. The tide has gone out. But this is still all about valuations and none of it is any fun anymore.

Valuation 466

Valuation San Francisco Ratchet Liquidation Preference 466

Agile VC

APRIL 17, 2011

About 46% of airline related queries on Kayak (again vast majority of usage for flights) currently rely on data licensed from ITA and the current agreement runs out at the end of 2013, though obviously Kayak is working hard to reduce reliance on this data. liquidation preference, 6% accumulated dividend (1). Series B Preferred.

Pre-Money Valuation 113

Pre-Money Valuation Liquidation Preference Dividend Common Stock 113

Both Sides of the Table

SEPTEMBER 5, 2012

Because convertible debt deals often have both a ‘full ratchet’ and often have ‘multiple liquidation preferences’ “ Yup. So Investor A might have bought 20% of your company in 2012 and in 2013 with no addition money invested suddenly owns 40% of your company. million of liquidation preferences.

Ratchet 354

Ratchet Liquidation Preference Equity Stock 354

K9 Ventures

JUNE 5, 2015

In June of 2013, as I was putting together my thoughts for the K9 Ventures annual meeting, I decided to sit back and reflect on what I thought was happening in “Venture Land”. A re-jiggering of deal stages and sizes had begun in 2013. It is published here in relatively raw form. Comments and feedback are always welcome.

Seed Stage 48

Seed Stage Venture Capital Early Stage Valuation 48

ithacaVC

JUNE 3, 2015

The punishment comes in the form of “unjust” liquidation preference that the note holders end up with when they convert at a valuation cap that is way lower than the valuation of the actual round. Each share of Series A will have a liquidation preference of $1.00 (assuming 1X preference, which is normal).

Liquidation Preference 40

Liquidation Preference Pre-Money Valuation Dilution Valuation 40

Tim Keane

JANUARY 12, 2010

.   At the financial level , and assuming a harvest of the investment in the company without the need for further financing, two terms stand out as driving economics: the dividend and the liquidation preference. Second a liquidation preference and a participation.   First , dividends.

Term Sheet 68

Term Sheet Valuation Dividend Liquidation Preference 68

crowdSPRING Blog

MARCH 21, 2014

Good read for entrepreneurs & startup employees on liquidation preferences – crowdspring.co/1neVvzy. Mobile Ad Market Soars 105% in 2013 | eMarketer – crowdspring.co/1g0eF7x. Online commenter critical of business can be sued for defamation, Oregon court says – crowdspring.co/1d6RpW8. 1dagMGF. .”

Social Media 93

Social Media Small Business Design Media 93