Conversion Down Round Ratchet Valuation 
Feld Thoughts
JUNE 10, 2022
She has a good article today in TechCrunch titled Embrace the down round (it’s going to be okay, maybe). I like the quote she pulled out of me in our conversation. ” Now, I’m not encouraging anyone to do a down round if unnecessary., If you can do this cleanly, take the money.
VC Cafe
OCTOBER 31, 2022
Many companies are now having to resort to tough measures in order to stay afloat, including layoffs, down rounds and tough terms from current investors. The market for pre-seed and seed rounds should remain relatively active, since those companies are many years away from even thinking about going public.
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Feld Thoughts
FEBRUARY 9, 2016
Much of it is very short term focused and, like a giant tractor beam, draws the conversation into a very short time horizon (as in days or weeks). I’ve seen every imaginable type of liquidation preference structure, pay-to-play dynamic, preferred return, ratchet, share/option bonus, option repricing, and carveout.
Both Sides of the Table
SEPTEMBER 18, 2014
At an accelerator … Me: Raising convertible notes as a seed round is one of the biggest disservices our industry has done to entrepreneurs since 2001-2003 when there were “full ratchets” and “multiple liquidation preferences” – the most hostile terms anybody found in term sheets 10 years ago.
Gust
SEPTEMBER 17, 2014
Me: Raising convertible notes as a seed round is one of the biggest disservices our industry has done to entrepreneurs since 2001-2003 when there were “full ratchets” and “multiple liquidation preferences” – the most hostile terms anybody found in term sheets 10 years ago. People seem concerned about valuation. A down round?
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