K9 Ventures

JUNE 5, 2015

Almost two years ago, in a private/closed meeting with K9 Ventures’ LPs only, I claimed that: What was being referred to in the press as the “Series A Crunch” was not because fewer Series A deals were being done, but because there were too many Seed deals being done. Seed stage was super tough. Implications for Founders.

Seed Stage 48

Seed Stage Venture Capital Early Stage Valuation 48

Both Sides of the Table

MARCH 1, 2016

Another Area of Concern is in the Seed Investor Class. I have also heard LPs express concern over the last few years about the seed stage of venture. One narrative is that too many funds have been created, and without a strong sense of differentiation, there will be too many mediocre seed funds.

Venture Capital 150

Venture Capital LP Marketing Silicon Valley 150

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. ” And some seed stage investors told me, “I prefer not to fight over price now. You rarely find full ratchets in early-stage deals any more.

Ratchet 354

Ratchet Liquidation Preference Equity Stock 354

Startup Company Lawyer

MARCH 14, 2010

In addition, I think that a “peace treaty&# between early-stage investors and startup companies on standard terms (at least at a term sheet level) is a step in the right direction. The primary rights in these documents, ranked in order of importance in my opinion are: Non-participating preferred liquidation preference.

Finance 70

Finance Software Review Term Sheet Liquidation Preference 70

K9 Ventures

MARCH 23, 2011

There has been a lot of noise in the Valley lately about how most seed stage deals are now being done as convertible notes. It is in essence equivalent to being a Liquidation Preference that is typically seen in a preferred equity financing. That might well be so, but I for one am not a fan of convertible notes.

Pre-Money Valuation 132

Pre-Money Valuation Valuation Equity Liquidation Preference 132

dondodge.typepad.com

JANUARY 15, 2011

Entrepreneurs face some pretty tough questions at a very early stage. How much equity should I grant to early employees? Dont worry about giving up too much equity at an early stage. Community is more powerful than money or technology » August 11, 2007 How much equity for investors and employees?

Equity 40

Equity Employee Dilution Valuation 40

K9 Ventures

OCTOBER 19, 2015

It should be clear from the first element that the process has to begin with investors who are unusually perceptive, unconventional, iconoclastic or early. ” Seeing something others don’t see is critical to early stage investing. ” That right there summarizes how I/K9 got into investing in hardware early.

Venture Capital 48

Venture Capital Liquidation Preference Valuation Portfolio 48