Feld Thoughts

JUNE 10, 2022

Rather, when you have a choice between a financing at a lower valuation and a financing with all kinds of crazy structure to try to maintain a previous valuation, negotiate the best price you can but do a clean financing with no structure. .” Now, I’m not encouraging anyone to do a down round if unnecessary.,

Down Round 162

Down Round Ratchet Liquidation Preference Participating Preferred 162

Startup Professionals Musings

OCTOBER 5, 2015

Even if you work every day in the world of new-venture funding, as I do, the options are confusing, and their meanings seem to change on a regular basis. I challenge any entrepreneur, for example, to define the difference between "seed-stage" and "early-stage" financing. A micro venture capital firm.

Seed Stage 120

Seed Stage Finance Early Stage Startup 120

David Teten

JANUARY 11, 2020

In the venture capital/private equity business, investors are B2B microinfluencers. We market to four populations: High-potential founders. PEVCTech.com , a community for investors and technologists responsible for investing in private companies, primarily at private equity and venture capital funds.

Social Media 60

Social Media Technical Review Media Private Equity 60

This is going to be BIG.

DECEMBER 3, 2020

The partner at the fund, the VC, gets to do the fun part—the meeting with founders, vetting deals, negotiating, helping, etc. Having a better overall portfolio of venture capital by adding funds into the mix. One way to measure that is to imagine the theoretical $500-$1mm angel round that a founder is looking to raise.

Portfolio 134

Portfolio Syndicate Syndication Deal Flow 134

OnlyOnce

FEBRUARY 9, 2022

On the heels of the announcement we made last month about our Series B financing , we are now announcing the launch of a new program called Bolster Prime and a new venture capital fund called Bolster Ventures. The roots of Bolster Prime and Bolster Ventures pre-date the founding of Bolster. What about the middle?

Silicon Valley 62

Silicon Valley Venture Capital Cap Table Early Stage 62

Pascal's View

JULY 9, 2017

Unfortunately, what the CEO/founder forgets most often is that the notes have a multiplier effect in the post-money calculation; the more notes and the further the cap is from the new priced equity, the greater the variance between actual and nominal pre- and post-money valuations.

Post-Money Valuation 49

Post-Money Valuation Valuation Cap Table Covenant 49

Berkonomics

DECEMBER 17, 2020

Let’s take a few minutes to examine the kind of equity financing available to small or early stage businesses. Some can supply more when syndicating with other such groups. Email readers, continue here… ] The Angel Capital Association (ACA) lists over four hundred member groups, located throughout the USA.

Equity 62

Equity Finance Liquidity Event Angel Groups 62

Babbling VC

JANUARY 7, 2011

I personally believe that one of the major drawbacks to venture capital in Europe is chronic under-financing and people skirt around this issue. Historically, venture fund sizes have been significantly lower here. Hence, financing rounds have been smaller (roughly a ratio of 5 to 1 when comparing US to EU).

Finance 76

Finance LP Europe Valuation 76

Austin Startup

MARCH 7, 2021

It seems like every day there is a new headline about an exceptional startup founder, investor, or corporate headquarters moving to Texas. Today, startup founders focus on the fundamental challenges of our time with energy, life sciences and industrial technologies dominating Houston’s tech scene. Joe Lonsdale. Drew Houston.

Texas 90

Texas San Antonio Houston Dallas 90

Professor VC

APRIL 1, 2010

One comment made by Jason was that angels tend to be less sensitive than VCs on valuation and can potentially make it difficult to get a venture financing done at acceptable valuation. This will both reduce the number of angel investors and make it more difficult to syndicate across stage lines. Steve Bennet. at 11:15 AM.

Term Sheet 32

Term Sheet Angel Investor San Jose Venture Capital 32

Rob Go

SEPTEMBER 2, 2014

When we started NextView, there were relatively few seed focused venture capital funds in the country, even fewer on the east coast, and almost none in the Boston area. As I’ve blogged about in the past, there are positives and negatives to this strategy, but it is a viable option to some founders. New Competition.

Cram Down 66

Cram Down Institutional Investors Dilution Seed Stage 66

Feld Thoughts

AUGUST 2, 2010

But before Foundry Group, my partners and I were involved in many seed investments, both at Mobius Venture Capital. In addition, I’ve made many seed investments as an angel investor in two time periods,1994-1996 and 2006-2007, and seen many more through my involvement as a co-founder of TechStars. ?Our

Angel Investor 152

Angel Investor Cofounder Syndicate Syndication 152

Both Sides of the Table

AUGUST 1, 2010

It’s just that he’s a “super seed&# investor in a firm, Founder Collective , that I really respect (and with whom I’ve done two deals and hope to do a third) and I’m a partner in a venture capital firm, GRP Partners. In these cases we proactively offer to lead their next round of financing.

Post-Money Valuation 298

Post-Money Valuation Term Sheet Warrant Partner 298

David Teten

DECEMBER 3, 2019

Private equity and venture capital investors are copying our sisters in the hedge fund world: we’re trying to automate more of our job. . 3) Raise capital. Russell Rothstein, Founder and CEO, IT Central Station , a product review site, said, “We see VCs on our site very often. An example of a tech-enabled VC is Corl.

Technical Review 78

Technical Review Software Review Analytics Private Equity 78

Professor VC

JULY 25, 2013

Mike Markkula presenting Steve Jobs with first investment in Apple I recently watched an excellent documentary on PBS, Something Ventured: Risk, Reward, and the Original Venture Capitalists. Another area where I''m not sure I stand is with some of the more formal referral and syndication programs that are emerging now.

Term Sheet 46

Term Sheet Silicon Valley Syndicate Syndication 46

Professor VC

JANUARY 17, 2008

One of my comments was that we would likely see more institutionalization of angel groups and syndication of deals among groups. If my math is correct, this is approximately a 31% IRR, which has to beat individual angel investments on aggregate and venture capital returns over the period of the study (1990-2007).

Pre-Money Valuation 28

Pre-Money Valuation Angel Investor Angel Groups Valuation 28

Rob Go

JANUARY 7, 2013

As a founder, it feels like a long time, but it’s really a blip on the radar in the scheme of things. The fact that each member of our team has worked at larger, institutional venture capital firms is an important asset. Founders: Repeat Founders: 8. First Time Founders: 9. 5 are in other locations.

Portfolio 49

Portfolio Seed Stage Cofounder B2B 49

Professor VC

JUNE 20, 2011

Financing, that is.I Since the iControl system chronicles all meetings, I was able to find the automatic picture snapped from my first meeting with the founders, Reza Raji and Chris Stevens on April 22, 2004. One truth of start-up financing is that it generally takes twice as long and twice as much money to accomplish your milestones.

San Jose 28

San Jose Angel Investor Term Sheet Venture Capital 28

mashable.com

MAY 5, 2011

“Most of that money [from venture capitalists and angels] is used to build a product,&# explains Haig Kayserian, the CEO of Kayweb Angels. Partners W3 EDGE Concentric Sky Rackspace Intridea Dynect DNS Webtrends Global Syndication Partners ABCNews CNN Forbes Metro USAToday Yahoo ©2005-2011 Mashable, Inc. All Rights Reserved.

Equity 74

Equity Engineer Technical Review Social Media 74

mashable.com

SEPTEMBER 14, 2011

In other words, angel investors and early stage venture capital (VC) firms will have different expectations than late stage VC firms. Generally speaking, the European venture capital community is more likely to commit larger investments in more mature companies. BonitaSoft has offices in France, the U.S. startupcto

France 77

France Marketing Social Media Startup 77

VC Cafe

OCTOBER 7, 2010

The report’s country profile assessment also noted that Israel’s favorable financial environment, the category in which it was placed 14th, and the availability of venture capital, the pillar in which it came in 10th place, also contributed to making the country an innovation powerhouse. Diversified U.S.

United Kingdom 96

United Kingdom Austria Global 96

Version One Ventures

MAY 22, 2018

When we think about pitches, most of the focus is on entrepreneurs pitching investors for capital. Some of the best later-stage investors walk founders through an institutionalized “reverse” pitch. What are the experiences of other founders in the investor’s portfolio? Outside of formal check-ins (i.e.

Cap Table 60

Cap Table Cofounder Syndicate Syndication 60

Professor VC

MARCH 12, 2015

It was a great product addressing a large market opportunity and was interested in seeing how the AngelList syndicate process worked. As with all M&A exits, there was a round of congratulatory messages to the founder in the Silicon Valley echo chamber. Syndicates can either be company led or investor led.

Syndicate 28

Syndicate Syndication Silicon Valley Common Stock 28

Feld Thoughts

JULY 14, 2015

Assuming equity is raised at or above that cap, the total dilution, before the new money, is 16.6% (equivalent to an equity financing of $1m at a $6m post money valuation. The new money comes in at a pre-money valuation of $100, but includes a complete refresh of founder equity to 40% of the company. Sure – it happens.

Recapitalization 70

Recapitalization Pre-Money Valuation Post-Money Valuation Angel Investor 70

Both Sides of the Table

OCTOBER 18, 2015

There is a lot of uncertainty about the state of the private, high-growth technology markets and the venture capital markets that underpin them. Technology riches yield bumper crops in venture capital with new firms and new largesses – the rewards of LPs rediscovering our asset class. Are LPs to blame?

IPO 150

IPO Venture Capital LP SEC 150

SoCal CTO

AUGUST 3, 2010

Welcome to the Lost Decade (for Entrepreneurs, IPO’s and VC’s) - Steve Blank , July 15, 2010 If you take funding from a venture capital firm or angel investor and want to build a large, enduring company (rather than sell it to the highest bidder), this isn’t the decade to do it. The process is called mass syndication, or a party round.

Software Review 217

Software Review Startup Venture Capital Technical Review 217