Finance Liquidation Preference Product Seed Capital 
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 company spends the $1m building and launching their first product. The product gets a lot better. Sure – it happens.
K9 Ventures
JUNE 5, 2015
Together this means that Seed stage companies need to run longer and at a higher expense structure, meaning they need to raise a lot more capital. In that presentation, I said that Seed is not the first round of financing any more and that K9’s investments were mostly “pre-seed”. Pre-Seed is the New Seed.
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