Both Sides of the Table

JULY 23, 2014

The rise of “micro VCs” or seed-stage funds. Just 3 years ago there was talk of institutional investors “not being able to write small enough checks.” ” The new narrative is “will my seed funds be able to fund the prorata of their winners?”

Technical Review 398

Technical Review Venture Capital Valuation Pre-Money Valuation 398

Steve Blank

JUNE 15, 2011

Meanwhile, the bubble for “seed stage&# startups began when Ron Conway’s Silicon Valley Angels and DST guaranteed every startup out of a YCombinator $150,000. This was followed by another $500 million investment (along with Goldman Sachs) in 2011, at a $50 billion valuation.

Silicon Valley 328

Silicon Valley Stealth Valuation Mississippi 328

ithacaVC

APRIL 5, 2011

One rule of simple cap tables is to issue “normal” stock to founders (common stock only) and investors (typically preferred stock, but sometimes common stock to early friends and family). A real institutional investor wants to invest $XX,000 in his company.

Common Stock 45

Common Stock Stock Cap Table Preferred Stock 45

View from Seed

MAY 29, 2019

Many of us in the seed stage ecosystem have noticed a shift in the way seed rounds are coming together. Historically, seed rounds were syndicated among several different firms. But as rounds become more competitive, there will be less sharing and the info that is spread between investors will be too stale to act upon.

Syndicate 267

Syndicate Syndication Cofounder Cap Table 267