Agile VC

APRIL 17, 2011

How They Make Money: Majority of Kayak’s revenue actually comes from advertising on their site (55%), not lead generation or referral fees to travel suppliers as you might think (more on this below). Financial Snapshot: 2010 Revenue: $170 million. Revenue growth: 51% YoY (2010), 1% YoY (2009), 131% YoY (2008).

Pre-Money Valuation 113

Pre-Money Valuation Liquidation Preference Dividend Common Stock 113

Gust

OCTOBER 20, 2011

In 2011, the valuation of pre-revenue, start-up companies is typically in the range of $1.5–$2.5 Angels typically invest in companies operating in industry sectors with which they are familiar. Such comparisons can only be made for companies at the same stage of development, in this case, for pre-revenue startup ventures.

Valuation 146

Valuation Pre-Money Valuation Intellectual Property Technical Review 146

www.paulgraham.com

APRIL 28, 2010

There never has to be atime when you have no revenues. To be a startupyou need to be the band that sells a million copies of a song, notthe band that makes money by playing at individual weddings and barmitzvahs. Startups valuations aresupposed to rise over time. Some angel investors join together in syndicates.

Technical Review 76

Technical Review Startup Software Review Angel Investor 76