Agile VC

APRIL 17, 2011

Founding Date: 2004. round closed in June 2004. Post-money valuation probably no higher than $12M (2). 1.65M extension round closed Nov 2004. Pre-money valuation was initially set higher but was adjusted to match the Ser B valuation. Pre-money valuation was approx.

Pre-Money Valuation 113

Pre-Money Valuation Liquidation Preference Dividend Common Stock 113

View from Seed

SEPTEMBER 14, 2021

One thing that jumps out quickly is that TVPI between 2004-2010 (avg 2.6x) has underperformed 2011-2017 (avg 3.0x). Both early- and late-stage startup valuations are currently elevated. For context, seed-stage pre-money valuations are up 24% from H1 2020 to H1 2021. Was this a lost decade for venture capital?

Valuation 319

Valuation Pre-Money Valuation Distribution Early Stage 319

David Teten

SEPTEMBER 16, 2014

approx 2004-09. Villalobos & Payne: “Startup Pre-Money Valuation: The Keystone to Return on Investment” 117. Sohl: “The Angel Investor Market in 2009: Holding Steady but Changes in Seed and Startup Investments”. DeGennaro & Dwyer: “Expected Returns to Angel Investors” 603. approx 1999-07.

Angel Investor 114

Angel Investor Technical Review Venture Capital Pre-Money Valuation 114

Berkonomics

JANUARY 28, 2021

I can’t tell you how many times I’ve walked away from deals where the entrepreneur insists on a start-up pre-money valuation that is so high, no angel could expect to make a return upon the investment, even with a reasonable sales price for the company down the road. Here’s the “what.”. And here’s the “why.”. More of my stories.

Early Stage 62

Early Stage Valuation Pre-Money Valuation Cofounder 62

View from Seed

SEPTEMBER 14, 2021

One thing that jumps out quickly is that TVPI between 2004-2010 (avg 2.6x) has underperformed 2011-2017 (avg 3.0x). Both early- and late-stage startup valuations are currently elevated. For context, seed-stage pre-money valuations are up 24% from H1 2020 to H1 2021. Was this a lost decade for venture capital?

Valuation 295

Valuation Pre-Money Valuation Distribution Early Stage 295

Agile VC

MAY 26, 2011

Google is still a private company (their IPO was Aug 2004). conference happened at the end of 2004). round which closed in November 2003, and the pre-money valuation between $10 million and $15 million. I thought I’d revisit it and share the story… First, you have to rewind mentally to early 2003.

Term Sheet 178

Term Sheet Silicon Valley Technical Review Social Network 178

View from Seed

SEPTEMBER 14, 2021

One thing that jumps out quickly is that TVPI between 2004-2010 (avg 2.6x) has underperformed 2011-2017 (avg 3.0x). Both early- and late-stage startup valuations are currently elevated. For context, seed-stage pre-money valuations are up 24% from H1 2020 to H1 2021. Was this a lost decade for venture capital?

Valuation 156

Valuation Pre-Money Valuation Distribution Early Stage 156