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What’s a Fair 409A Discount?

VC Adventure

Most boards did some level of work to determine the FMV of a company’s stock but generally options were priced between 10% and 15% of a company’s then preferred price (because common equity sits behind preferred equity there is typically a discount applied to the FMV of common stock to account for this “overhang”).

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Cliff Notes S-1: Kayak ? AGILEVC

Agile VC

How They Do It: Aggregate data from travel data warehouses like ITA as well as indexing travel providers websites, provide this information to consumers in a highly customizable search engine. 166M round closed Dec 2007. Filing Date: initial S-1 filed Nov 17, 2010 , updated March 9, 2011. Founding Date: 2004. Series D Preferred.

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What Did I Learn From the First VC Check I Ever Wrote?

Both Sides of the Table

I became a VC 12 years ago in 2007 when the pace of deals was much slower. At Upfront when we know we have a winning hand we prefer to put more capital to work, which both helps the entrepreneurs succeed and drives more aggregate financial returns for our LPs. Some prefer to get in, buy cheap and show a big multiple.

IP 223
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Cracking The Code: State of the SaaS 13: Q1 2010 Sentiment

Cracking the Code

While the group sentiment for 2010 did not improve significantly vs. November 2009, the projections for 2011 are now a lot more optimistic - 42% higher 2011 aggregated EBITDA announced in March 2010 vs. the November 09! ► 2007. (10). Best Venture and Technology Podcasts for 2007. ► 02/24 - 03/02. (1). ► 2006.

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19 Psychological Tactics for Successful Crowdfunding Campaigns

ConversionXL

Most project creators describe their project using aggregate framing. Equity-based – Equity returns (e.g., Harms (2007) found that economic value was one of the strongest motivators for crowdfunding supporters. Among their findings, one primary factor was efficacy. The problem? Reward-based – Non-financial rewards (e.g.,

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ProfessorVC: Touched by an Angel

Professor VC

While currently free to angel groups, their business model revolves around aggregating the angel investment data. 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). return on investment after 3.5

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Investor Nomenclature and the Venture Spiral

K9 Ventures

The incubators invest usually for an equity stake and buy equity at a extremely low valuation (for example, 7% for $15,000, which implies a pre-money valuation of less than $200,000). <$50K in aggregate. or may come from VC firms (as is now the case with YC being funded by Sequoia ). Lots, 20-100. 1-2 per partner.