Agile VC

APRIL 17, 2011

Historically more revenue came from distribution/lead-gen (57% in 2007), but this tipped in 2008 though appears to be steady from 2009 to 2010 at about 58% advertising and 42% distribution. 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

Professor VC

JANUARY 17, 2008

One of my comments was that we would likely see more institutionalization of angel groups and syndication of deals among groups. 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). Back to the panel.

Pre-Money Valuation 28

Pre-Money Valuation Angel Investor Angel Groups Valuation 28

Gust

OCTOBER 20, 2011

These anticipated outcomes were validated by “ Returns to Angels in Groups ” by Professor Rob Wiltbank in November 2007. This method compares the target company to typical angel-funded startup ventures and adjusts the average valuation of recently funded companies in the region to establish a pre-money valuation of the target.

Valuation 146

Valuation Pre-Money Valuation Intellectual Property Technical Review 146