But if you want someone you can count on in your cap table, that would be a VC firm, particularly a top tier VC firm. These funds are pools of capital that are capped at some number. That recycling capability is typically capped in the agreement between the VCs and their investors. At USV, that recycling cap is roughly 25-30% of our funds. MORE
Be prepared to present a detailed cap table, identifying by percentage all owners, investors and debtors. Most entrepreneurs work long and hard to get a handshake agreement from an investor, and then tend to relax and wait for the check to clear. MORE
Just as wading in the muck of cap tables and share purchase agreements is the best way for an analyst to learn the mechanics of venture investing, wading in code and API’s and forums is the best way to discover the things that others have not discovered yet. Jonathan Libov has spent a couple years at USV in our two year analyst program and is about to move on to his next thing. MORE
A company raises $1m of seed money from angels in a convertible note with a $6m cap. Assuming equity is raised at or above that cap, the total dilution, before the new money, is 16.6% (equivalent to an equity financing of $1m at a $6m post money valuation. It usually happens in a later round, when the company is in fact worth much less than the liquidation preference overhang and insiders use a pay-to-play and a low valuation to reset the preferences and the cap table. MORE
This has happened a few times when I’ve looked at cap tables. Occasionally, I get asked to serve as an advisor to a startup founder. In the past I genuinely enjoyed the role and tried very hard to help wherever I could. MORE
Question: One thing that I think would be incredibly helpful would be to have a spreadsheet showing how a cap sheet evolves under a set of financing rounds with the important variables parameterized so we can play with them. However, there are plenty of resources for cap tables on the web. Venture Hacks: How To Make A Cap Table. AskVenture.com: Sample Cap Table. StartupNetwork: Capitalization Table. ModelSheet: Capitalization Table. MORE
Yet, as cash friendly as Slack could be--where it could easily have Kickstarter or Craigslist-like cashflow to cap table like ratios, it is still raising hundreds of millions of dollars. I've got a great deal for you. It requires you to set up the operation from scratch in every city--and it probably only works in cities. There is a ton of regulatory risk. Right now the market is pretty much only high net worth individuals. You only invest in scalable businesses? MORE
One of the top 3 to 5 worries when launching a startup is is “Who gets how much stock upon start or joining? Founders, Co-Founders, next employees, Investors, Etc. The founders of SmartAsset went through this process and decided to open it up to the world. These guys put together something very cool and it follows the “Give before you get” rule. They call it STARTUP ECONOMICS. Here it is… https://www.smartasset.com/infographic/startup. MORE
We don’t know how many rounds this company has raised, how many other VCs are on the cap table, nor how much the founders own. For an industry that doesn’t do it for the money, we sure talk about money an awful lot in the world of startups. MORE
“If you need to clean up your own cap table first – while very hard to do – it will make outside funding easier” Again, go read the post now – I’ll wait. Often, there will be asymmetry between them with your new liquidation preferences having a multiple on them where they participate for a while up to a cap. Deal with reality as a founder as well as an investor group and avoid this complexity – just clean up your cap table instead. MORE
I am old enough to remember the gogo days of cable TV when entrepreneurs who wanted to launch a new cable channel would go, hat in hand and cap table in tow, to the big cable companies and beg to get distribution on their networks. When the Internet came along in the early 90s, we saw something completely different. Here was a level playing field where anyone could launch a business without permission from anyone. MORE
Andy was a founding partner at Benchmark and knows his way around a startup cap table. Longtime readers will know this is a topic near and dear to my heart. I did a whole MBA Mondays series on this topic and I followed that up with a Skillshare class on the topic. So I was excited to see that First Round Capital featured a blog post by Andy Rachleff on this topic yesterday. Andy included this slide deck in his post and I will reblog it here. Wealthfront Equity Plan from Wealthfront. MORE
This is typically reflected on cap tables in a completely separate tab to the spreadsheet that shows the debt total by investor and then some kind of interest calculation. Of course many entrepreneurs naturally focus on the main tab of their cap table spreadsheet that shows ownership by founder, investor, etc and for them this is the starting point of negotiating a round. This is especially true when the round price is significantly higher than the convert cap. MORE
This is typically reflected on cap tables in a completely separate tab to the spreadsheet that shows the debt total by investor and then some kind of interest calculation. Of course many entrepreneurs naturally focus on the main tab of their cap table spreadsheet that shows ownership by founder, investor, etc and for them this is the starting point of negotiating a round. This is especially true when the round price is significantly higher than the convert cap. MORE
In this case there were multiple traunches of convertible debt at different valuation caps. My offer was above the highest cap, but I interpreted the way the convertible debt, and pro-rata rights associated with it, worked differently than the entrepreneur did. My partner Seth covered this nicely in his post That convert you raised last year is a part of your cap table. That convert you raised last year is a part of your cap table. MORE
The post Gust Launches Comprehensive Equity Management Platform for Cap Table Management and 409A Valuations appeared first on The Gust Blog. Gust News Starting Your Company 409A valuations cap table management equity managementGust announces acquisitions of Sharewave and Preferred Return; creates the most robust and affordable equity management solution for early-stage startups. MORE
Question: Most VCs commented that they can not fund current cap table where the CEO and COO would get 10% equity once fully vested while the current investors have 80%. We talked to our investors and they have agreed to rework the cap table, however, I would like to understand from you what should I change my cap table to? MORE
Even if you know what a cap table is, we’ll give you a simple way to calculate the summary level ownership categories with a calculator (or a simple spreadsheet model). . Now that we’ve worked through all of the specific clauses in the term sheet, let’s go through how a typical capitalization table (cap table) works. A term sheet will almost always contain a summary cap table, which we describe in this chapter. MORE
Unlike many startups who will go out of business if they aren’t able to raise another round, Text IQ seems to have a more specific need with this raise; namely, to get certain skills, expertise and networks around the table and invested at different level as they build their business Through our work with Indie.vc Founders can trade the fundraising treadmill for the freedom, control and ownership that comes with managing your cap table closely. MORE
It is less about actual money and more about structure of your Cap Table. MORE
101 funding Soomla Yaniv Nizan cap table Eyeview VC Funding is never easy. Even when you hear stories about entrepreneurs who walk out of a VC with a personal check from the managing director, it is usually after 6 months of pitching and hearing ''no''. MORE
When raising money from investors (angels or VC), it is critical to have a presentable and clean cap table. On a fully diluted pre-money basis, that would mean the option pool represents 14.5% (356,758/2,456,758) of the cap table. QUESTION #1: This leads to our cap table clean up question #1, namely is that the right allocation? Too much convertible debt on your cap table is a pain in the butt to deal with as it will drive down your valuation. MORE
What happens when a founder has that rare wealth of riches when they're choosing who they're going to allow onto their cap table? The tables turn and the one being pitched to becomes the one pitching. Every time you slip an obnoxious term into a cap table, or take six positive meetings before ultimately passing for a reason that should have come out in meaning one, you're debiting your rep. MORE
Conversely, deals that come with cap table challenges (too many investors, too much prior preference, or onerous terms granted to a prior round) are often dead on arrival. Teams of 2-3 founders seem to be the norm and cap table issues, questions about equity (wrt fairness), often arise if the team gets much bigger. Venture capitalists are very much tabla rasa investors. One frequently hears about deals with "no hair," "plain vanilla terms," and good hygiene. MORE
Privately held companies are increasingly using electronic stock ledgers (like the one our portfolio company eShares offers) which allow them to easily manage a large and rapidly changing cap table, much like the function that brokers and transfer agents provide in the public markets. MORE
Examples of housekeeping include the following list, though not every item will appear every time: Finance: Cash out date, burn rate, 409A valuation, cap table, common/preferred stock dashboard. MORE
It is less about actual money and more about structure of your Cap Table. Invested Interests cap table venture capital Marc Andreessen kicked off another great debate on Twitter last night, one that I’ve been talking about incessantly in private circles for the past 2-3 years – what actually IS the definition of a seed vs. A-round. Cautionary note: No competent VC is actually fooled when you show up after raising $6M in seed financing and say you’re now raising an A! MORE
If on the other hand we have committed $10 million and if you don’t have 3 other investors around the table and if you’re burning $800k / month (implying you need $10 million more to fund one-year’s operations or nearly $15 million to fund 18 months) – we’re simply “ over our skis ” in order to help you because we wouldn’t put $25 million in one company at our size fund. How Complicated is Your Cap Table? MORE
If you need to clean up your own cap table first – while very hard to do – it will make outside funding easier. Much has changed in the past four months of the technology startup world and how outsiders value the business. MORE
I thought it might be useful to post up a model cap table ( Cap Table Model with Waterfall ). This cap table can be used by a pre-funded startup and then a financing can be layered in. They are simple, but critical to understanding how the cap table works and how valuable the cap table can be to your understanding of your stock holdings. MORE
Here is the latest edition of Finance Fridays from Brad Feld called “Introducing the Cap Table and CTO” Every startup needs someone to be in charge of the Cap Table. When I was General Counsel at a tech company during the 1999 bubble times, I kept the company’s Cap Table. And now as a VC, I keep the Cap Table for a few of the company’s for which I am a board member. should have its own tab on the Cap Table. MORE
I cannot tell you how many angry pissed off angel investors I have had to talk off the ledge when we are leading a priced round and they see the cap table and they own a LOT less than they thought they did. The company has been around for a few years and has financed itself along with way with all sorts of various notes at various caps (or no cap) and finally the whole f **g mess is resolved and nobody owns anywhere near as much as they had thought. MORE
A “cap table” is a schedule of all the shares outstanding for a specific company. Here’s an MBA Mondays post I wrote back in 2011 on the subject of cap tables. If you want to know how much of a company you own, a cap table is the best way to figure that out. Cap tables are almost always prepared and kept in spreadsheets, usually excel, but also increasingly google sheets. MORE
A few days ago I answered a question on AsktheVC about modeling cap tables. Jeff has done a nice job building a site that both models a cap table and provides a lot of information to empower entrepreneurs both with educational resources and software tools. In addition to modeling a cap table and ownership of the company, Jeff’s software helps answer questions like “if I sell for $100M, how much money does everyone receive.&#. MORE
2) Keeping the number of entries on our cap table relatively small. We recently funded Blinkfire Analytics using our FG Angels Syndicate. The CEO and founder, Steve Olechowski , was co-founder / COO of FeedBurner, which Google acquired in 2007. MORE
Possibly the most interesting running conversation I've been having with entrepreneurs lately is how they can keep their companies independent without having to go public and turn their cap table into a casino. But there are plenty of entrepreneurs who have built interesting businesses using outside capital - angel, seed, VC, or some other form - and they have a portion of their cap table that is seeking a return on their capital on some reasonable timetable. MORE
But in the world of VC and startups there isn’t much that is more broken than cap table management. eShares fixes that by putting the entire cap table online and allowing your company to issue new shares and options directly from the platform. One of the co-founders replied via email “we don’t need that, our cap table is all in a single spreadsheet.” A perfect cap table is very rare, unless you are using a tool like eShares. MORE
Furthermore, cap table are not filed anywhere. Q: We are a Delaware C Corp registered as a Foreign Entity in Colorado our home state and we need to figure out the answers to the following questions with regards to stock certificates. MORE
As Finance Fridays continues, we are introducing the concept of the Cap Table. This week they set out to create their cap table and hire a CTO. Rather, it gets recorded in a document called the Capitalization Table (or “Cap Table”), which shows the ownership stake each person or entity has in the business. Time to update the cap table. When you read the cap table, think of it as a series of events that add new columns to the right. MORE
Startups look for investors to gain the resources they need to move forward (not to mention, getting a Silicon Valley VC on the cap table is likely to give entrepreneurs a huge ego boost) but are startups missing out by not bootstrapping MORE
The main reason for this, I think, is that there has been such a proliferation of convertible notes, SAFE’s, and other instruments that it becomes tough for a new investor to feel confident that they fully understand a company’s cap table prior to an investment. MORE
When you seek professional investors, whether organized angels or venture capitalists, one of the early questions you are asked is “How have you financed the business so far?” Investors love to see entrepreneurs who have used their own money to ignite their businesses. But often, entrepreneurs turn to others for initial capital. Describing that capital using the phrase “friends, family and fools,” or “FFF,” has become as common as to be trite. MORE
Cap table. Make sure you have an updated cap table ready to go. Oftentimes startups add employees or mentors and forget to update the cap table to reflect those changes. (Powered by LaunchBit ). Raising money is a dirty job, but someone has to do it right? MORE
Cap Table Related Topics A VC : Venture Capital and Technology
JANUARY 4, 2015
A “cap table” is a schedule of all the shares outstanding for a specific company. Here’s an MBA Mondays post I wrote back in 2011 on the subject of cap tables. If you want to know how much of a company you own, a cap table is the best way to figure that out. Cap tables are almost always prepared and kept in spreadsheets, usually excel, but also increasingly google sheets.
Ask The VC
AUGUST 23, 2011
A few days ago I answered a question on AsktheVC about modeling cap tables. Jeff has done a nice job building a site that both models a cap table and provides a lot of information to empower entrepreneurs both with educational resources and software tools. In addition to modeling a cap table and ownership of the company, Jeff’s software helps answer questions like “if I sell for $100M, how much money does everyone receive.&#.
Ask The VC
AUGUST 8, 2011
Question: One thing that I think would be incredibly helpful would be to have a spreadsheet showing how a cap sheet evolves under a set of financing rounds with the important variables parameterized so we can play with them. However, there are plenty of resources for cap tables on the web. Venture Hacks: How To Make A Cap Table. AskVenture.com: Sample Cap Table. StartupNetwork: Capitalization Table. ModelSheet: Capitalization Table.
Feld Thoughts
FEBRUARY 9, 2016
“If you need to clean up your own cap table first – while very hard to do – it will make outside funding easier” Again, go read the post now – I’ll wait. Often, there will be asymmetry between them with your new liquidation preferences having a multiple on them where they participate for a while up to a cap. Deal with reality as a founder as well as an investor group and avoid this complexity – just clean up your cap table instead.
Feld Thoughts
SEPTEMBER 2, 2011
As Finance Fridays continues, we are introducing the concept of the Cap Table. This week they set out to create their cap table and hire a CTO. Rather, it gets recorded in a document called the Capitalization Table (or “Cap Table”), which shows the ownership stake each person or entity has in the business. Time to update the cap table. When you read the cap table, think of it as a series of events that add new columns to the right.
ithacaVC
DECEMBER 13, 2013
When raising money from investors (angels or VC), it is critical to have a presentable and clean cap table. On a fully diluted pre-money basis, that would mean the option pool represents 14.5% (356,758/2,456,758) of the cap table. QUESTION #1: This leads to our cap table clean up question #1, namely is that the right allocation? Too much convertible debt on your cap table is a pain in the butt to deal with as it will drive down your valuation.
Seth Levine's VC Adventure
OCTOBER 8, 2012
This is typically reflected on cap tables in a completely separate tab to the spreadsheet that shows the debt total by investor and then some kind of interest calculation. Of course many entrepreneurs naturally focus on the main tab of their cap table spreadsheet that shows ownership by founder, investor, etc and for them this is the starting point of negotiating a round. This is especially true when the round price is significantly higher than the convert cap.
Scalable Startup
JANUARY 28, 2013
One of the top 3 to 5 worries when launching a startup is is “Who gets how much stock upon start or joining? Founders, Co-Founders, next employees, Investors, Etc. The founders of SmartAsset went through this process and decided to open it up to the world. These guys put together something very cool and it follows the “Give before you get” rule. They call it STARTUP ECONOMICS. Here it is… https://www.smartasset.com/infographic/startup.
Seth Levine's VC Adventure
OCTOBER 8, 2012
This is typically reflected on cap tables in a completely separate tab to the spreadsheet that shows the debt total by investor and then some kind of interest calculation. Of course many entrepreneurs naturally focus on the main tab of their cap table spreadsheet that shows ownership by founder, investor, etc and for them this is the starting point of negotiating a round. This is especially true when the round price is significantly higher than the convert cap.
Gust
JUNE 22, 2016
The post Gust Launches Comprehensive Equity Management Platform for Cap Table Management and 409A Valuations appeared first on The Gust Blog. Gust News Starting Your Company 409A valuations cap table management equity managementGust announces acquisitions of Sharewave and Preferred Return; creates the most robust and affordable equity management solution for early-stage startups.
Berkonomics
MARCH 8, 2012
When you seek professional investors, whether organized angels or venture capitalists, one of the early questions you are asked is “How have you financed the business so far?” Investors love to see entrepreneurs who have used their own money to ignite their businesses. But often, entrepreneurs turn to others for initial capital. Describing that capital using the phrase “friends, family and fools,” or “FFF,” has become as common as to be trite.
Will Price
DECEMBER 21, 2005
Conversely, deals that come with cap table challenges (too many investors, too much prior preference, or onerous terms granted to a prior round) are often dead on arrival. Teams of 2-3 founders seem to be the norm and cap table issues, questions about equity (wrt fairness), often arise if the team gets much bigger. Venture capitalists are very much tabla rasa investors. One frequently hears about deals with "no hair," "plain vanilla terms," and good hygiene.
ithacaVC
SEPTEMBER 4, 2011
Here is the latest edition of Finance Fridays from Brad Feld called “Introducing the Cap Table and CTO” Every startup needs someone to be in charge of the Cap Table. When I was General Counsel at a tech company during the 1999 bubble times, I kept the company’s Cap Table. And now as a VC, I keep the Cap Table for a few of the company’s for which I am a board member. should have its own tab on the Cap Table.
A VC : Venture Capital and Technology
APRIL 21, 2015
But in the world of VC and startups there isn’t much that is more broken than cap table management. eShares fixes that by putting the entire cap table online and allowing your company to issue new shares and options directly from the platform. One of the co-founders replied via email “we don’t need that, our cap table is all in a single spreadsheet.” A perfect cap table is very rare, unless you are using a tool like eShares.
A VC : Venture Capital and Technology
MARCH 12, 2017
I cannot tell you how many angry pissed off angel investors I have had to talk off the ledge when we are leading a priced round and they see the cap table and they own a LOT less than they thought they did. The company has been around for a few years and has financed itself along with way with all sorts of various notes at various caps (or no cap) and finally the whole f **g mess is resolved and nobody owns anywhere near as much as they had thought.
Inc Startups
MARCH 5, 2016
Startups look for investors to gain the resources they need to move forward (not to mention, getting a Silicon Valley VC on the cap table is likely to give entrepreneurs a huge ego boost) but are startups missing out by not bootstrapping
A VC : Venture Capital and Technology
FEBRUARY 5, 2017
I am old enough to remember the gogo days of cable TV when entrepreneurs who wanted to launch a new cable channel would go, hat in hand and cap table in tow, to the big cable companies and beg to get distribution on their networks. When the Internet came along in the early 90s, we saw something completely different. Here was a level playing field where anyone could launch a business without permission from anyone.
Instigator Blog
FEBRUARY 21, 2012
Cap table. Make sure you have an updated cap table ready to go. Oftentimes startups add employees or mentors and forget to update the cap table to reflect those changes. (Powered by LaunchBit ). Raising money is a dirty job, but someone has to do it right?
A VC : Venture Capital and Technology
NOVEMBER 16, 2015
Privately held companies are increasingly using electronic stock ledgers (like the one our portfolio company eShares offers) which allow them to easily manage a large and rapidly changing cap table, much like the function that brokers and transfer agents provide in the public markets.
A VC : Venture Capital and Technology
NOVEMBER 20, 2013
Andy was a founding partner at Benchmark and knows his way around a startup cap table. Longtime readers will know this is a topic near and dear to my heart. I did a whole MBA Mondays series on this topic and I followed that up with a Skillshare class on the topic. So I was excited to see that First Round Capital featured a blog post by Andy Rachleff on this topic yesterday. Andy included this slide deck in his post and I will reblog it here. Wealthfront Equity Plan from Wealthfront.
Ask The VC
NOVEMBER 28, 2012
In this case there were multiple traunches of convertible debt at different valuation caps. My offer was above the highest cap, but I interpreted the way the convertible debt, and pro-rata rights associated with it, worked differently than the entrepreneur did. My partner Seth covered this nicely in his post That convert you raised last year is a part of your cap table. That convert you raised last year is a part of your cap table.
Ask The VC
APRIL 27, 2012
Question: Most VCs commented that they can not fund current cap table where the CEO and COO would get 10% equity once fully vested while the current investors have 80%. We talked to our investors and they have agreed to rework the cap table, however, I would like to understand from you what should I change my cap table to?
This is going to be BIG.
JUNE 4, 2017
What happens when a founder has that rare wealth of riches when they're choosing who they're going to allow onto their cap table? The tables turn and the one being pitched to becomes the one pitching. Every time you slip an obnoxious term into a cap table, or take six positive meetings before ultimately passing for a reason that should have come out in meaning one, you're debiting your rep.
Ask The VC
AUGUST 3, 2011
Even if you know what a cap table is, we’ll give you a simple way to calculate the summary level ownership categories with a calculator (or a simple spreadsheet model). . Now that we’ve worked through all of the specific clauses in the term sheet, let’s go through how a typical capitalization table (cap table) works. A term sheet will almost always contain a summary cap table, which we describe in this chapter.
Feld Thoughts
JULY 15, 2014
2) Keeping the number of entries on our cap table relatively small. We recently funded Blinkfire Analytics using our FG Angels Syndicate. The CEO and founder, Steve Olechowski , was co-founder / COO of FeedBurner, which Google acquired in 2007.
Rob Go
AUGUST 29, 2016
The main reason for this, I think, is that there has been such a proliferation of convertible notes, SAFE’s, and other instruments that it becomes tough for a new investor to feel confident that they fully understand a company’s cap table prior to an investment.
Both Sides of the Table
FEBRUARY 8, 2016
If you need to clean up your own cap table first – while very hard to do – it will make outside funding easier. Much has changed in the past four months of the technology startup world and how outsiders value the business.
A VC : Venture Capital and Technology
APRIL 11, 2012
Possibly the most interesting running conversation I've been having with entrepreneurs lately is how they can keep their companies independent without having to go public and turn their cap table into a casino. But there are plenty of entrepreneurs who have built interesting businesses using outside capital - angel, seed, VC, or some other form - and they have a portion of their cap table that is seeking a return on their capital on some reasonable timetable.
A VC : Venture Capital and Technology
JANUARY 8, 2017
But if you want someone you can count on in your cap table, that would be a VC firm, particularly a top tier VC firm. These funds are pools of capital that are capped at some number. That recycling capability is typically capped in the agreement between the VCs and their investors. At USV, that recycling cap is roughly 25-30% of our funds.
Both Sides of the Table
FEBRUARY 15, 2016
If on the other hand we have committed $10 million and if you don’t have 3 other investors around the table and if you’re burning $800k / month (implying you need $10 million more to fund one-year’s operations or nearly $15 million to fund 18 months) – we’re simply “ over our skis ” in order to help you because we wouldn’t put $25 million in one company at our size fund. How Complicated is Your Cap Table?
Bryce Dot VC
DECEMBER 22, 2016
We don’t know how many rounds this company has raised, how many other VCs are on the cap table, nor how much the founders own. For an industry that doesn’t do it for the money, we sure talk about money an awful lot in the world of startups.
Bryce Dot VC
FEBRUARY 6, 2017
Unlike many startups who will go out of business if they aren’t able to raise another round, Text IQ seems to have a more specific need with this raise; namely, to get certain skills, expertise and networks around the table and invested at different level as they build their business Through our work with Indie.vc Founders can trade the fundraising treadmill for the freedom, control and ownership that comes with managing your cap table closely.
Startup Professionals Musings
JANUARY 18, 2016
Be prepared to present a detailed cap table, identifying by percentage all owners, investors and debtors. Most entrepreneurs work long and hard to get a handshake agreement from an investor, and then tend to relax and wait for the check to clear.
Ask The VC
DECEMBER 11, 2012
Furthermore, cap table are not filed anywhere. Q: We are a Delaware C Corp registered as a Foreign Entity in Colorado our home state and we need to figure out the answers to the following questions with regards to stock certificates.
Instigator Blog
FEBRUARY 4, 2014
This has happened a few times when I’ve looked at cap tables. Occasionally, I get asked to serve as an advisor to a startup founder. In the past I genuinely enjoyed the role and tried very hard to help wherever I could.
Feld Thoughts
JULY 14, 2015
A company raises $1m of seed money from angels in a convertible note with a $6m cap. Assuming equity is raised at or above that cap, the total dilution, before the new money, is 16.6% (equivalent to an equity financing of $1m at a $6m post money valuation. It usually happens in a later round, when the company is in fact worth much less than the liquidation preference overhang and insiders use a pay-to-play and a low valuation to reset the preferences and the cap table.
A VC : Venture Capital and Technology
SEPTEMBER 1, 2016
Just as wading in the muck of cap tables and share purchase agreements is the best way for an analyst to learn the mechanics of venture investing, wading in code and API’s and forums is the best way to discover the things that others have not discovered yet. Jonathan Libov has spent a couple years at USV in our two year analyst program and is about to move on to his next thing.
This is going to be BIG.
JULY 2, 2015
Yet, as cash friendly as Slack could be--where it could easily have Kickstarter or Craigslist-like cashflow to cap table like ratios, it is still raising hundreds of millions of dollars. I've got a great deal for you. It requires you to set up the operation from scratch in every city--and it probably only works in cities. There is a ton of regulatory risk. Right now the market is pretty much only high net worth individuals. You only invest in scalable businesses?
Both Sides of the Table
OCTOBER 7, 2014
It is less about actual money and more about structure of your Cap Table.
View from Seed
OCTOBER 15, 2014
Examples of housekeeping include the following list, though not every item will appear every time: Finance: Cash out date, burn rate, 409A valuation, cap table, common/preferred stock dashboard.
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