Early Stage Pre-Money Valuation Reputation Syndication 
Feld Thoughts
JULY 14, 2015
But instead of adding it on to the note or doing an equity round with a price, which could still be an early stage price but below the cap, they make the argument that since the company couldn’t raise a round, the company is worthless. So the new investment gets 60%, the founders get 39.9%, and the $1m of seed money gets 0.1%.
www.paulgraham.com
APRIL 28, 2010
Startups valuations aresupposed to rise over time. So if youre going to sell cheap stockto eminent angels, do it early, when its natural for the companyto have a low valuation. Some angel investors join together in syndicates. Angels and even VC firms occasionally do this, but they alsoinvest at later stages.
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