Feld Thoughts

JUNE 10, 2022

Rather, when you have a choice between a financing at a lower valuation and a financing with all kinds of crazy structure to try to maintain a previous valuation, negotiate the best price you can but do a clean financing with no structure. So, as an entrepreneur, I encourage you to deal with reality.

Down Round 162

Down Round Ratchet Liquidation Preference Participating Preferred 162

Startup Professionals Musings

OCTOBER 5, 2015

Even if you work every day in the world of new-venture funding, as I do, the options are confusing, and their meanings seem to change on a regular basis. I challenge any entrepreneur, for example, to define the difference between "seed-stage" and "early-stage" financing. A micro venture capital firm.

Seed Stage 120

Seed Stage Finance Early Stage Startup 120

Startup Professionals Musings

JANUARY 22, 2020

As a long-time advisor to entrepreneurs, and a former angel myself, I still find startups confused about the definition of an angel investor, and how and when to attract one. Typically, individual investments will be less than $100K, but a group of angels may syndicate multiples. Thus they don’t live or fly above the clouds.

Angel Investor 322

Angel Investor Valuation Syndicate Syndication 322

Growthink Blog

OCTOBER 7, 2010

Now that summer is officially over, venture capital activity is picking up. I just reviewed the many companies who recently raised venture capital with an eye towards those that are offering products and services that could benefit other entrepreneurs and business owners. This video explains more. read more.

Azure 74

Azure Venture Capital Software Review Syndicate 74

OnlyOnce

FEBRUARY 9, 2022

On the heels of the announcement we made last month about our Series B financing , we are now announcing the launch of a new program called Bolster Prime and a new venture capital fund called Bolster Ventures. Any entrepreneur would be lucky to have one of these mentors in their corner.

Silicon Valley 62

Silicon Valley Venture Capital Cap Table Early Stage 62

Pascal's View

JULY 9, 2017

Andrew Krowne and I recently co-wrote an article in Tech Crunch , Why SAFE Notes Are Not Safe for Entrepreneurs. At its core, this issue points to the lack of understanding about the importance of post-money valuation by both entrepreneurs and investors. Many entrepreneurs lose track of what they have been cooking up in the cap table.

Post-Money Valuation 49

Post-Money Valuation Valuation Cap Table Covenant 49

Berkonomics

DECEMBER 17, 2020

Let’s take a few minutes to examine the kind of equity financing available to small or early stage businesses. Some can supply more when syndicating with other such groups. Email readers, continue here… ] The Angel Capital Association (ACA) lists over four hundred member groups, located throughout the USA.

Equity 62

Equity Finance Liquidity Event Angel Groups 62

Babbling VC

JANUARY 7, 2011

I personally believe that one of the major drawbacks to venture capital in Europe is chronic under-financing and people skirt around this issue. Historically, venture fund sizes have been significantly lower here. Hence, financing rounds have been smaller (roughly a ratio of 5 to 1 when comparing US to EU).

Finance 76

Finance LP Europe Valuation 76

Professor VC

APRIL 1, 2010

was part of a Dow Jones VentureWire webinar last week titled Negotiating An Angel Deal: What Angels, Entrepreneurs & VCs Need to Know. One comment made by Jason was that angels tend to be less sensitive than VCs on valuation and can potentially make it difficult to get a venture financing done at acceptable valuation.

Term Sheet 32

Term Sheet Angel Investor San Jose Venture Capital 32

Austin Startup

MARCH 7, 2021

It’s like a dam has broken and now there is a flood of new entrepreneurs, investors, and big companies moving to Texas. in the last four years we’ve seen a 250% increase in venture capital funding and have doubled the number of startup development organizations in our community.” they are all chasing talent.

Texas 90

Texas San Antonio Houston Dallas 90

This is going to be BIG.

JANUARY 8, 2015

To date, I''ve backed three fashion related companies--Refinery29, chloe + isabel, and Ringly--and now I have the pleasure of joining the syndicate of investors in Bradford Shellhammer ''s new company, Bezar. Small world, it turns out I also knew his husband from the finance world having met him over 10 years ago.

Syndicate 60

Syndicate Syndication Venture Capital Portfolio 60

Feld Thoughts

APRIL 29, 2015

While this makes for press release fodder and ego gratification, it’s of very little use to entrepreneurs. No understanding of the human dynamics behind the financing. No underlying metrics that drive the financing. Recently, the gang at SalesLoft told the detailed story of their $10m financing.

Atlanta 70

Atlanta Valuation Term Sheet Finance 70

Feld Thoughts

AUGUST 2, 2010

They are: Fred Wilson: Lead Investors, Dipshit Companies, and Funding Every Entrepreneur. And importantly, Mark encourages all entrepreneurs to make sure they understand a VC’s seed strategy before taking money, which I strongly agree with. At Foundry Group, we describe ourselves as being “syndication agnostic&#.

Angel Investor 152

Angel Investor Cofounder Syndicate Syndication 152

Professor VC

JULY 25, 2013

Mike Markkula presenting Steve Jobs with first investment in Apple I recently watched an excellent documentary on PBS, Something Ventured: Risk, Reward, and the Original Venture Capitalists. This is the feeling you get from watching the venture capitalists talk about the entrepreneurs and other investors in the film.

Term Sheet 46

Term Sheet Silicon Valley Syndicate Syndication 46

Both Sides of the Table

AUGUST 1, 2010

Many (Union Square Ventures, Foundry Group, True Ventures, GRP Partners, Mike Hirshland at Polaris Ventures) do it the right way – we treat it as a normal investment and we don’t have a “options&# strategy with our investment. Many firms do it in a way that can be more detrimental to entrepreneurs.

Post-Money Valuation 298

Post-Money Valuation Term Sheet Warrant Partner 298

Professor VC

JANUARY 17, 2008

I think the title of this post is a TV show, but fitting as there has been much debate in the venture community as to the whether angel investors are good or bad for entrepreneurs and VCs. One of my comments was that we would likely see more institutionalization of angel groups and syndication of deals among groups.

Pre-Money Valuation 28

Pre-Money Valuation Angel Investor Angel Groups Valuation 28

Rob Go

SEPTEMBER 2, 2014

When we started NextView, there were relatively few seed focused venture capital funds in the country, even fewer on the east coast, and almost none in the Boston area. With the advent of more open, standard financing documents, it’s also more possible for founders to just set terms themselves and have investors subscribe.

Cram Down 66

Cram Down Institutional Investors Dilution Seed Stage 66

Feld Thoughts

MAY 8, 2012

This is an awesome situation – for us and for entrepreneurs – and something I’m extremely excited about. We summarize this as saying to entrepreneurs that if you’ve raised less than $3m so far, we are a target for you; if not, we aren’t.

Seed Stage 138

Seed Stage LP Warrant Syndicate 138

Cracking the Code

DECEMBER 9, 2006

Done deal: after a quick syndication with the kitchen team (their job was at stake, so they were easy to convince.), Venture Capital. (3). Favorite VC and Entrepreneur blogs. Explore Venture Capital. Yahoo Finance. This spoon saved the in-house restaurant and Lira 70m (I never said it was USD!)

Software Review 48

Software Review Technical Review Europe Venture Capital 48

David Teten

DECEMBER 3, 2019

Private equity and venture capital investors are copying our sisters in the hedge fund world: we’re trying to automate more of our job. . Small investment firms often have interns and entrepreneurs in residence passing through, each of which is a security risk. ff Venture Capital hired two full-time engineers to build out Totem.

Technical Review 78

Technical Review Software Review Analytics Private Equity 78

Professor VC

JUNE 20, 2011

Financing, that is.I One truth of start-up financing is that it generally takes twice as long and twice as much money to accomplish your milestones. Most companies dont come close to their rose colored financial models prepared when going out for Series A financing. As I said up front, I have mixed emotions about the financing.

San Jose 28

San Jose Angel Investor Term Sheet Venture Capital 28

Rob Go

JANUARY 7, 2013

The fact that each member of our team has worked at larger, institutional venture capital firms is an important asset. Tom Brady Entrepreneurs: 8. Introduced by other entrepreneurs: 6. Post Revenue: 6 1/2 (the 1/2 is for a company that had revenue, but did a major product pivot as part of the financing).

Portfolio 49

Portfolio Seed Stage Cofounder B2B 49

Professor VC

SEPTEMBER 2, 2010

The fall semester at SJSU started this week and had the first class meeting of my Entrepreneurial Finance class, which was overflowing with students standing, sitting on the floor and begging to get in. Entrepreneurs struggle to find investors and investors struggle to find the best start-ups.

Angel Investor 28

Angel Investor Angel Groups San Jose Venture Capital 28

mashable.com

MAY 5, 2011

“Most of that money [from venture capitalists and angels] is used to build a product,&# explains Haig Kayserian, the CEO of Kayweb Angels. Kayserian sees what he calls “angel developing&# as a way for entrepreneurs to accomplish the same end — a product — without giving up control of their companies in the process. .

Equity 74

Equity Engineer Technical Review Social Media 74

mashable.com

SEPTEMBER 14, 2011

The concept poses both great benefits and significant challenges to entrepreneurs. If you’re a startup entrepreneur, you risk facing a competitive disadvantage if you wait too long to expand your operations. With that in mind, here are four tips for entrepreneurs looking to expand globally.

France 77

France Marketing Social Media Startup 77

David Teten

NOVEMBER 15, 2013

At my firm, ff Venture Capital, we’re trying our part to rethink how the industry works, and also actively looking for opportunities to invest in companies creatively disrupting this sector, e.g., our portfolio companies Addepar and Indiegogo. I think there are many more opportunities to disrupt the space. Photo credit: JD Hancock.

Management 114

Management Pre-Money Valuation Venture Capital New Hampshire 114

VC Cafe

OCTOBER 7, 2010

The report’s country profile assessment also noted that Israel’s favorable financial environment, the category in which it was placed 14th, and the availability of venture capital, the pillar in which it came in 10th place, also contributed to making the country an innovation powerhouse. Diversified U.S.

United Kingdom 96

United Kingdom Austria Global 96

Professor VC

MARCH 12, 2015

It was a great product addressing a large market opportunity and was interested in seeing how the AngelList syndicate process worked. I don''t know the reasons for selling, but presumably Authy felt their prospects weren''t promising as a standalone entity and may have had difficulty raising further financing.

Syndicate 28

Syndicate Syndication Silicon Valley Common Stock 28

Version One Ventures

MAY 22, 2018

When we think about pitches, most of the focus is on entrepreneurs pitching investors for capital. Lastly, dig down into how an investor behaved during new financing rounds or during exits. In the meantime, we’d love to hear how you decided on your investor syndicate? What reverse pitch resonated with you?

Cap Table 60

Cap Table Cofounder Syndicate Syndication 60

Feld Thoughts

JULY 14, 2015

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. In some cases this turned into nothing, but in a few cases it had magnificent outcomes for me and my gang, along with the entrepreneurs.

Recapitalization 70

Recapitalization Pre-Money Valuation Post-Money Valuation Angel Investor 70

Both Sides of the Table

OCTOBER 18, 2015

There is a lot of uncertainty about the state of the private, high-growth technology markets and the venture capital markets that underpin them. Technology riches yield bumper crops in venture capital with new firms and new largesses – the rewards of LPs rediscovering our asset class. Are LPs to blame? Not so fast.

IPO 150

IPO Venture Capital LP SEC 150

SoCal CTO

AUGUST 3, 2010

Welcome to the Lost Decade (for Entrepreneurs, IPO’s and VC’s) - Steve Blank , July 15, 2010 If you take funding from a venture capital firm or angel investor and want to build a large, enduring company (rather than sell it to the highest bidder), this isn’t the decade to do it. Not so bad. Metrics availability. Performance.

Software Review 217

Software Review Startup Venture Capital Technical Review 217