Entrepreneur Post-Money Valuation Syndication Term Sheet 
Both Sides of the Table
AUGUST 1, 2010
Many firms do it in a way that can be more detrimental to entrepreneurs. If you don’t understand the concept of “signaling&# please read the blog post I wrote on Understanding VC signaling. Like Brad Feld I’m syndication agnostic but I have a slight preference toward working with others.
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. So they recapitalize the company.
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