David Teten

MARCH 14, 2018

Coinvestors need to figure out ways to prioritize themselves in a VC’s preference stack for syndicating opportunities. – Syndicate Special Purpose Vehicles (“SPVs”) for specific opportunities. Typically they get cofounder common equity, in addition to the preferred stock that a conventional VC gets.

Private Equity 60

Private Equity Venture Capital Equity Cofounder 60

Agile VC

APRIL 17, 2011

How They Make Money: Majority of Kayak’s revenue actually comes from advertising on their site (55%), not lead generation or referral fees to travel suppliers as you might think (more on this below). Financial Snapshot: 2010 Revenue: $170 million. Revenue growth: 51% YoY (2010), 1% YoY (2009), 131% YoY (2008).

Pre-Money Valuation 113

Pre-Money Valuation Liquidation Preference Dividend Common Stock 113

www.paulgraham.com

APRIL 28, 2010

There never has to be atime when you have no revenues. Some angel investors join together in syndicates. He might also want preferred stock, meaning a specialclass of stock that has some additional rights over the common stockeveryone else has. Startups valuations aresupposed to rise over time.

Technical Review 76

Technical Review Startup Software Review Angel Investor 76