Down Round Metrics Revenue 
Both Sides of the Table
JUNE 5, 2011
I raised my A round at a $31.5 million post-money valuation with no revenue. We had companies pitching us that had almost no revenue at all and they were raising $10-15 million in capital at a $40-50 million pre-money valuation. Another firm we saw tried to raise $15 million at a $60 million pre-money with similar metrics.
Both Sides of the Table
SEPTEMBER 27, 2010
They raised at $40 million pre-money for pre-revenue companies and when the economy corrected it became hard for them to refinance themselves. If either condition doesn’t hold it will be hard to do anything but a flat or down round. We saw this with VC backed companies in 07/08.
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Growthink Blog
MAY 23, 2011
This venture capital financing - usually between $3 and $10 million - is the first of a number of rounds of outside investment over a period of three to five years. With this capital, the company propels itself to $50 million+ in revenues, and to either a sale to a strategic acquirer or to an initial public offering.
This is going to be BIG.
SEPTEMBER 7, 2012
There are a lot of people that artificially group together performance metrics for venture, and try to extrapolate successful stratagies from it. In the late 90's, it wasn't surprising that companies with no revenue that were funded at 100 million dollar valuations didn't survive. Down from what? Do what you're good at.
NZ Entrepreneur
JULY 8, 2019
Soon after that first investment, I started my first business, and am now on my fifth (all $1m+ in revenue, but not all ‘successful’). I personally funded my first ventures, then led the two rounds that have seen Ambit take in $2.2m A simple metric – when I registered my first company in 2004, the naming space was wide open.
David Teten
AUGUST 7, 2019
Likely signs of a Value investment: the company has challenges in filling out the round; the investors have more negotiating leverage than the founders during the closing process; the company has significantly better metrics (e.g. LTV / CAC, revenue growth, etc.) were clearly Momentum, but [in hindsight] they were also Value.”
Both Sides of the Table
SEPTEMBER 18, 2014
Him: But when I raised my first round we didn’t know how to price the company. There were no metrics. How will you price the next round? Your A round? Him: On metrics. Revenue multiple? If we priced it based on any metrics your company would likely be worth less than 7 figures at your A round.
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