Feld Thoughts

JUNE 10, 2022

Sometimes, given your syndicate configuration, you have no choice but to take structure in a new round. So, as an entrepreneur, I encourage you to deal with reality. and a bunch of other things. and a bunch of other things. While my optimistic personality hopes this downturn/adjustment is short-lived, I fear it won’t be.

Down Round 162

Down Round Ratchet Liquidation Preference Participating Preferred 162

Professor VC

JULY 25, 2013

This is the feeling you get from watching the venture capitalists talk about the entrepreneurs and other investors in the film. I''m all for transparency, but won''t be naming names in this post as I don''t want to put some entrepreneurs in a difficult position. Startup outcomes tend to be very binary.

Term Sheet 46

Term Sheet Silicon Valley Syndication Syndicate 46

Professor VC

JUNE 6, 2016

I can just picture Mr. Rogers saying "Children, can you say participating preferred stock with an uncapped 3x liquidation preference and a full ratchet?" When AngelList first launched syndicates a few years ago, I was very skeptical of the idea of angels taking carry on my investment. It's great for entrepreneurs!

Syndication 28

Syndication Syndicate Ratchet Cap Table 28