Agile VC

APRIL 17, 2011

Notes: In an IPO preferred share classes are converted into common stock, and liquidation preferences and accumulated but unpaid dividends essentially go away. One can infer valuations based on per share prices of preferred stock and oustanding common shares (~5.3M as of 12/31/09). What’s Your Favorite Future?

Pre-Money Valuation 113

Pre-Money Valuation Liquidation Preference Dividend Common Stock 113

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. I got over it.

Syndication 28

Syndication Syndicate Ratchet Cap Table 28

Scott Edward Walker

NOVEMBER 26, 2017

In fact, in this new fundraising environment (with syndicates on AngelList , etc.), The goal is to get one of these investors to be your “lead” or “anchor” (the one putting in the most money), who will take ownership of the deal and be there during thick and thin. your lead may be able to make the deal happen very quickly.

Term Sheet 63

Term Sheet San Francisco Founder Investment Bankers 63

Professor VC

JANUARY 17, 2008

One of my comments was that we would likely see more institutionalization of angel groups and syndication of deals among groups. One of the panelists mentioned that they have gotten very valuation sensitive (nothing wrong with that) and like to purchase preferred stock rather than invest in convertible notes.

Pre-Money Valuation 28

Pre-Money Valuation Angel Investor Angel Groups Valuation 28

www.paulgraham.com

APRIL 28, 2010

You give a startup money and they give you stock. Youllprobably get either preferred stock, which means stock with extrarights like getting your money back first in a sale, or convertibledebt, which means (on paper) youre lending the company money, andthe debt converts to stock at the next sufficiently big fundinground. [

Angel Investor 63

Angel Investor Syndication Syndicate Dilution 63

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

Tim Keane

APRIL 12, 2006

We don’t like them and would prefer not to be involved. If the investors ideal size is smaller than your need, you ought to ask about syndication. If they don’t like to syndicate, or don’t have a track record of doing it, you will want to consider your options. Preferred Stock is the most usual form of investment today.

Entrepreneur 60

Entrepreneur Valuation Sweat Equity Common Stock 60