David Teten

JULY 12, 2017

Although EquityZen is primarily an online marketplace for secondary shares in private companies, they also offer syndicated primary investments. Hence, if Sequoia is the lead and the valuation is reasonable, it’s near 100% chance. Market Insight. Alpha pursues a similar model.

Syndicate 60

Syndicate Syndication Institutional Investors LP 60

The Startup Magazine

JANUARY 17, 2024

Entrepreneurs also encounter the intricacies of terms and valuation. You can also consider doing syndication, much like how real estate syndicators make money where they pool their resources in order to allow investors to access larger and more profitable deals than they could alone.

Due Diligence 126

Due Diligence Angel Investor Syndicate Syndication 126

VC Cafe

JANUARY 24, 2021

It’s enough to see the rapid adoption of new social platforms from Signal in messaging to Clubhouse’s $1 billion valuation in less than a year. In 2021, optimism on investing in social media has returned. Read A16Z’s social strikes back series to get a feel of just how much movement is in this space.

Technical Review 207

Technical Review Audio Forecast Social Media 207

David Teten

SEPTEMBER 6, 2018

See my summary on how lead investors think about building out their syndicate. . See Beyond the Money: Best Practices of Venture Capitalists in Helping Early-Stage Companies Create Value and It’s the People: Improving Private Equity Portfolio Company Valuations by Working with Operating Executives. 5) Manage deal flow.

Technical Review 60

Technical Review Private Equity Management Cap Table 60

David Teten

SEPTEMBER 6, 2018

See my summary on how lead investors think about building out their syndicate. . See Beyond the Money: Best Practices of Venture Capitalists in Helping Early-Stage Companies Create Value and It’s the People: Improving Private Equity Portfolio Company Valuations by Working with Operating Executives. 5) Manage deal flow.

Technical Review 60

Technical Review Private Equity Management Cap Table 60

View from Seed

AUGUST 30, 2019

how much the company is raising, valuation expectations, round/syndicate dynamics, etc.). I can see this being a doable deal at an $X pre-money valuation with a $Y check from us. ” . During the debrief, we would discuss not only aspects of the company (i.e.

Pre-Money Valuation 174

Pre-Money Valuation Syndicate Syndication Valuation 174

Feld Thoughts

AUGUST 25, 2015

Take a look at the founding syndicates of each: Masstor Sytems (5/1979). Quantum Corporation (6/1980). What is striking about these syndicates is that nobody had any meaningful capital, which forced syndication and cooperation. Some were Silicon Valley early stage companies, such as Apple, Quantum, and Masstor Systems.

Venture Capital 70

Venture Capital SBIC Technical Review Silicon Valley 70

Gust

OCTOBER 12, 2011

During the summer of 2010, I developed a workshop, A New ACEF Valuation Workshop for Angels and Entrepreneurs. To provide some reference points, I surveyed thirteen angels groups in North American to determine their recent experience in negotiating the pre-money valuation of pre-revenue companies. 2011 Angel Group Valuation Survey.

Angel Groups 125

Angel Groups Valuation Pre-Money Valuation St. Louis 125

Pascal's View

JULY 9, 2017

This is a fundamental issue that does, indeed, boil down to understanding the post-money valuation of a company. At its core, this issue points to the lack of understanding about the importance of post-money valuation by both entrepreneurs and investors. But it is also a topic that many find esoteric and difficult to grasp.

Post-Money Valuation 49

Post-Money Valuation Valuation Cap Table Covenant 49

Agile VC

APRIL 17, 2011

Post-money valuation probably no higher than $12M (2). Pre-money valuation was initially set higher but was adjusted to match the Ser B valuation. Pre-money valuation was approx. Pre-money valuation was approx. Pre-money valuation was at least $250M (2). liquidation preference, 6% accumulated dividend (1).

Pre-Money Valuation 113

Pre-Money Valuation Liquidation Preference Dividend Common Stock 113

Both Sides of the Table

MAY 19, 2010

Current round: $35mm in Series C (extension of Series B at higher valuation) from General Atlantic, Matrix Partners. Platform that provides radio music programming via crowd sourced contributions from social community; programming is syndicated nationally. -CEO hinted to WSJ that it may go public in early 2011.

Partner 240

Partner New York City Cofounder Syndicate 240

Both Sides of the Table

FEBRUARY 25, 2010

We were trying to optimize around a few criteria: price, size of round, number of syndicate partners and, of course, terms. million at a $15 million pre-money valuation. Morgan Stanley had proposed a higher valuation to let them in. million at a $15 million pre-money valuation. We ended up agreeing a term sheet for $16.5

Technical Review 301

Technical Review Term Sheet Due Diligence Venture Capital 301

Rob Go

APRIL 6, 2017

One question I know investors sometimes ask founders is “what are your valuation expectations for this round?” When I am asked about how I am thinking about valuation, I say something similar. “Our range of valuations for companies at this stage is between $X to $Y (or I say what our median is).

Valuation 44

Valuation Syndicate Syndication Founder 44

Genuine VC

MAY 29, 2014

Yet even today, whether or not to take a (relatively) small check in a seed round syndicate from a multi-hundred million or even billion dollar fund is still a decision which takes quite a bit of consideration and sometimes consternation. So there is an element of (positive) selection bias in the larger VC syndicate cohort companies.

Syndicate 166

Syndicate Syndication Seed Stage Valuation 166

Both Sides of the Table

OCTOBER 21, 2009

We meet to discuss trends in the industry and to find ways to work together to help with SoCal deal syndication – somethings that happens automatically on Sand Hill Road in NorCal due to proximity. Pure Digital to Cisco) but that even the 2nd largest will get much lover valuations. We feature a prominent speaker at every event.

Technical Review 241

Technical Review IPO Southern California Venture Capital 241

Agile VC

SEPTEMBER 15, 2011

The very strongest companies can still likely get out if they really wanted, but may not command the valuations they hoped for in more bullish times. What does seem to be true is that the current aversion for new IPOs is mostly due to general lack of appetite for risk at present, rather than something intrinsic to growing tech companies.

IPO 100

IPO Marketing Silicon Valley Private Equity 100

David Teten

DECEMBER 3, 2019

The reports showcase raw data, analytics, visualizations, and benchmarking statistics on the company from dozens of sources, including team, intellectual property, technology, product, financial, banking, marketing, customer, risk, valuation, and investment information.”. If you have one, please contact me. 7) Negotiate .

Technical Review 78

Technical Review Software Review Analytics Private Equity 78

thebarefootvc

MAY 8, 2012

If there is an opportunity to bring in a syndicate partner that will add exponential value, it would be foolish to not include them. This is also what I advise entrepreneurs when discussing dilution and valuation — think of the bigger picture and the end game of what you are looking to build — and who will help you get there.

Venture Capital 78

Venture Capital Syndicate Syndication Bandwidth 78

Gust

JULY 12, 2012

On Wednesday, April 18th, I gave a keynote speech on US Startup Valuation Trends for the 1st Irish Angel Meetup. On May 2nd and 3rd, I led workshops for about thirty Estonian investors on syndication, due diligence, valuation and the post-investment relationship with entrepreneurs.

Community 121

Community Estonia Ireland Finland 121

View from Seed

JUNE 10, 2020

The dynamics for participation in the next round’s fundraise syndicate is complex, and many accelerators (and VCs) obfuscate their intentions for self-serving interests. We proactively look to build friendly syndicates for our Seed investments, and welcome collaborating to build together.

Cofounder 177

Cofounder Syndicate Syndication Alabama 177

Rob Go

MAY 20, 2014

As a result, questions around valuation are less about “what is the value of this company” and more “how much capital is a VC willing to part with to buy 20%?” I find that it’s also pretty typical for an existing VC investor to be willing to syndicate the deal with another outside investor.

Valuation 76

Valuation Dilution Post-Money Valuation Syndicate 76

Both Sides of the Table

NOVEMBER 8, 2010

They monetize via high-priced advertisements during the prime-time airing on TV, via syndication to international audiences or less-watched channels after the original series has run and via DVD sales in retail channels. Many reasons but a clue is that the studios have to honor “time windows&# for when the show runs.

Video 292

Video Technical Review Advertising Distribution 292

Both Sides of the Table

AUGUST 23, 2010

I wish every blog used Disqus and I wish every website that syndicated content would create an integrated commenting thread the way that Business Insider does. At an $86 million, pre-money valuation Benchmark sure did pay up for this investment. It’s an awesome implementation. No, really.

Silicon Valley 301

Silicon Valley Pre-Money Valuation Technical Review Software Review 301

Genuine VC

JULY 8, 2014

raised, the first non-friends-and-family capital, comprised of one to three institutional seed investors or larger VC funds, on a priced equity structure (though sometimes convertible note), with a valuation mechanism in place priced in the single digit millions.

Early Stage 188

Early Stage Seed Stage Syndicate Syndication 188

David Teten

JANUARY 19, 2021

Yes, via conversion rights at a valuation cap. Yes, via conversion rights at a valuation cap. Coinvestors: Flexible VC terms have not been standardized, which may make the investment harder to syndicate. Capacity Capital, Greater Colorado Venture Fund, Indie.VC, Reformation Partners, UP Fund, Versatile VC.

Cofounder 78

Cofounder Technical Review Equity Dividend 78

David Teten

JULY 23, 2019

See How VCs structure a syndicate and recruit coinvestors for more on this. – Fundraising history summary, including notable current investors and last round valuation. . Though these tools can be helpful to the syndication process, I believe it will largely remain a relationship-based process for some time to come. .

Portfolio 60

Portfolio Elevator Pitch Syndicate Syndication 60

Both Sides of the Table

APRIL 27, 2014

I told my friend that I felt that in 2014 too many new VCs feel the pressure to chase deals, to be a part of syndicates with other brand names and to pounce on top of every startup whose numbers are trending up quickly. The number of $200m, $300m, $500m, $1 billion valuations these days is just pure insanity in my mind. I don’t.

Cofounder 374

Cofounder Syndicate Syndication Early Stage 374

View from Seed

APRIL 30, 2015

” Venture debt gives you those options, and particularly for companies that wind up doing well, then on your same cash-out date, you’d likely have achieved a better milestone thanks to fueling your spend, which would translate into a better valuation. NVV: Let’s talk about the seed stage specifically.

Term Sheet 120

Term Sheet Equity Startup Seed Stage 120

Lightspeed Venture Partners

SEPTEMBER 21, 2013

to fund the company at a $6M post money valuation from a number of investors including Selena Gomez. pre money valuation and planned to use the money to market the app. pre money valuation). pre money valuation. pre money valuation and a $2.7M But eventually two syndicates emerged. to send each postcard.

Pre-Money Valuation 167

Pre-Money Valuation Valuation Dilution Distribution 167

Genuine VC

NOVEMBER 12, 2012

In other words, new investors must use their leverage in the discussions to proactively change those pre-existing terms rather than focus on price, new terms relevant only to this deal, or other aspects of this specific round where they have an interest in influencing (like syndicate composition or allocation).

Finance 128

Finance Mezzanine Valuation Seed Stage 128

Genuine VC

JULY 30, 2012

By communicating pricing expectations with potential lead investors, I mean sharing either an “ask” or even stated floor for the pre-money valuation of the company (with a priced preferred round) or explicitly stating a valuation cap (for convertible note round).

Valuation 136

Valuation Pre-Money Valuation Angel Investor Syndicate 136

David Teten

SEPTEMBER 23, 2017

Close to 80% responded that manual processes, such as tracking down support, preparing reports and pulling data from different sources, are the biggest pain points they face in the valuation process. Kushim , Totem , and VisibleVC focus on serving this need among VCs. 9) Time, market, and exit investment.

Private Equity 60

Private Equity Venture Capital Equity Technical Review 60

Feld Thoughts

DECEMBER 10, 2014

The deals tend to fall into two categories – easy and immediate, which multiple bidders generating an rapidly escalating valuation or a long slow slog through lots of “almost there but we are passing because of some arbitrary reason.” enterprise software license sales) that is no longer trendy.

Later Stage 142

Later Stage Syndicate Syndication Portfolio 142

SiliconHills

OCTOBER 22, 2013

The deals, with a median investment round of $590,000, had pre-money valuations of $2.5 And 74 percent of the deals were syndicated. Texas had 11 percent of all angel group deals in the second quarter of this year, according to the latest Halo Report.

Angel Groups 76

Angel Groups Pre-Money Valuation Silicon Valley Texas 76

This is going to be BIG.

MARCH 3, 2014

At what valuation? Would the entrepreneur enthusiastically include them in the syndicate of their next venture? How long ago? Are they making real revenue? Are the exit prospects for the company any good? Even if their record looks good because of that deal, was it really their deal? Did they lead it?

Syndicate 145

Syndicate Syndication Venture Capital Valuation 145

Feld Thoughts

APRIL 29, 2015

Now that everyone is overly focused on unicorns, the headline number on the valuation (e.g. Company X raised Y at a valuation of Z from A, B, and C) has crept into the story on big rounds. in Funding: Here is the Valuation, Term Sheet and Why We’re Doing It. It’s what the press likes to write about (e.g.

Atlanta 70

Atlanta Valuation Term Sheet Finance 70

View from Seed

AUGUST 20, 2014

If the company is doing really well, the VC will have an incentive to try to do more of the next round at perhaps not the highest possible valuation. It should be noted however that some angels belong to syndicates that allow them to speak for larger amounts of capital. Their aggressiveness sends a signal to the market.

Startup 301

Startup Syndicate Syndication Boston 301