Beruflich Dokumente
Kultur Dokumente
Pre-Money Valuation True Pre-Money: $ 2,400,000 $ 3,000,000 Note the lower price per share despite same pre-money
Price / Share $ 2.40 valuation due to the new options. This values the pre-
Total $ Invested $ 1,000,000 money company prior to options at $2.4 million.
Post-Money Valuation $ 4,000,000
Date 6/30/2009
NewCo Inc.
Pre-Money Valuation True Pre-Money: $ 2,400,000 $ 3,000,000 True Pre-Money $ 9,119,095 $ 10,000,000
Price / Share $ 2.40 $ 5.47
Total $ Invested $ 1,000,000 $ 5,000,000
Post-Money Valuation $ 4,000,000 $ 15,000,000
Date 6/30/2009 6/30/2010
NewCo Inc.
Pre-Money Valuation True Pre-Money: $ 2,400,000 $ 3,000,000 True Pre-Money: $ 9,119,095 $ 10,000,000
Price / Share $ 2.40 $ 5.47
Total $ Invested $ 1,000,000 $ 5,000,000
Post-Money Valuation $ 4,000,000 $ 15,000,000
Date 6/30/2009 6/30/2010
Exit Waterfall
High Scenario Low Scenario
Exit Value $100,000,000 Value per share if everyone converted to comon. Note it $ 12,000,000 Lower than preferences of B but higher than A.
Value Per Share (as-converted basis) $ 36.48 is greater than preferences of A and B. $ 4.38
Exit Date 6/30/2011 6/30/2011
Liquidation Preferences Date Dividend Per Share Shares Date Dividend Per Share Shares
Series B 1x Straight Preferred $ 5.47 913,833 $ 5,000,000 $ 5.47 913,833 $ 5,000,000
Series B Dividend 6/30/2010 0% $ - 913,833 $ - 6/30/2010 0% $ - 913,833 $ - B exercises preference .
Total Series B Preference $ 5.47 $ 5,000,000 $ - $ 5.47 $ 5,000,000 $ 5,000,000
Convert to Common? 1 0
Multiple of Cost
Series B 6.7x 1.0x Important criteria of how well the investment
performed. VCs typically aim for 4-10x returns.
Series A 15.2x 1.6x
Pre-Money Valuation True Pre-Money: $ 2,400,000 $ 3,000,000 True Pre-Money: $ 9,119,095 $ 10,000,000
Price / Share $ 2.40 $ 5.47
Total $ Invested $ 1,000,000 $ 5,000,000
Post-Money Valuation $ 4,000,000 $ 15,000,000
Date 6/30/2009 6/30/2010
Exit Waterfall
High Scenario Low Scenario
Exit Value $100,000,000 $ 12,000,000
Value Per Share (as-converted basis) $ 36.48 $ 4.38
Exit Date 6/30/2011 6/30/2011
Liquidation Preferences Date Dividend Per Share Shares Date Dividend Per Share Shares
Series B Full Participation $ 5.47 913,833 $ 5,000,000 $ 5.47 913,833 $ 5,000,000
Series B Dividend 6/30/2010 0% $ - 913,833 $ - 6/30/2010 0% $ - 913,833 $ -
Total Series B Preference $ 5.47 $ 5,000,000 $ 5,000,000 $ 5.47 $ 5,000,000 $ 5,000,000
Convert to Common? 0 0
Series B
Effective Pre-Money Valuation $ 8,636,364
Effective Post-Money Valuation $ 13,636,364
Multiple of Cost
Series B 7.3x 1.5x
Series A 14.4x 1.1x